Crypto Market Daily Highlights – SOL and BTC Lead the Top Ten Sell-Off

Key Insights:

  • It is a bearish Tuesday session for the crypto top ten, with solana (SOL) leading the way down and bitcoin (BTC) revisiting sub-$20,000.
  • Fed Fear resurfaced, with the US CPI report for August sending riskier assets into the deep red.
  • The total crypto market cap is down by $75.7 billion to $954.6 billion, with 60 minutes of the session remaining.

It is a mixed Tuesday session for the crypto top ten. Solana (SOL) leads the way down, sliding by 11.01. The bearish session also saw bitcoin (BTC) slide to sub-$20,000 before a partial recovery. Currently down by 9.63%, BTC is set to end a six-day winning streak.

Crypto news wires had a muted impact on the broader crypto market. The US CPI report for August caught investors by surprise, leading to a flight to safety.

In August, the US annual rate of inflation softened from 8.5% to 8.3%, while the core annual rate of inflation accelerated from 5.9% to 6.3%. Economists forecast inflation rates of 8.1% and 6.1%, respectively.

Market reaction to US CPI Report.
Total Market Cap 140922 30 Minute Chart

The numbers raised bets of a percentage point rate hike at next week’s FOMC meeting and a more hawkish move in November. The numbers also sent the NASDAQ 100 into a tailspin. On Tuesday, the NASDAQ 100 tumbled by 5.16%, the largest one-day loss since the early days of the COVID-19 pandemic.

Today, US wholesale inflation figures could test investor resilience further. A pickup in wholesale inflationary pressure would point to an uptrend in consumer prices in the coming months.

NASDAQ correlation.
Total Market Cap – NASDAQ – 140922 Daily Chart

Crypto Market Sees Six-Day Winning Streak Crashing to an End

On Tuesday, the crypto market cap rose to an early evening high of $1,049 billion before hitting reverse. Responding to the US CPI report, the crypto market cap tumbled to a day low of $942.8 billion before steadying.

With 60 minutes of the Tuesday session remaining, the crypto market cap is down $75.7 billion to $954.6 billion. The Tuesday sell-off brings a six-day winning streak to an end.

Crypto market cap sell-off.
Total Market Cap 140922 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It is a bearish Tuesday session for the crypto top ten.

SOL leads the way down, sliding by 11.01%, with BTC (-9.63%) close behind.

However, things are not much better for the rest of the top ten

ADA (-6.99%), BNB (-5.78%), DOGE (-6.26%), ETH (-7.65%), and XRP (-7.48%) also seeing heavy losses.

From the CoinMarketCap top 100, it is a bearish session.

Trust Wallet Token (TWT) and Kyber Network (KNC) are bucking the broader market trend, with gains of 2.20% and 2.62%, respectively.

However, The Graph (GRT) leads the way down, sliding by 15.44%. Golem (GLM) and Helium (HNT) are down by 14.57% and 12.69%, respectively.

24-HourCrypto Liquidations Spike in Response to the US CPI Report

Over 24 hours, total liquidations increased as investors reacted to the US CPI report for August.

At the time of writing, 24-hour liquidations stood at $353.74 million, up from $206.12 million on Tuesday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 99,381 versus 64,872 on Tuesday morning. Liquidations over twelve and four hours were up, while liquidations over one hour declined as the crypto market steadied late in the session.

Crypto liquidations spike.
Total Crypto Liquidations 140922

According to Coinglass, 12-hour liquidations stood at $296.84 million, up from $91.64 million on Tuesday morning, with four-hour liquidations up from $14.45 million to $54.37 million. However, one-hour liquidations were down from $6.68 million to $2.88 million. The chart below shows market conditions throughout the session.

Hourly market cap chart.
Total Market Cap 140922 Hourly Chart

Crypto Market Daily Highlights – Ethereum (ETH) leads the Crypto Top Ten

Key Insights:

  • It is a bullish start to the week for the crypto top ten, with Ethereum (ETH) and Polkadot (DOT) leading the way.
  • Investors continued to brush aside fears of a more substantial Fed rate hike, with the recent US economic indicators easing concerns over a US recession.
  • The total crypto market cap is up by $26.61 billion to $1,101 billion.

It is a bullish Monday session for the crypto top ten. In a choppy session, bitcoin (BTC) revisited the $24,000 handle for the first time in eight sessions. Ethereum (ETH) leads the way, striking $1,800 for the first time since June 10.

Better-than-expected US nonfarm payrolls and ISM Non-Manufacturing PMI numbers from last week remained the key driver. Fears of a US economic recession had weighed on the broader crypto market ahead of last week’s stats.

However, in contrast to the US equity markets, crypto investors seemed less concerned with another sizeable Fed interest rate hike. The outcome was decoupling from the NASDAQ 100, which ended the day in the red for a second session.

Following the NASDAQ 100’s 0.50% loss on Friday, the NASDAQ 100 declined by 0.10%.

At the time of writing, the NASDAQ 100 Mini was up 14.25 points.

NASDAQ correlation weakens
Total Market Cap – NASDAQ – 090822 5 Min Chart

The Total Crypto Market Cap Starts the Week on the Rise

On Monday, the total crypto market cap fell to an early low of $1,072 billion before surging to a mid-day high of $1,127 billion. However, another late pullback saw the market cap slip to $1,095 billion before steadying. The crypto total market cap last ended the day at the $1,100 billion mark on June 11.

Up by $26.61 billion on Monday, the total crypto market cap is up by $45 billion for August.

Crypto market cap returns to $1,100 billion
Total Market Cap 090822 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It is a bullish Monday session for the crypto top ten.

With one hour remaining, ETH and DOT lead the way, with gains of 4.73% and 4.58%, respectively, with SOL up by 4.01%

ADA (+1.52%), BNB (+0.40%), BTC (+2.78%), and XRP (+1.55%) trailed the front runners.

From the CoinMarketCap top 100, it is a mixed session.

The Graph (GRT) leads the way, rallying by 15.5%, with Flow (FLOW) and NEAR Protocol (NEAR) close behind. With one hour to go, FLOW is up 14.11%, with NEAR up by 10.81%.

However, Lido DAO (LDO) leads the way down, falling by 6.26%, with Decred (DCR) and Theta Network (THETA) seeing losses of 6.25% and 4.19%, respectively.

Total Crypto Liquidations Jump in Bullish Monday Session

This morning, 24-hour liquidations were higher after sitting at sub-$100 million for two consecutive sessions.

At the time of writing, 24-hour liquidations stood at $187 million, up from $63 million on Monday morning.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 57,332 versus 27,681 on Monday morning.

One-hour and four-hour liquidations also increased, reflecting a late market pullback as investors locked in profits ahead of tomorrow’s US inflation numbers.

Crypto liquidations rise.
Total Crypto Liquidations 090822

According to Coinglass, four-hour liquidations stood at $19.75 million, up from $16.91 million on Monday morning. One-hour liquidations were up from $3.89 million to $8.71 million (see hourly crypto market cap chart below).

Crypto market cap eases back.
Total Market Cap 090822 Hourly Chart

Daily News Highlights

  • Crypto.com gets South Korea regulatory approval.
  • Vitalik Buterin sees transaction fees down to as little as $0.02.
  • Beanstalk’s stablecoin relaunches 4-months after a $182 million exploit.
  • Coca-Cola (COKE) celebrates International Friendship Day with Polygon (MATIC).

The Graph Leads the Market With an 18% Rally As Decred Counters

Key Insights:

  • The Graph shot up by 16.37% today to trade at $0.149.
  • Decred balanced the bullishness with a decline to $37 today.
  • Bitcoin and Ethereum also rose today to trade at $23.9k and $1.7k.

The previous 24 hours have recovered the hope investors were losing out on as the crypto market cap rallied to $1.1 trillion thanks to the likes of The Graph.

The bullishness also had an impact on the king coin Bitcoin and the altcoin king Ethereum with the former almost hitting $24k and the latter rising to $1.76k.

The Graph Charts a Rally

Up by more than 16.3% during the intra-day trading, GRT managed to regain almost the entirety of the 40.95% losses the altcoin witnessed during the June crash.

Now the next major milestone after $0.5 is the recovery from the May crash and closing above $0.2, which does appear to be a possibility.

Firstly the altcoin is maintaining the uptrend that began towards the end of last month and the consistent presence of the white dots below the candlesticks is indicative of the same.

As long as the Parabolic SAR maintains this position, GRT will perform well.

Secondly, backing the same is the Awesome Oscillator which is back to exhibiting bullishness with its green bars after a few days of red bars.

The indicator flipped its position to stay above the neutral line after almost two months, and maintaining the same is crucial for a recovery going ahead.

Decred Leads the Others

The altcoins that resorted to a downtrend despite the broader marker cues being bullish were led by Decred, which is seemingly in a phase of correction after the massive 91% rally it witnessed in the 24 hours 3 days ago.

Down by 28% in the span of 48 hours, DCR lost the $40 support it had earlier today.

The Bollinger Bands still indicate the presence of high volatility in the market evinced by the divergence of the bands, but the altcoin has the advantage of the candlesticks being above the basis.

Thus, as long as DCR doesn’t lose that, no price swing will result in a decline beyond the scope of correction.

As it is, the Chaikin Money Flow is making it evident that a part of this rise was caused by FOMO investing, which is being reversed thanks to the outflows noted on the network.

Top 3 Trending Coins: GRT, FLOW & AVAX Lead the Way as Crypto Bulls Regain Control

Key Points

  • The Graph is the best top 100 performing crypto, with GRT last up over 20% on Monday alone.
  • Flow has also reclaimed its status as an outperformer, with the bulls back in control after Meta’s integration announcement.
  • Avalanche is the best-performing top 20 coin and recently broke above $30 for the first time since May.

The Graph (GRT) Outperforms, Hits Two-month Highs

GRT, the native token that powers The Graph’s blockchain, was last up around 22% on Monday, making it by far and away the best performing top 100 cryptocurrencies by market capitalization on the day.

Cryptocurrencies have been lifted across the board on Monday as investors focus on recent strong US economic data rather than central bank tightening fears and on the news last week that the world’s largest asset manager Blackrock has partnered with Coinbase to offer crypto trading to clients, a positive for so-called “institutional adoption”.

GRT/USD was last changing hands just above $15.60, at its highest level since early June, having leaped from earlier lows under $13 and its 100-Day Moving Average at $0.141. GRT bulls are now eyeing a test of resistance in the $0.175 area, which marks a double top formed in late May to early June.

If the broader cryptocurrency market rally picks up pace this week, perhaps aided by US data on Wednesday if it shows an improvement in the US inflation picture, then GRT may even stand a chance of testing resistance at $0.20. Beyond that, the next key area if the 200DMA at $0.2740 and then resistance in the $0.30 area.

GRT/USD
GRT/USD breaks above its 100DMA. Source: FX Empire

Flow (FLOW) Blasts Above $3.0

FLOW, the token that powers the Flow Blockchain, blasted above the $3.0 level for the first time since mid-May on Monday. Its 16% gain on Monday makes it one of the best performing cryptocurrencies in the top 100 by market cap. The cryptocurrency has maintained upside momentum since last Thursday when it was announced that Meta Platforms would be utilizing its blockchain in order to expand non-fungible token (NFT) related integrations across its platforms, including Instagram.

FLOW is now up about 66% since its pre-announcement levels in the $1.80s. If FLOW can clear resistance in the $3.10 area to the upside, then this could unlock a move higher towards the next key area of resistance in the $4.25-30 area, where the 200DMA resides and the early 2022 lows. To the downside, there is support around $2.50.

FLOW/USD
FLOW/USD surges above $3.0. Source: FX Empire

Avalanche (AVAX) Surpasses $30 as Bulls Remain in Control

Avalanche’s AVAX token is on course for a fourth successive day of big gains and recently surpassed $30 for the first time since mid-May. The cryptocurrency was last trading higher by just shy of 9.0% on Monday and around 10% in the last 24 hours, making it the best performing coin in the top 20 by market cap.

The next area of upside resistance for AVAX bulls to target is near $33, and then slightly above that at $38. If Avalanche can surpass these levels, there isn’t much by way of technical resistance to prevent it from surging all the way back to the next area of resistance around $50 per token, which would mark a 60% rally from current levels.

Avalanche
AVAX/USD bulls eye upside targets. Source: FX Empire

Crypto Price Analysis August 2: NEXO, CRO, AR, GRT, COMP

Key Insights:

  • Cronos acted as the best performing altcoin today with an 11% rise.
  • Arweave countered this bullishness with a 9.55% drop in the same duration.
  • Bitcoin and Ethereum could be seen trading at $23k and $1.6k.

While most of the altcoins decided not to move at all, there were many still who countered the crypto market’s bullishness with their bearishness and vice versa, resulting in an unchanged market cap.

Naturally, the king coin and the altcoin king did not move either and ended up trading at $23k and $1.6k, respectively.

Nexo (NEXO)

NEXO rose by 4.66% in the last 24 hours, but prices remained consolidated just as they had been since July 21.

The Awesome Oscillator is still displaying a green bar which is a good sign for the recovery of June’s 50.8% crash.

Cronos (CRO)

The Crypto.com exchange’s native token ended performing exceptionally, rising by 11.15% in the span of 24 hours.

CRO continued its rally with the recent rise adding to the 43.65% rise noted over the month as the Bollinger Bands exhibited positive signals as well.

Arweave (AR)

The altcoin was among the ones to fall today, dropping by almost 10% from yesterday’s opening price.

The uptrend visible by the Parabolic SAR has also been helpful to AR in recovering from the 42.8% crash of June.

The Graph Token (GRT)

Slightly different than AR, GRT also noted a 9% decline although over the last 48 hours. This will be a hindrance for the altcoin when it comes to recovering the almost 41% crash from June.

Although MACD continues to signal an active bullish crossover which might counter the present bearishness of the asset.

Compound (COMP)

Compound remained unchanged today. Regardless of the broader market trend, COMP has not broken its consolidation for the third week now.

Keeping its 100.66% rally intact, the altcoin has already recovered the 51.86% losses of June, which is why investors have not been pulling their money out of COMP, as visible by the Chaikin Money Flow’s straight line.

Bitcoin and ETH Remains At Risk, ApeCoin Rallies Above $20

Key Insights:

  • Bitcoin climbed above $39,500, but stayed below $40,000.
  • Ether (ETH) struggled to clear $2,950.
  • APE gained pace and broke the $20.00 resistance (as discussed in the last analysis).

Bitcoin

Recently, bitcoin price started a decent upward move above the $38,450 resistance. There was a clear move above the $39,250 level and the 21 simple moving average (H1).

However, the price struggled to clear the $40,000 resistance zone. It seems to be forming a short-term top near $39,850 and is currently moving lower. There was a break below a major bullish trend line with support near $39,500 on the hourly chart.

Bitcoin

There was a move below the $39,400 support and the 21 simple moving average (H1). If the bears remain in action, the price may perhaps decline towards the $38,450 support zone.

Ethereum (ETH)

ETH also followed a similar pattern above the $2,840 level. The price gained pace above the $2,900 level and the 21 simple moving average (H1).

The price even climbed above the key $2,915 resistance, but the bears were active near $2,950. Ether price is now moving lower and trading below $2,900. There is a key rising channel forming with support near $2,875 on the hourly chart.

Ether

Any more losses might send the price towards the $2,840 level. The next major support sits near the $2,800 level. On the upside, the bears might remain active near $2,950.

ApeCoin (APE)

APE remained in a strong uptrend above the $15.00 level and the 21-day simple moving average (as discussed in the last analysis).

There was a consolidation phase above the $19.00 level. Finally, the price gained strength and started a fresh surge above the $19.65 resistance level. The price even climbed above $20.00 to set a new monthly high.

ApeCoin (APE)

It is now showing positive signs above the $20.50 level. The next key resistance on the upside may perhaps be near $21.20 or $22.00.

If there is a downside correction, the price might test the $20.00 support. The first major support is now forming near the $19.65 level and a trend line on the daily chart. Any more losses may perhaps send the price towards the $17.80 level.

ADA, BNB, and DOT price

Cardano (ADA) is still struggling below the $0.850 resistance zone. It is moving lower and there is a risk of a move towards the $0.800 level.

Binance Coin (BNB) attempted a fresh increase above the $400 pivot level. However, there was no close above the $400 level and the price is now correcting gains.

Polkadot (DOT) traded below the $17.20 and $17.00 support levels to move into a bearish zone. The next major support is near $16.50, where the bulls might take a stand.

A few trending coins are GMT, GRT, and SKL. Out of these, SKL gained pace above the $0.190 resistance and surged over 20%.

Bitcoin and ETH Show Signs of Life, WAVES Could Rally To $38

Key Insights:

  • Bitcoin started a steady upward move above $40,000.
  • Ether (ETH) climbed above the $2,650 and $2,670 resistance levels.
  • WAVES surged over 15% and might rise further towards $38.00.

Bitcoin

After a long battle, bitcoin price steadily increased above the $40,000 resistance. BTC cleared the $40,200 resistance zone and the 21 simple moving average (H1).

Later, there was a sharp bearish reaction from well above $41,000, but the bulls were active near $39,000. The price is now gaining pace and trading above $40,500. There is also a key bullish trend line forming with support near $39,850 on the hourly chart.

Bitcoin

It is slowly moving higher towards the $41,000 resistance. The next key resistance is near $41,550, above which the price might even clear $42,000.

Ethereum (ETH)

ETH also gained bullish momentum and cleared the $2,600 resistance level. It surpassed the $2,670 resistance level and the 21 simple moving average (H1).

It is now consolidating near the $2,700 resistance zone. A clear move above the $2,700 resistance zone could open the doors for a substantial increase. In the stated case, the price may perhaps rise towards the $2,800 level or $2,820.

Ether ETH

If there is a downside correction, the price might test the $2,670 support and a bullish trend line on the hourly chart. The main support is now near $2,600, below which the bears might gain strength.

WAVES

WAVES started a strong rally after breaking the $10.00 resistance zone (as discussed in the last analysis). We also discussed how the price might climb further to $30.00.

The price is currently rising steadily and almost tested $30.00. There was a clear move above the 61.8% Fib retracement level of the key decline from the $35.50 swing high to $7.85 low. The price is trading well above the $25.00 level and the 21-day simple moving average.

WAVES

WAVES is now consolidating near the 76.4% Fib retracement level of the key decline from the $35.50 swing high to $7.85 low. An upside continuation could easily send the price towards the $35.00 level or $38.00 in the near term.

If there is a downside correction, the bulls might remain active near the $25.50 and $25.00 levels. Any more losses might call for a test of $22.00.

ADA, BNB, and DOT price

Cardano (ADA) is attempting an increase above $0.820. If the bulls succeed, the price could even clear $0.835. The next stop for the bulls might be $0.850.

BNB is rising and trading above the $380 level. The main barrier is now near the $386 level. A clear upside break above $386 could set the pace for a test of $400.

Polkadot (DOT) is up 5% and trading above the $18.00 resistance. Immediate resistance is near the $18.35 level. Any more gains could send the price towards the $18.80 level.

A few trending coins are SAND, FTM, and GRT. Out of these, SAND is gaining pace above the $3.00 resistance level.