Crypto Market Daily Highlights – XRP Leads the Top Ten Breakout

Key Insights:

  • It was a bullish Wednesday session for the crypto top ten, with XRP leading the way.
  • Market sentiment towards inflation and the Fed continued supporting riskier assets, with FTX updates also providing support.
  • The crypto market cap rose by $21.86 billion to end the day at $838.02 billion.

It was a bullish session for the crypto top ten on Wednesday. XRP enjoyed a breakout session. BTC also found support, wrapping up the day at $17,000 for the fourth time since December 15.

Investor hopes of US inflation easing continued driving demand for riskier assets on Wednesday. A softer US CPI Report would support the market bets of a 25-basis point Fed interest rate hike in February. While the Fed maintains a hawkish stance on interest rates, investors expect a less aggressive Fed interest rate trajectory to deliver a soft landing.

Mid-week, the NASDAQ Composite Index rallied by 1.76%, with the S&P 500 gaining 1.28%.

While sentiment toward the Fed continues to influence, updates on the FTX bankruptcy were also crypto market positive. FTX lawyer Andy Dietderich reportedly told US bankruptcy judge John Dorsey that they located more than $5 billion in cash and cash equivalents. The FTX lawyer also announced plans to sell nonstrategic investments valued at $4.6 billion.

While a forced sale of nonstrategic assets may not reach $4.6 billion, creditors face less significant losses than initially feared, easing contagion risk.

Adding further support was news of Voyager Digital getting the green light to proceed with the sale to Binance US.

The US economic calendar will likely take center stage today, with the US CPI Report and jobless claims in focus. The numbers could decide the quantum of the Fed’s next rate hike.

A hotter-than-expected CPI report and jobless claims at sub-200k could refuel bets of a 50-basis point interest rate hike that would weigh on riskier assets. FOMC member chatter will also need monitoring.

NASDAQ correlation.
Total Market Cap – NASDAQ – 120123 Hourly Chart

Crypto Market Extends Winning Streak to Four Sessions

It was a choppy Wednesday session. The crypto market cap fell to a late afternoon low of $806.37 billion. However, a late rally saw the crypto market cap hit a final-hour high of $842.46 billion before easing back. Despite the pullback, the crypto market cap ended the session at $838.02 billion, marking a $21.86 billion gain for the day.

Notably, the crypto market cap ended the session at $800 billion for the third time since December 15 and extended its winning streak to four sessions.

Crypto market extends winning streak.
Total Market Cap 120123 Daily Chart

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

It was a bullish Wednesday session for the crypto top ten.

XRP rallied by 6.33% to lead the way, with ETH (+4.02%) and MATIC (+4.03%) also making solid gains.

However, ADA (+0.31%), BNB (+2.70%), BTC (+2.91%), and DOGE (+0.26%) trailed the front-runners.

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

Avalanche (AVAX) surged by 24.49% to lead the way, with near protocol (NEAR) and mina (MINA) seeing gains of 10.70% and 5.87%, respectively.

However, bitcoin SV (BSV) slid by 5.63%, with lido DAO (LDO) and aptos (APT) seeing losses of 1.72% and 3.11%, respectively.

24-Hour Liquidations Surge as Short Investors Get Hit by Late Rally

Over 24 hours, crypto liquidations rebounded mid-week, with a bullish afternoon session catching investors holding short positions. At the time of writing, 24-hour liquidations stood at $134.15 million versus $59.37 million on Wednesday morning.

Liquidated traders over the last 24 hours were also higher. At the time of writing, liquidated traders stood at 31,423 versus 20,293 on Wednesday morning. Crypto liquidations were higher over 12 and four hours and over one hour.

Crypto liquidations spike in late rally.
Total Crypto Liquidations 120123

According to Coinglass, 12-hour liquidations stood at $121.19 million, up from $34.37 million on Wednesday, with four-hour liquidations up from $9.09 million to $90.80 million. One-hour liquidations stood at $73.85 million versus $0.290 million on Wednesday morning.

The chart below shows market conditions throughout the session.

Crypto market sees late breakout.
Total Market Cap 120123 Hourly Chart

Crypto Market Daily Highlights – BNB and MATIC Buck the Top Ten Trend

Key Insights:

  • It was a mixed Saturday session for the crypto top ten. BNB and MATIC bucked a bearish trend.
  • Over the weekend, Huobi Global became the latest exchange to face the rumor mill to test investor resilience.
  • The crypto market cap slipped by $1.09 billion to end the day at $783.96 billion.

It was a mixed session for the crypto top ten on Saturday, with BNB and MATIC bucking the top ten trend. BTC joined the broader market in the red. Notably, BTC failed to revisit $17,000 while avoiding sub-$16,500 for the seventh consecutive session.

Following the Friday breakout session, trading volumes retreated on Saturday, with investors moving to the sidelines following the US Jobs Report and ISM Non-Manufacturing PMI numbers.

While easing bets of a 50-basis point Fed interest rate hike is crypto market positive, the service sector contraction will be a concern. There will be uncertainty over whether the Fed can avoid a hard landing that would be bearish for riskier assets.

Regulatory risk and crypto winter contagion fears are lingering headwinds that continue pegging the broader market back from a return to $1,000 billion.

Huobi Global Announces Lay-Offs

Huobi Global became the latest exchange to face the crypto market rumor mill, testing investor appetite on Saturday.

James Hume, Global Head of Sales at Huobi, looked to dispel rumors of the exchange being in distress, saying,

“Most if not all the current rumors flying around are either totally false or inaccurate. Our internal communications platform Is not down and it’s business as usual apart from a few layoffs.”

News of the platform laying off 20% of its workforce fueled speculation of deeper problems.

On Friday, Justin Sun reportedly withdrew $100 million in stablecoins from Binance and deposited them in Huobi. The move would address any immediate liquidity concerns and restore confidence.

With the platform undergoing a restructuring, due to be complete in Q1 2023, the market will be monitoring outflow numbers closely. Any decision to freeze withdrawals would spook investors and hit the broader crypto market.

According to Coingecko, Huobi ranks second by trust score behind Coinbase Exchange (COIN). CryptoMarketCap ranks Huobi sixteenth by trading volume.

Crypto News Wires and the NASDAQ Mini to Guide Investors

Today, the crypto news wires will continue to draw interest, with Huobi as the focal point. However, in the final hour, the NASDAQ mini will influence as investors look out for the next set of US economic indicators that can affect the Fed interest rate path.

NASDAQ correlation.
Total Market Cap – NASDAQ – 080123 Daily Chart

Crypto Market Sees Modest Pullback in Low Post-Jobs Report Trading

It was a bearish Saturday session. A mixed start to the day saw the crypto market cap rise to an early high of $788.61 billion before falling to a mid-day low of $780.51 billion. In the afternoon, the crypto market cap revisited to $784 billion before easing back.

The late pullback left the crypto market at $783.96 billion, marking a loss of $1.09 billion for the day.

Crypto market sees range-bound session.
Total Market Cap 080123 Daily Chart

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

It was a mixed Saturday session for the crypto top ten.

BNB and MATIC bucked the trend, with gains of 0.58% and 0.91%, respectively.

However, it was a bearish session for the rest. ADA (-0.36%), BTC (-0.06%), and ETH (-0.39%), DOGE (-0.55%), XRP (-0.21%) saw red.

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

Cronos (CRO), algorand (ALGO), and decentraland (MANA) were among the front-runners on Saturday.

MANA rallied by 6.83%, with ALGO and CRO seeing gains of 2.35% and 2.30%, respectively.

However, ethereum classic (ETC), near protocol (NEAR), and solana (SOL) were among the worst performers.

SOL fell by 2.96%, with NEAR and ETC seeing losses of 1.94% and 2.02%, respectively.

24-Hour Liquidations Sit at Below-Normal Levels

Over 24 hours, crypto liquidations fell well below normal levels as trading volumes tumbled over the weekend. At the time of writing, 24-hour liquidations stood at $10.92 million.

Liquidated traders over the last 24 hours were also at lower levels. At the time of writing, liquidated traders stood at 6,193. Crypto liquidations were lower over 12 and four hours while at higher levels over one hour.

Crypto liquidations slide.
Total Crypto Liquidations 080123

According to Coinglass, 12-hour liquidations stood at $6.09 million, with four-hour liquidations at $3.91 million. However, one-hour liquidations stood at $2.23 million.

The chart below shows market conditions throughout the session.

Crypto market sees choppy turn of the day.
Total Market Cap 080123 Hourly Chart

Crypto Market Daily Highlights – BNB and ADA Led the Top Ten Charge

Key Insights:

  • It was a bullish Wednesday session for the crypto top ten. BNB and ADA led the way.
  • US economic indicators and the NASDAQ Index contributed to a bullish session celebrating Bitcoin’s 14 years.
  • The crypto market cap rose by $14.47 billion to end the day at $780.53 billion.

It was a bullish session for the crypto top ten on Wednesday, with ADA and BNB leading the way. BTC joined the broader market in a breakout session, celebrating 14 years since the Genesis block. Notably, BTC revisited $17,000 for the first time in 21 sessions.

Investors returned from the holidays, nudging trading volumes higher. Bullish from the start of the session, the NASDAQ mini and sentiment toward Bitcoin’s 14 years in existence appeared to support the breakout session.

However, US economic indicators and the NASDAQ Index influenced the afternoon session. In December, the ISM Manufacturing PMI fell from 49.0 to 48.4, with the Prices Index sliding from 43.0 to 39.4. The numbers supported bets of the Fed taking its foot off the gas.

JOLTs job openings were also crypto-friendly. Job openings slipped from 10.512 million to 10.458 million in November.

Fed Minutes Tests Buyer Appetite as Fed Pivot Bets Fade

Late in the session, the FOMC meeting minutes led to a pullback from session highs. The minutes were hawkish, with members seeing rates higher for longer, removing hopes of a 2023 Fed pivot. According to the minutes,

“No participants anticipated that it would be appropriate to begin reducing the federal funds rate target in 2023.”

Crypto reaction to US stats and FOMC meeting minutes.
Total Market Cap 050123 Hourly Chart – Stats

The NASDAQ Index rose by 0.69% on Wednesday, with the S&P 500 gaining 0.75%.

Today is a busy day on the US economic calendar. ADP nonfarm employment change and weekly jobless claims will draw plenty of interest early in the US session. Later in the day, finalized Markit-survey service and composite PMIs will also influence.

Investors should also look out for any FOMC member commentary. Following the holidays, the markets are looking for a response to the latest round of economic indicators. FOMC members Bostic and Bullard are slated to speak today.

The NASDAQ mini was down 4.5 points this morning.

NASDAQ correlation.
Total Market Cap – NASDAQ – 050123 Hourly Chart

Crypto Market Enjoys a Bullish Session Despite the Hawkish Fed Minutes

It was a bullish Wednesday session. An early dip saw the crypto market cap fall to a low of $763.88 billion before making a move. Bullish through to the FOMC meeting minutes, the crypto market cap surged to a late high of $787.83 billion.

However, weighed by the hawkish minutes, the crypto market cap fell back to end the day at $780.53 billion, a gain of $14.47 billion for the day.

Crypto market enjoys a bullish session.
Total Market Cap 050123 Daily Chart

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

It was a bullish Wednesday session for the crypto top ten.

ADA and BNB led the way, with gains of 5.93% and 5.24%, respectively.

DOGE (+3.69%), ETH (+3.47%), and MATIC (+3.40%) also found strong support, while BTC (+1.05%) and XRP (+1.21%) trailed the front-runners.

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

Ethereum classic (ETC) led the way, rallying by 20.80%, with near protocol (NEAR) and lido DAO (LDO) seeing gains of 16.09% and 14.75%, respectively.

However, OKB (OKB) fell by 3.92%, with huobi token (HT) and celo (CELO) seeing losses of 1.27% and 0.39%, respectively.

24-Hour Liquidations Spike in a Breakout Session

Over 24 hours, crypto liquidations jumped back toward normal levels. At the time of writing, 24-hour liquidations stood at $112.20 million versus $28.70 million on Wednesday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 24,642 versus 13,094 on Wednesday morning. Crypto liquidations were higher over 12 and four hours while down over one hour.

A screenshot of a computer screen Description automatically generated with medium confidence

According to Coinglass, 12-hour liquidations stood at $36.00 million, up from $21.10 million on Wednesday morning, with four-hour liquidations up from $2.52 million to $3.95 million. However, one-hour liquidations fell from $1.81 million to $0.606 million.

The chart below shows market conditions throughout the session.

Crypto market sees choppy end to the session.
Total Market Cap 050123 Hourly Chart

 

Crypto Market Daily Highlights – DOGE Tracked the NASDAQ into the Red

Key Insights:

  • It was a mixed Tuesday for the crypto top ten, with DOGE and ADA seeing red to buck the top ten trend.
  • A bearish NASDAQ dragged the crypto market into the red before a final-hour rebound as investors continued to respond to the latest round of US economic indicators.
  • The crypto market cap rose by $3.3 billion to end the day at $811.4 billion.

It was a mixed Tuesday session for the crypto top ten. DOGE and ADA bucked a bullish trend, while BTC ended the day at $17,000 for the fourth time in seven sessions.

A quiet day on the US economic calendar left investors to consider the latest round of US stats and possible influence on the Fed.

Friday’s Jobs Report and Monday’s ISM Non-Manufacturing PMI showed strength in the labor market and the US economy. With wage growth accelerating and inflation falling modestly, the weak ISM Manufacturing PMI may not be enough to prevent another bullish rate hike in just under eight days.

The NASDAQ Composite Index slid by 2.00%, with the S&P500 falling by 1.44%, reflecting increased investor uncertainty toward next week’s policy decision.

However, the NASDAQ mini provided support in the final hour (UTC). This morning, the NASDAQ mini was up 18.25 points. Avoiding a bearish start to the session was good enough to draw dip buyers back.

Today, the US economic calendar is on the lighter side, with nonfarm productivity and unit labor costs due. The lack of stats could see greater interest in today’s labor cost figures following last week’s jobs report.

This morning, the NASDAQ mini was up 22.25 points.

NASDAQ correlation.
Total Market Cap – NASDAQ – 071222 5-Minute Chart

Crypto Market Finds Final Hour Support to Avoid a Session Loss

On Tuesday, the crypto market cap rose to an early morning high of $816.2 billion before hitting reverse. The reversal saw the crypto market cap slide to a late afternoon low of $800.3 billion. However, finding late support, the crypto market cap bounced back to end the day at $811.4, logging a $3.3 billion gain for the session.

Crypto market cap avoids another daily loss.
Total Market Cap 071222 Daily Chart

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

It was a mixed Tuesday session for the crypto top ten.

DOGE and ADA bucked the trend, falling by 1.18% and 0.31%, respectively.

While it was a bullish session for the rest of the top ten, the gains were modest.

ETH led the way, rising by 0.95%.

BNB (+0.55%), BTC (+0.70%), MATIC (+0.70%), and XRP (+0.67%) also avoided the red.

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

MultiversX (EGLD) and apecoin (APE) led the way, rising by 5.07% and 5.84%, respectively. Near protocol (NEAR) was also among the front runners, gaining 4.22%.

However, kava (KAVA) led the way down, falling by 3.66%, with cronos (CRO) and celo (CELO) seeing losses of 3.48% and 2.61%, respectively.

24-Hour Liquidations Slide in a Mixed Crypto Session

Over 24 hours, total liquidations remained below-normal levels. At the time of writing, 24-hour liquidations stood at $23.96 million versus $67.17 million on Tuesday morning.

Liquidated traders over the last 24 hours also decreased. At the time of writing, liquidated traders stood at 10,929 versus 23,150 on Tuesday morning. Liquidations were down over 12 hours while up over four hours and one hour.

Crypto liquidations slide.
Total Crypto Liquidations 071222

According to Coinglass, 12-hour liquidations fell from $37.88 million to $12,13 million. However, four-hour liquidations rose from $1.49 million to $3.54 million, with one-hour liquidations up from $0.216 million to $2.90 million.

The chart below shows market conditions throughout the session.

Crypto market sees final hour recovery.
Total Market Cap 071222 Hourly Chart

Crypto Market Daily Highlights – ADA and ETH Buck the Top Ten Trend

Key Insights:

  • It is a mixed Tuesday session for the crypto top ten, with Cardano (ADA) and Ethereum (ETH) finding support to buck the top ten trend.
  • Sentiment towards the Merge and the Vasil hard fork delivered support, while US economic indicators sent the broader crypto market into negative territory.
  • The total crypto market cap is down $8.2 billion to $955 billion, with two hours of the session remaining.

It is a mixed Tuesday session for the crypto top ten. Bitcoin (BTC) hit a high of $20,589 before succumbing to broader market forces. However, ETH and ADA buck the top ten trend, supported by investor sentiment towards the Merge and the Vasil hard fork.

While network updates delivered support, US economic indicators weighed on the broader crypto market. Ahead of Tuesday’s stats, the total crypto market cap had hit a high of $981.4 billion before sliding to a post-stat low of $927.9 billion.

The US economic indicators supported Fed Chair Powell’s monetary policy stance, with consumer confidence and labor market numbers beating forecasts. A robust job market and the uptrend in consumer confidence give the Fed the wriggle room to tighten the policy screw.

The stats also weighed on the NASDAQ 100, which ended the day with a 1.12% loss.

NASDAQ correlation returns.
Total Market Cap – NASDAQ – 310822 5 Min Chart

Crypto Market Cap Hits Reverse as Investors Respond to Positive Stats

On Tuesday, the total crypto market cap rose to a high of $981.4 billion before hitting reverse. Responding to the US economic indicators, the market cap fell to a low of $927.9 billion. Despite the sell-off, the total crypto market cap avoided Monday’s new August low of $917.11 billion.

With two hours remaining of the Tuesday session, the market cap is down $8.2 billion to $954.6 billion. The Tuesday pullback leaves the total crypto market cap down $110 billion for August.

Crypto market heading for a fourth monthly loss in five months.
Total Market Cap 310822 Daily Chart

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

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

ETH and ADA buck the top ten trend, with gains of 0.24% and 0.89%, respectively.

However, DOGE (-3.08%) and SOL (-2.24%) lead the way down, with BNB (-0.87%), BTC (-1.59%), and XRP (-1.31%) also seeing red.

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

Nexo (NEXO) leads the way, gaining 6.14%, with Near Protocol (NEAR) and Flow (FLOW) rising by 4.47% and 4.25%, respectively.

However, Synthetix (SNX) leads the way down, sliding by 12.87%, with Helium (HNT) and Chiliz (CHZ) seeing losses of 10.17% and 8.79%, respectively.

Crypto Liquidations Rise in Response to the Impact of US Stats

Over 24 hours, total liquidations increased in response to the bearish market reaction to Tuesday’s US economic indicators.

At the time of writing, 24-hour liquidations stood at $239.14 million, up from $177.00 million on Tuesday morning.

Liquidated traders held steady over the last 24 hours. At the time of writing, liquidated traders stood at 60,258 versus 60,062 on Tuesday morning. Liquidations over 12 hours, four hours, and one hour are also higher.

Liquidations rise in response to US economic indicators.
Total Crypto Liquidations 310822

According to Coinglass, 12-hour liquidations stood at $167.66 million, up from $92.10 million on Tuesday morning. 4-hour liquidations climbed from $8.59 million to $37.78 million, with one-hour liquidations up from $0.709 million to $1.72 million.

While higher, compared with Tuesday morning, the four-hour and one-hour figures suggest improving market conditions late in the Tuesday session. The chart below shows market conditions throughout the session.

Crypto market conditions steady late in the Tuesday session.
Total Market Cap 310822 Hourly Chart

 

Top 3 Trending Coins: ETH Breaches $1.9K, SOL Eyes Bullish Pennant Breakout, NEAR Probes $6.0

Key Points 

  • Ethereum briefly jumped above $1.9K on Thursday, having surged in the past 24 hours on soft US inflation/merge optimism.  
  • Solana is the best top 20 crypto performer, with bulls eyeing a bullish pennant breakout.  
  • NEAR Protocol has also been in focus after the Coinbase listing announcement.  

Ethereum (ETH) Surges Amid Merge Optimism 

Ethereum continues to be a leader in the broad cryptocurrency market rally, with analysts citing optimism about the Ethereum blockchain’s upcoming “Merge” to Proof-of-Stake this September being behind its outperformance versus other major cryptocurrencies like Bitcoin.  

Indeed, in the early hours of Thursday morning, Ethereum successfully implemented their third and final trail run of the so-called “Merge” on the Goerli public testnet. The successful merge opens the door to a merge of the currently PoW Ethereum Mainnet with the PoS Beacon Chain on 19 September.  

ETH was last changing hands just under $1,900, having briefly surpassed the level earlier in the day to hit its highest point since 1 June near $1,920. ETH/USD is trading over 11% higher in the past 24 hours according to CoinMarketCap, making it one of the best-performing major cryptocurrencies.  

If ETH can clear resistance at $1,920, the door is open for a run higher towards the $2,000 level. There is then a hodge podge of resistance between here and $2,200, which marks the January 2022 lows. ETH dips back towards its 21-Day Moving Average are likely to continue to present a good buying opportunity.    

With macro conditions seemingly having taken a turn for the better this week with US inflation easing more than expected and amid continued optimism about the upcoming Merge, an ETH push above $2,000 seems highly likely. 

ETH/USD
ETH/USD Chart. Source: FX Empire

Solana (SOL) Rebounds, Eyes Bullish Pennant Breakout 

SOL, the native token of Solana, an Ethereum competitor and already functioning PoS blockchain, is the best performing cryptocurrency in the top 20 by market capitalization of the last 24 hours, according to CoinMarketCap. Over this time period, the cryptocurrency was last up around 12%, having found strong support on Wednesday when it tested its 50DMA near $39 and was last changing hands in the $44s.  

SOL/USD has formed a pennant structure in recent weeks and if the broad cryptocurrency market rally continues, an upside break is looking increasingly likely. If SOL can clear resistance around $48, the door would be open for a swift rally back to mid-May highs close to $60 per token.  

SOL/USD
SOL/USD Chart. Source: FX Empire

NEAR Protocol (NEAR) Boosted by Coinbase Listing Announcement 

NEAR, the native token that powers the NEAR Protocol, has rallied alongside the broader cryptocurrency market in the past 24 hours, though also received an added boost from the news that Coinbase Global plans to list the token soon. NEAR/USD jumped 10% on Wednesday to briefly surpass $6 per token for the first time since late May but has since succumbed to profit-taking and fallen back to the $5.80 area.  

Bulls will nonetheless still be eyeing a test of the next major area of resistance around $6.50, as NEAR maintains bullish momentum after breaking above the key $4.70 resistance area last week. A break above $6.50 would then open the door to a test of support turned resistance in the $7.50 area.

NEAR/USD
NEAR/USD Chart. Source: FX Empire

5 Things to Know in Crypto Today: ETH Breaches $1.9K on Goerli Merge Success, BTC Eyes $25K

Key Points 

  • Cryptocurrency markets have been surging since soft US CPI data on Wednesday eased Fed tightening fears.  
  • Ethereum Merge optimism has also been helping (and supporting ETH) after the successful merge of the Goerli testnet.  
  • Coinbase is under SEC investigation over its staking and yield-generation products, not just its token listings, the company said.  

Crypto Markets Surge as Soft US CPI Eases Fed Tightening Fear/Amid Ethereum Merge Optimism 

It’s been a bullish last 24 hours in cryptocurrency markets. Prices got a boost across the board on Wednesday in wake of softer-than-expected US inflation figures for July, which were a welcome validation of hopes that US inflation has now peaked and eased concerns about excessively aggressive monetary tightening from the US Federal Reserve. Cryptocurrencies then got further support during Thursday’s Asia Pacific session after Ethereum developers successfully implemented the Merge on Ethereum’s Goerli testnet, bringing the Mainnet’s transition to PoS one step closer.  

Bitcoin, up around 7% in the last 24 hours according to CoinMarketCap, hit fresh highs since mid-June at $24,750 on Thursday. At current levels just under $24,500, it trades around 2% higher on the day as bulls continue to eye a test resistance at $25,400.  

Ethereum, meanwhile, is unsurprisingly an out-performer amid “Merge” optimism. The cryptocurrency was last up about 11.5% in the last 24 hours. ETH/USD hit its highest levels since 1 June on Thursday just under $1,920, though has since dipped back to the $1,880s. Altcoins are performing well, with XRP, BNB and ADA all 3-5% higher in the past 24 hours, while DOT and SOL are 10% and 13% higher.

ETH/USD
ETH/USD briefly breaks above $1.9K as bulls target test of $2.0K level. Source: FX Empire

Ethereum Goerli Testnet Merge Successfully Goes Live 

On Thursday, Ethereum developers successfully implemented their third and final trail run of the so-called “Merge” on a major Ethereum public testnet. At around 0145GMT, the Goerli testnet, formerly a Proof-of-Work (PoW) blockchain, made the transition to Proof-of-Stake (PoS) as it merged with the Bellatrix beacon chain. The successful merge opens the door to a merge of the currently PoW Ethereum Mainnet with the PoS Beacon Chain on 19 September. 

For more on what the merge means for the Ethereum blockchain and ETH, click here.  

US Inflation Surprises to the Downside 

US Consumer Price Index data for July surprised to the downside and prompted traders to pare back on aggressive Fed tightening bets. Headline inflation came in at 0.0% MoM and 8.5% YoY, below expectations for 0.2% and 8.7%, whilst core inflation came in at 0.3% and 5.9%, below expectations for 0.5% and 6.1%. Much of the decline in headline prices owed itself to a 20% decline in average gasoline prices in the US in July versus June. 

Markets interpreted the data as reducing the need for the Fed to implement a third successive 75 bps rate hike in September. According to the CME’s FedWatch Tool, money markets were last pricing a 62.5% chance that the Fed instead goes with a smaller 50 bps rate hike in September versus 32% one day ago. Analysts were keen to point out that these expectations could easily shift, given that August jobs and CPI data will both be released prior to the Fed’s September confab.   

NEAR Leaps on News of Future Coinbase Listing 

NEAR, the token that powers the NEAR Protocol’s blockchain, was in focus on Wednesday after the largest US-based cryptocurrency exchange Coinbase said in a blog post it plans to list the token soon. NEAR/USD jumped 10% on Wednesday to briefly surpass $6 per token for the first time since late May but has since succumbed to profit-taking and fallen back to the $5.80 area. Bulls will nonetheless still be eyeing a test of the next major area of resistance around $6.50 as the broad cryptocurrency rally continues.  

Coinbase Under SEC Investigation Over More Than Just Token Listings 

Coinbase Global told investors this week that it is under US Securities & Exchange Commission (SEC) investigation over the staking and yield-generation products that it offers to investors, as well as over its cryptocurrency token listings.  

In its latest quarterly report, Coinbase said it had “received investigative subpoenas and requests from the SEC for documents and information about certain customer programs, operations, and existing and intended future products, including the Company’s processes for listing assets, the classification of certain listed assets, its staking programs, and its stablecoin and yield-generating products”. 

Crypto Price Analysis August 10: FTM, NEAR, DOT, VET, AR

Key Insights:

  • The market noted recovery today after yesterday’s $28.9 billion downfall.
  • The likes of Fantom and NEAR led the market rally with a 10% rise.
  • Bitcoin and Ethereum rose to trade at $24k and $1.87k, respectively.

With losses exceeding $1.1 billion in the second quarter, Coinbase noted a decline in the trading volume and revenue over the three months from April to June.

However, the crypto market treaded in the other direction against expectations, reclaiming the $36 billion it lost in the 24 hours before today.

Fantom (FTM)

The altcoin is sticking to its 2-months long uptrend adding another 9.09% over the last 24 hours. This brought FTM closer to recovering the 46.29% losses it witnessed in June.

Relative Strength Index (RSI) staying in the bullish zone is a good sign for the altcoin as it will provide the support Fantom needs to keep above $0.4.

Near Protocol (NEAR)

NEAR noted a similar pattern rising by 10.63% in the previous 24 hours, except that this altcoin has already recovered its June losses and is currently on the way to invalidating May’s crash of 54.4%.

The divergence of the Bollinger Bands indicates an increase in volatility which might lead to a price swing in the upward direction.

Polkadot (DOT)

Polkadot is inching closer to the $10 mark, and in doing so, it is also reclaiming the losses of June and heading towards recovering the dip of May.

The presence of green bars on the Awesome Oscillator indicates that the persisting bullishness will act as solid support for the altcoin.

VeChain (VET)

The 6.6% rise in the last 24 hours is possibly going to act as an effective trigger for VeChain to note a rally strong enough to invalidate the losses of May’s 48.61% dip.

MACD maintaining its bullish crossover is highlighting the same thing as well.

Arweave (AR)

Of the cryptocurrencies of this lot. Arweave stood out for the downtrend it was displaying on the charts today as the white dots of the Parabolic SAR moved above the candlesticks.

The 6.38% rally did not change that either, which might make it difficult for the altcoin to recover the 47.75% losses of May.

Crypto Market Daily Highlights – US CPI and Merge News Deliver for ETH

Key Insights:

  • It is a bullish Wednesday session for the crypto top ten, with Ethereum (ETH) leading the way.
  • While network news updates delivered ETH support, softer US inflation figures eased bets of a Fed 75-basis point rate hike, driving demand for riskier assets.
  • The total crypto market cap is up by $36.4 billion to $1,110 billion.

It is a bullish Wednesday session for the crypto top ten. In a choppy session, bitcoin (BTC) revisited the $24,000 handle for the second time in ten sessions. However, Ethereum (ETH) leads the way, with sentiment towards the Goerli Merge and US CPI numbers delivering strong support.

There were no cues from the crypto market news wires to provide support, leaving the crypto market in the hands of market risk sentiment and US economic indicators.

On Tuesday, the broader crypto market endured a bearish session as investors turned their attention to US inflation and the Fed. Ahead of the Wednesday CPI numbers, the consensus was for a 75 basis point Fed rate hike, supported by the latest nonfarm payrolls and ISM Non-Manufacturing PMI numbers.

However, bets of a 75-basis point hike eased, with the markets pricing in a 50-basis point move in response to the July inflation figures. In July, the US annual rate of inflation softened from 9.1% to 8.5% versus a forecast of 8.7%.

Abating fears of a US economic recession and the Fed taking a more aggressive rate path to bring inflation to target were market positives. Market reaction was broad-based, with the NASDAQ 100 ending a three-day losing streak with a 2.89% breakout session.

NASDAQ correlation
Total Market Cap – NASDAQ – 110822 5 Min Chart

The Total Crypto Market Cap Surges on Inflation Numbers

On Wednesday, the total crypto market cap slid to an early low of $1,050 billion before steadying. Before the US inflation numbers, the market cap remained in negative territory with a market cap of $1,072 billion.

In response to the softer US CPI numbers, the total crypto market cap surged to a high of $1,127 billion before easing back. Currently, $36.4 billion has flooded in, taking the market cap to $1,110 billion.

Crypto market reacts to US CPIs
Total Market Cap 110822 Daily Chart

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

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

With three hours of the session remaining, ETH is up 7.52% to lead the way, with DOT gaining 5.02%.

ADA (+3.70%), BTC (2.62%), SOL (+3.27%), and XRP (+2.64%) have also found strong support, while BNB (+0.62%) trails.

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

Lido DAO (LDO) is among the front runners, rallying by 15.6%. Aave (AAVE) and Near Protocol (NEAR) aren’t far behind, with gains of 12.91% and 10.02%, respectively.

A handful of cryptos were in the red. Oasis Labs (ROSE) leads the way down, falling by 2.70%, with UNUS SED LEO (LEO) and Zcash (ZEC) down by 1.97% and 1.53%, respectively.

Total Crypto Liquidations Spike in Response to the US CPI Numbers

Late in the Wednesday session, total liquidations remained elevated due to the US CPI figures, due to closing shorts.

24-hour liquidations continued the upward trend after sitting at sub-$100 million levels for two consecutive sessions.

At the time of writing, 24-hour liquidations stood at $282 million, up from $203 million on Wednesday morning.

However, liquidated traders decreased over the last 24 hours. At the time of writing, liquidated traders stood at 63,664 versus 82,754 on Wednesday morning.

While 24-hour liquidations remain elevated, market conditions have improved. 12-hour liquidations stand at $208 million, while one-hour and four-hour liquidations have declined, reflecting a steadying in the crypto market.

According to Coinglass, four-hour liquidations stood at $16.52, up from $9.05 million on Wednesday morning. One-hour liquidations are down from $3.59 million to $2.56 million (see hourly crypto market cap chart below).

Crypto liquidations reflect steadying market conditions
Total Market Cap 110822 Hourly Chart

Daily News Highlights

  • Crypto giant Coinbase missed earnings estimates.
  • DeFi Protocol Curve Finance (CRV) lost $570k in a DNS hack.
  • Crypto exchange FTX formed a partnership with Reddit.
  • Ripple Lab eyes Celsius assets.
  • US Inflation figures delivered the crypto market a breakout session.

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).

Crypto Price Analysis August 8: FLOW, ROSE, LINK, NEAR, EGLD

Key Insights:

  • Flow noted a 15.88% rise today to trade closer to $3.
  • Oasis Network’s ROSE emerged as a top performer rising by 23%.
  • Bitcoin and Ethereum rose too to trade at $23.9k and $1.7k, respectively.

The crypto market enjoyed a green candle today, and in doing so, it also managed to cross the $1.1 trillion mark.

Led by altcoins, the market gained almost $30 billion in the last 24 hours, but the king coin and the altcoin king also contributed by rising to $23,937 and $1,775, respectively.

Flow (FLOW)

The altcoin shot up by almost 16% from yesterday’s lows to trade at the price of $2.98. FLOW has already rallied by more than 86% in the last 12 days, recovering the losses of June in doing so.

The Awesome Osccilator’s green bars further reassure that the rally will stick for the next few days.

Oasis Network (ROSE)

ROSE was among the highest gainers of the day, rallying by more than 23% in the span of 24 hours.

However, the Chaikin Money Flow still noted a downtick, indicating outflows from the asset, which is a matter of concern since the altcoin is yet to recover the 65% losses from the crash of May.

Chainlink (LINK)

LINK increased by 11.09% today as the altcoin came closer to almost recovering the entirety of the June dip.

The divergence of the Bollinger Bands will provide the altcoin with enough volatility to recover the 46% crash of May as well.

Near Protocol (NEAR)

NEAR, on the other hand, despite rising by 14.28% in 24 hours, was nowhere near reclaiming all that it lost in May during the 50% dip.

Additionally, the Relative Strength Index (RSI) is also reaching the overbought zone, and once the indicator is above the 80.0 mark, the trend will flip, leaving the altcoin vulnerable to price falls.

Elrond (EGLD)

Elrond dipped by 4% today despite rising by almost 32% in the 12 days before today, during which it almost recovered half of the 51.95% crash of June.

The MACD regained its bullish crossover, creating room for recovering the rest of the losses as well.

Crypto Market Daily Highlights – ETH Hits $1,700 in Breakout Session

Key Insights:

  • It is a bullish Thursday session for the crypto top ten, with Ethereum (ETH) surging by 8% to lead the way.
  • Upbeat US economic indicators delivered a breakout session for the crypto market, the upside coming despite increasing bets of a sizeable September rate hike.
  • The total market cap increased by $43.62 billion to take the market cap into positive territory for August.

It was a bullish Friday session for the crypto top ten. While bitcoin (BTC) failed to revisit the $24,000 handle for the fifth consecutive session, Ethereum (ETH) returned to $1,700.

US recessionary fears eased in response to a whopping 528k increase in nonfarm payrolls, taking the US unemployment rate down to 3.5%.

With wage growth holding steady at 5.2%, the numbers did raise the prospects of another hefty Fed rate hike in September.

The NASDAQ 100 gave up early gains as sentiment shifted away from the economic outlook to the Fed.

NASDAQ correlation
Total Market Cap – NASDAQ – 060822 5 Min Chart

The Total Crypto Market Cap Bounces Back on US Stats

On Friday, the total crypto market cap fell to an early low of $1,037 billion before jumping to a high of $1,089 billion.

The market cap jumped by $43.62 billion to end the day at $1,081 billion.

A second daily gain from sessions left the crypto market cap up $21 billion for August.

Crypto market cap jumps $44 billion.
Total Market Cap 060822 Daily Chart

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

It was a bullish Friday session for the crypto top ten.

ETH jumped by 8.00% to lead the way, with ADA (+3.40%), BTC (+3.10%), DOGE (+3.82%), and SOL (+4.47%) also found strong support.

However, BNB (+1.35%) and XRP (+1.03%) trailed the front runners.

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

Decred (DCR), Holo (HOT), and Near Protocol (NEAR) were among the front runners. DCR surged by 98%, with HOT and NEAR gaining 22% and 18%, respectively.

Chiliz (CHZ) slipped by 0.47%, however, with UNUS SED LEO (LEO) and Trust Wallet Token (TWT) trailing the broader market.

Total Crypto Liquidations Up in Response to the Bullish Friday Session

24-hour liquidations increased going into the Saturday session, pointing to a possible pullback from the Friday highs.

At the time of writing, 24-hour liquidations stood at $176 million, up from $136 million on Friday morning.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 51,953 versus 50,882 on Friday morning.

One-hour and four-hour liquidations signaled testy market conditions.

Crypto liquidations
Total Crypto Liquidations 060822

According to Coinglass, four-hour liquidations stood at $31.35 million, up from $11.61 million on Friday morning. One-hour liquidations were up from $0.453 million to $12.52 million (see hourly crypto market cap chart below).

Crypto hourly market cap.
Total Market Cap 060822 Hourly Chart

Daily News Highlights

  • Binance and Mastercard announced plans to launch a pre-paid card in Argentina.
  • Voyager to return $270 million to customers.
  • Thailand SEC gave the nod to four crypto shops amidst the Zipmex turmoil.

Top 3 Trending Coins: FLOW Continues Upside Momentum, NEAR Breaks Above $5.0 and THETA Above $1.50

Key Points

  • FLOW continued its rally in wake of the recent Meta Platforms integration news on Friday.
  • NEAR is the best-performing top 50 crypto and is eyeing a test of its 100DMA in the $5.30s.
  • THETA hit its highest since mid-May after surging above $1.50 per token, with bulls eyeing a rally to $2.30.

FLOW Surges as Meta Platforms Announces Flow Blockchain Integrations

FLOW, the native token that powers the Flow blockchain, has surged nearly 50% since Wednesday’s close. The cryptocurrency has received a boost on the news that Meta Platforms will utilize the Flow blockchain in order to expand its non-fungible token (NFT) offerings.

Meta this week announced an international expansion of its digital collectibles features that it successfully piloted on Instagram back in May. Meta will now support the Dapper wallet, whose creator Dapper Labs also created the Flow blockchain, as well as supporting the Coinbase wallet.

After nearly rallying as high as $3.0 on Friday, profit-taking has seen FLOW/USD fall back to trading just above the $2.70 mark. The $3.0 area seemed to be an area of resistance in the second half of May.

Further, profit-taking may yet see the cryptocurrency slip as low as its 100-Day Moving Average around $2.35, which comes in just ahead of support in the form of May lows in the $2.20-30 area and then late July highs in the $2.15 area.

 

FLOW/USD
FLOW/USD Chart.

If the cryptocurrency can regain some near-term bullish momentum and push above $3.0, the door would be open to a swift rally above $4.0 per token and towards support in the $4.30 area, which also coincides with the 200DMA at $4.27.

NEAR Protocol (NEAR)

NEAR, the native token that drives the NEAR Protocol’s blockchain, has been propelled higher on Friday by technical momentum following a bullish ascending triangle breakout. The cryptocurrency had been in an uptrend since mid-July but had been struggling to overcome resistance in the $4.70 area.

However, amid a more than 15% on the day jump this Friday, has now leaped above this resistance area and is trading in the $5.10s per token and eyeing a test of its 100DMA at $5.35. According to CoinMarketCap, NEAR is up 15% in the last 24 hours, making it the best performing cryptocurrency in the top 50 by market capitalization.

NEAR/USD
NEAR/USD Chart.

Back at the end of July, the NEAR Protocol opened the door for alternative wallet providers.

Theta Network (THETA)

THETA, the native token that powers Theta Network’s blockchain, broke out to its highest levels since mid-May on Friday after it charged above the $1.50 per token level. THETA/USD was last trading with gains of about 12% on the day just under $1.60, though has admittedly pulled back about 4.0% from earlier session highs in the $1.65 area.

THETA’s latest rally has seen it leave its 100DMA at $1.39 in the dust. With the cryptocurrency having now broken above its range that had been in play since mid-May, the door is potentially open to a run higher towards the next key area of resistance around $2.30, where the 200DMA also resides.

THETA/USD
THETA/USD Chart.

NEAR Price Prediction: What’s on the Horizon?

Key Insights:

  • NEAR has fluctuated between the $3-$5 price level since May this year. 
  • The token currently ranks 25th in the list of cryptocurrencies worldwide by market capitalisation at $3.2 billion.
  • The daily simple and exponential moving averages are giving mostly buy signals.

NEAR, the token used for transaction fees and as collateral for storing data on the blockchain, has risen over 10% from its July 28 price of $4.1411.

Despite opening this year at the $15 price level and rising to $20.2 by mid-January, the token witnessed a sharp drop during May’s crypto market crash and has since fluctuated between the $3-$5 price level.

NEAR Protocol is a proof-of-stake (PoS) blockchain that was conceptualised as a community-run cloud computing platform. The project hosts decentralised applications (dApps) and uses sharding technology to achieve scalability.

Price Action

NEAR started its journey at $1.1858 on November 14, 2020. The token did not start gaining traction until early last year when it reached $4.6967 on February 12, climbing again to $7.4116 by March 13.

A strong correction followed and the Near Protocol crypto fell to the $3 level by May of that year and then to $1.8859 on June 26.

 

NEAR weekly price chart
NEAR 290722 Weekly Price Chart

However, by early September 2021, NEAR was hovering around the $10 price level, reaching $12.34 by November 26. Its price then consolidated, retreating to $7.3449 on December 5.

A major rally occurred shortly thereafter when NEAR spiked 121% to hit $16.27 on December 26 – just 21 days after it was trading in the $7 range. Not long after this, the coin achieved its all-time high (ATH) price of $20.42 on January 16, 2022, before correcting to $8.5691 on February 23.

Another rally to the $17 level took place in April but the crypto market crash saw NEAR plunge back down to $5.8224 on May 23. The token remains nearly 80% below its all-time high price set in January this year.

NEAR is currently trading at $4.23 and ranks 25th in the list of cryptocurrencies worldwide by market capitalisation at $3.2 billion.

 

NEAR daily price chart
NEAR 290722 Daily Price Chart

Technical Indicators

Technical analysis shows that short-term sentiment on NEAR is neutral, with 14 indicators displaying bullish signals compared to 10 bearish signals at the time of writing.

The daily simple and exponential moving averages (EMA) are giving mostly buy signals, while the relative strength index (RSI) stands at 56.8.

An RSI reading of 30 or below indicates an oversold or undervalued condition, while a reading above 70 would suggest the asset is becoming overvalued or overbought.

In terms of a Near Protocol crypto price prediction, NEAR could see its price rising to $4.225 by August 2022, reaching $10.383 in January 2024 and increasing to $14.910 by January 2025.

Bitcoin and ETH Price Prediction: Rally Could Take Breather, DOT Could Aim Reversal

Key Insights:

  • Bitcoin started a fresh increase above the $22,250 resistance.
  • Ether (ETH) surged above $1,550 and $1,600 before the bears appeared.
  • DOT is attempting a key upside break above $8.0 and $8.5.

Bitcoin

Recently, bitcoin price saw a major increase above the $22,000 resistance zone. It cleared the $22,250 level and the 21 simple moving average (H1) to move into a positive zone.

The upward move gained pace above $23,000 and $23,200. However, the price failed to gain pace for a move above the $23,500 level. It is now correcting gains and trading below $23,000. On the downside, an initial support is near $22,500.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

The main support is near $22,250 and a connecting bullish trend line on the hourly chart. On the upside, the price is now facing a strong resistance near the $23,400 zone. A clear move above the $23,400 level might push the price towards the $24,000 level. The next major resistance might be $25,000.

Ethereum (ETH)

ETH also followed a similar pattern and gained pace above the $1,550 level. There was a close above the $1,600 level and 21 simple moving average (H1).

It even traded above $1,600 and currently consolidating gains. On the downside, the price might find bids near the $1,600 level. The next major support is near the $1,540, below which the price could slide to $1,500.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

On the upside, the $1,665 level presents a major hurdle. The next major resistance is near the $1,700 level. A successful close above the $1,700 level might start another increase. In the stated case, the price might rise towards the $1,880 level.

Polkadot (DOT)

DOT formed a base above the $6.00 support zone after a strong decline. The bulls were active above $6.00 and protected any more downsides.

As a result, the price started a steady upward move above the $6.50 resistance zone. There was a clear move above the $6.80 resistance and a key bearish trend line on the daily chart. It is now trading well above the $7.00 level and the 21-day simple moving average.

DOT Daily Chart
DOT Daily Chart by FXEmpire

It is now approaching the 50% Fib retracement level of the key decline from the $12.00 swing high to $6.10 low. If there is a close above the $8.50 resistance, the price could start a major increase. In the stated case, DOT price may perhaps clear the $10.00 resistance.

ADA and BNB price

Cardano (ADA) attempted a close above the $0.50 resistance but struggled. It is now correcting gains and might test $0.488.

Binance Coin (BNB) spiked towards the $272 before the bears emerged. The price is now moving lower and might test $262.

A few trending coins are UNI, ETC, and NEAR. Out of these, ETC rallied over 30% and broke the $32 resistance as discussed in yesterday’s analysis.

Crypto Price Analysis July 25: TWT, CVX, FTM, NEAR, RUNE

Key Insights:

  • Trust Wallet Token entered the top 100 cryptos list with a 5% rally.
  • Near Protocol’s token was among the most to lose, down by over 11%.
  • Bitcoin and Ethereum also noted a decline, trading at $21.6k and $1.4k, respectively.

Thanks to the week-long bearish cues, the value of all cryptocurrencies slipped to $990 billion in the last 24 hours.

As the king coin and the altcoin king also joined the altcoins to drop and trade at $21.6k and $1.4k, no other crypto except for TWT and Uniswap could manage to break this downtrend.

Trust Wallet Token (TWT)

Being the only other cryptocurrency to close in the green, TWT managed to beat the bearish cues with a 5.17% rally. Its recent 63% rise surely did bring it closer to recovering the downtrend from its local top.

However, the visible downtick in Chaikin Money Flow which shows outflows from investors, would make it difficult for TWT to recover the remaining 32.49%.

Convex Finance (CVX)

Convex Finance’s 13% decline in the last three days invalidated some of the rise VCVX made this month, bringing it closer to the recent lows.

At the time of writing, the Awesome Oscillator seemed to observe growing bearishness which will keep the altcoin from recovering the losses of its 86.6% dip noted from May to June.

Fantom (FTM)

Falling by 12.42%, FTM lost a chunk of its rise today. However, being almost 40% above the June lows has made it easier for Fantom to recover the 44.8% of the crash.

The Bollinger Bands indicate that the high volatility might play in favor of the same, provided FTM is able to keep its candlesticks above the basis.

Near Protocol (NEAR)

Following the broader market cues, Near Protocol’s token fell by 11.4% in the span of a day, reducing its recovery to just 20.33%. The altcoin still has a long way to go to recover its 48.34% crash of June.

This appears to be slightly tricky since the MACD is inching closer to a bearish crossover, thanks to the rising intensity of the red candles.

ThorChain (RUNE)

RUNE also fell by almost 12% during the intra-day trading adding to the 19.64% fall over the last four days. Although the Relative Strength Index (RSI) does seem to be in a gradual incline, it is about to slip into the bearish zone.

Should that happen, RUNE would not only lose this recovery but also lose the opportunity to recover its May to June losses amounting to 77.84%.

Bitcoin and ETH Price Prediction: Bulls Keeps Pushing, NEAR Price Targets $8

Key Insights:

  • Bitcoin remains in a positive zone above the $23,000 level.
  • Ether (ETH) is eyeing more gains above $1,625.
  • NEAR broke out of major resistance level and is now targeting $8.

Bitcoin (BTC)

The price of bitcoin (BTC) has recently surged past the $23,000 resistance and is now consolidating above the 21-day simple moving average (H1).

The next major resistance is near the $24,000 level. A clear move above the $24,000 zone could send the price further towards the $25,000 psychological level.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

If there is a downside correction, there is support on the H1 indicator, as well as the $23,000 mark. If those fail to hold, then BTC may hurtle back to $22,000 where it previously found support.

Ethereum (ETH)

ETH also followed a bullish path after it broke the $1,440 resistance zone. The price cleared the key $1,550 level and is now consolidating.

The price briefly surpassed the $1,600 level but was unable to maintain its rally, falling back down towards the 21-day simple moving average (H1).

An immediate support on the downside sits near the $1,400 level and a connecting bullish trend line on the hourly chart.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

If ETH is able to consolidate above $1,500 until the end of the week, the bulls may attempt to push past $1,600 level again, as long as the wider crypto markets continue their rallies as well.

Should ETH fail to push past this level, then we may see a correction towards the $1,400 and even lower yet to $1,200 if there are wider market downturns.

NEAR Protocol (NEAR)

After a failed breakout above $4.60, NEAR is now seeing a pullback towards the $4 level again.

This recent price action follows a few weeks of widespread declines in the market which saw NEAR dropping to as low as $2.80 for a brief period of time.

The token then consolidated for a few weeks before shooting up and recovering some losses.

This week, it gained over 30% and surpassed a key bearish trend line with resistance near $3.20 on the daily chart.

If the bulls are able to form a new support above the $4 region, then we may see another attempt to push past $4.60 in the coming days.

If this level cannot hold, then the previous resistance at $3.20 may provide some support going forward.

NEAR Daily Chart
NEAR Daily Chart by FXEmpire

If bullish price action continues in the wider crypto markets, then the next resistance level for NEAR is at $5 and $6.80 above that.

The most significant resistance above that would be the $10 level which serves as a psychological barrier due to being a round number.

ADA, BNB, and DOT price

Cardano (ADA) is now consolidating near the $0.525 level. If current price action continues, the price could test the $0.55 level in the coming days.

Binance Coin (BNB) is slowly moving higher towards the $275 resistance zone. If the bulls are able to carry the price higher, then the next resistance is at $290.

Polkadot (DOT) is consolidating above the $7.50 support. On the upside, there will likely be some resistance at $8 due to previous price action.

A few trending coins are DOGE, SHIB, and LTC. Out of these, DOGE is gaining pace for a move toward the $0.0735 resistance zone.

Top 3 Trending Coins: NEAR Surge Continues as ETH Pulls Back from Highs, FTT Lags

Key Points

  • Ethereum has slipped back from earlier session highs around $1,630, but bulls still target $1,700.
  • NEAR is the best performer in the crypto top 50, up over 11% in the last 24 hours.
  • FTT is a laggard over that same time period, but its technicals still look positive.

Market Update: Bitcoin Pulls Back Below $22,000

Profit-taking has triggered a reversal in most major cryptocurrencies from the multi-week highs that many hit during Asia Pacific trade, as investors mull macro events approaching later in the week. Bitcoin was last trading around $21,900, having pulled back from earlier session highs near-$23,000, its highest level since mid-June.

The world’s largest cryptocurrency, like most other major coins, still trades with healthy on-the-week gains, with Bitcoin still up over 5.0% since Sunday’s close. For now, BTC/USD’s path higher has been blocked by its 50-Day Moving Average just above $23,000. There isn’t much on the US macro calendar this week that could impact broad crypto sentiment aside from Friday’s flash July PMI data that will update on the health of the Service and Manufacturing sectors.

Ethereum (ETH)

Ethereum pushed as high as the $1,630 area in early trade on Tuesday, the cryptocurrency getting ever closer to the next upside target marked out by technicians just above $1,700. ETH/USD has since pulled back a little and is trading just under 3.0% lower on Tuesday in the $1,530s.

But ETH is still higher by around 3.5% versus 24 hours ago according to CoinMarketCap, making it one of the best performing cryptocurrencies in the top 50 by market capitalization. At current levels, Ethereum is up a staggering more than 50% since last week’s lows just above $1,000.

ETH/USD
ETH/USD bulls still target $1.700. Source: FX Empire

The cryptocurrency certainly seems to be carrying a lot of upside momentum, suggesting a test of $1,700 resistance (the May 2022 and mid-2021 lows) is very likely in the days ahead. Technical buying after a breakout above resistance at $1,280 has been a major factor driving recent gains, but analysts have also noted optimism about Ethereum’s upcoming Merge to Proof-of-Stake. Senior Ethereum developers last week outlined their expectations for the transition to occur in September.

NEAR Protocol (NEAR)

Up-and-coming Ethereum competitor blockchain the NEAR Protocol, which boasts amongst the fastest transaction speeds/highest transaction capacity of any existing blockchain, is the best performing cryptocurrency in the top 50 over the last 24 hours according to CoinMarketCap. Over this time period, it was last up around 11.5%, though at current levels in the $4.30s, has backed off from earlier highs above $4.50.

Since last week’s lows just above $3.0, NEAR Protocol’s NEAR token has surged a staggering nearly 45%. In doing so, it has rallied to the north of both its 21 and 50DMAs near $3.50 and $3.93 respectively. The latest rally on Tuesday comes despite the broader pullback in crypto and saw NEAR surpass its late-June highs just under $4.40 and hit its highest level since 11 June.

With NEAR/USD having cleared key levels of resistance to the upside, the door is seemingly now open for a test of late-May lows in the $4.70 area, the next obvious bull target. Beyond that, the next major level of resistance that the bulls will be looking at is the psychologically important $5.0 level and then around $6.50.

NEAR/USD
NEAR/USD surges. Source: FX Empire

FTT

FTT, the utility token of the FTX crypto exchange ecosystem that provides holders with discounted trading fees, OTC rebates and can serve as collateral for futures positions, has reversed sharply from multi-week highs above the $30 level that it hit earlier in the session. The cryptocurrency was last trading just below $28.50, down just under 5.0% on the day and down about 4.0% in the last 24 hours, according to CoinMarketCap.

This makes the token one of the worst performers over this time period in the crypto top 50 (by market cap). That being said, FTT’s short-term technical outlook is still looking upbeat. The cryptocurrency rose convincingly above a downtrend linking recent highs going back to late May on Monday and has since found support at a retest of this trendline.

Traders may well be adding to bullish positions and targeting a more convincing break above the $30 in the sessions ahead. FTT’s 21DMA (at $26.10) looks likely to cross above its 50DMA (at $26.25) in the coming days, which could add to the bullish impetus. Beyond $30, the next logical target is the $32.00 balance area (early 2022 lows and then some mid-May highs).

FTT/USD
FTT/USD pulls back from $30, but still looks good technically. Source: FX Empire

FTT Struggles Despite FTX’s Position of Strength

Regarding the FTX exchange, despite the ongoing crypto winter, the exchange looks to be in a strong position. Unlike other major rivals such as Coinbase and Gemini, FTX has not shrunk its workforce and has even been looking to expand via M&A, having agreed to a deal that could see it acquire troubled crypto lending firm BlockFi for as little as $240 million.

There were also rumors recently it was looking to buy out popular US-based retail trading application Robinhood. FTX is the second-largest cryptocurrency spot exchange after Binance and the tenth-largest derivatives exchange in the world by trading volume. Despite this, at current levels, FTT is over 65% below last year’s record levels around $85 per token.

Crypto Price Analysis July 18: APE, RUNE, CVX, AXS, NEAR

Key Insights:

  • ApeCoin emerged as one of the leaders, rising by almost 25%.
  • ThorChain’s RUNE followed suit with an 18% rally.
  • Bitcoin and Ethereum both shot up to trade at $22.3k and $1.4k.

As the market entered the recovery mode today, every altcoin, with the exception of one or two, switched gears and rallied ahead.

The king coin and the altcoin king too supported this incline, with each rising to trade at $22,332 and $1,488, respectively.

ApeCoin (APE)

The Bored Ape Yacht Collection (BAYC) NFT collection token was one of the best-performing assets in the entire crypto market, rising by almost 25% in the last 24 hours. Trading at $5.9, APE could be seen inching close to the next major resistance of $6.42.

The Awesome Oscillator supported this rise with the appearance of green bars, indicating rising bullishness.

ThorChain (RUNE)

The altcoin did not hold back either as the broader market rally propelled RUNE to trade at $2.54, marking an 18.03% rise from yesterday’s close.

Going forward, the cryptocurrency could witness growth as the Bollinger Bands’ divergence highlights rising volatility in favor of a bullish momentum thanks to the candlesticks’ presence above the basis.

Convex Finance (CVX)

CVX inched closer to recovering the 67.83% losses it witnessed during the June crash as the altcoin rose by 14.66% today to trade at $7.13.

The rise is completely organic, as made evident by the Chaikin Money Flow’s uptick in the bullish zone. This could help CVX continue rising to reclaim $10.

Axie Infinity (AXS)

The GameFi token did not mark a rally as significant as the other altcoins on the list, but it did not disappoint either. Up by 9.95% in the last 24 hours, AXS could be seen trading at $15.8 at the time of writing.

Additionally, according to the MACD, the presence of bullishness on the asset will help it recover the 46.46% downfall it noted last month.

Near Protocol (NEAR)

The DeFi token finally gained some momentum this week to recover the 48.07% losses it witnessed during the June crash. Up by 12.48% today, NEAR could be observed closing in on reclaiming $4 as support at the time of writing.

This is bound to happen as the asset’s Relative Strength Index (RSI) entered the bullish zone today after lingering below it for almost three months now.

DeFi Tokens to Keep an Eye on in July

Key Insights:

  • Decentralized Finance (DeFi) coins found some investor interest in June, albeit briefly.
  • Amidst the broad-based crypto sell-off, buying opportunities may present themselves at current levels.
  • With the DeFi space likely to come out stronger, once the crypto winter thaws, we consider Algorand (ALGO), Near Protocol (NEAR), and Tezos (XTZ).

In June, the total crypto market cap was down by $458 billion to a lowly $835 billion. Hopes of bottoming and an end to the crypto winter ended as fears of a global recession hit riskier assets. DeFi coins tracked the broader market into the deep red.

The NASDAQ 100 had a woeful first half of the year (H12022), tumbling by 30%.

The crypto market barometer, Bitcoin (BTC) was down 41% in June alone and down 60% for H12022.

Things were no better for DeFi coins, which tracked the broader crypto market into the red through H12022.

Total Value Locked Versus Coin Price Movements Diverge in H12022

According to Defi Llama, the total value locked (TVL) fell by 71% in H12022 to a lowly $71 billion. For June alone, the TVL fell by 37%.

DeFi TVL in deep red.
TVL 300622 Defi Llama

With the DeFi space succumbing to market forces, Algorand (ALGO), Near (NEAR), and Tezos (XTZ) all saw sizeable declines in their respective TVLs in the month of June.

In the first half of 2022, Near Protocol saw its TVL rise by 126%, while ALGO and XTZ saw losses of 28% and 62%, respectively.

The table below shows coin performance and TVL movements.

Coin H1 2022 June 2022 TVL (H12022) TVL (June ‘22)
Algorand -82% -27% -28% -37%
Near Protocol -78% -46% +126% -49%
Tezos -68% -34% -62% -34%

The figures above reveal a marked difference between price and TVL movements for H12022, while the losses for June are more aligned.

Improving market conditions would support a price recovery to align more with the total value locked movements through H12022.

Based on these figures, the Near Protocol would have the most to gain from the chosen three.

For each coin, there are key levels to consider for the month ahead, however, which could present buying opportunities.

Algorand (ALGO)

As of June 30, 2022, ALGO stood at $0.2993. A bearish end to June saw ALGO fall back to sub-$0.30.

Down by 82% year to date, a move through the June high of $0.4313 would give ALGO a free run at the May high of $0.7842.

ALGO would need to avoid the current year low of $0.2749 to support the beginnings of a recovery.

However, market conditions will need to materially improve for ALGO to test resistance at the June high. An upward trend in total value locked would provide support, with ALGO on the radar ahead of the FIFA World Cup 2022.

In May, FIFA announced Algorand as an official partner of the 2022 World Cup.

ALGO DeFI move.
ALGO 010722 Daily Chart

Near Protocol (NEAR)

As of June 30, NEAR stood at $3.25. Tracking the broader market, NEAR fell back towards the current year low of $2.88 before steadying.

Down 78% year to date, a move through the June high of $5.98 would give NEAR a free run at the May high of $13.17.

NEAR would need to avoid the current year low of $2.88 to support a move away from the June low.

However, market risk sentiment will need to improve for NEAR to revisit $5.00. An upward trend in total value locked would provide support. The first half of the year TVL gain makes NEAR an attractive option should market conditions improve.

A NEAR Return to $5.00 key
NEAR 010722 Daily Chart

Tezos (XTZ)

As of June 30, XTZ stood at $1.38. Aligned with the broader market, XTZ fell back to sub-$1.40 in a bearish end to the second quarter.

Down 68% year to date, a move through the June high of $2.35 would support a run at the May high of $2.88 to test resistance at $3.00.

However, XTZ will need to avoid the current year low of $1.19 to support the start of a recovery.

While we can expect total value locked trends to influence, the crypto market sentiment would need to improve for XTZ to return to $2.00.

Tezos is on the map following last month’s Tether announcement.

XTZ under pressure
TEZOS 010722 Daily Chart

In June, Tether announced the launch of USDT on the Tezos blockchain.

Tether CTO Paolo Ardoino said,

“We’re excited to launch USDT on Tezos, offering its growing and vibrant community access to the most liquid, stable, and trusted stablecoin in the digital token space.”

Ardoino added,

“Tezos is coming fast onto the scene and we believe that this integration will be essential to its long-term growth.”