Top 5 Crypto Pairs to Watch This Week: BTC, CHZ, FLOW, OP, and YFI

Key Insights:

  • Bitcoin (BTC) will need a bullish Sunday session to record a third consecutive weekly rise.
  • While market reaction towards US economic indicators and sentiment towards the Fed influence, network news updates were also key drivers.
  • The shift in sentiment towards the US economy was evident in the technical indicators for BTC, CHZ, FLOW, OP, and YFI.

For the week ending August 7, the total crypto market cap is on target for a fifth consecutive weekly rise. The current upswing saw the crypto market end a three-month losing streak in July.

Crypto market cap
Crypto market cap 070822 Weekly Chart

Bearish sentiment early in the week saw the market cap fall to a low of $1,017 billion. Investor fears of a US economic recession weighed on riskier assets ahead of the key US stats of the week.

The ‘dovish’ 75-basis point Fed rate hike and the US economic contraction in the second quarter had delivered support. However, the prospects of a US economic recession led to a six-day losing streak.

Impressive US nonfarm payroll figures changed the mood going into the weekend. In July, nonfarm payrolls surged by 528k, beating a 250k forecast. The NFP figures and better-than-expected service sector PMI numbers eased recession fears. However, bets of a 75-basis point rate hike increased.

Following the best monthly showing since 2020, the NASDAQ 100 rose by 2.15%. The upside was modest, with geopolitics and sentiment towards the Fed limiting the upside.

The correlation between the NASDAQ 100 and the crypto market remained firmly in place, as evidenced below.

NASDAQ correlation
NASDAQ-Crypto 070822 Weekly Chart

Recent crypto network news updates have put several coins back in the spotlight. While Ethereum (ETH) Merge updates remained the key focal point, other updates have highlighted a pickup in activity across the digital asset space.

Chiliz (CHZ), Flow (FLOW), Optimism (OP), and yearn-finance (YFI) are among the coins currently trending and enjoying positive price action.

In addition to further network updates, the US economic calendar will continue to provide direction. On Wednesday, US consumer price inflation numbers will be the key stats of the week. Following better-than-expected US nonfarm payroll numbers, another spike in inflation could fuel bets of a one percentage point rate hike, crypto market negative.

We expect the NASDAQ 100 to continue to drive appetite for BTC and the broader market. However, CHZ, FLOW, OP, and YFI could decouple from BTC and the NASDAQ 100.

Bitcoin (BTC)

This week, Monday through Sunday morning, bitcoin (BTC) was down 1.62% to $22,931. BTC struck a Wednesday high of $23,616 before falling to a Thursday low of $22,418. On Friday, US economic indicators delivered the single upswing of the week. However, BTC failed to revisit the $24,000 handle.

BTC movements reflected the market reaction to the US economic indicators and sentiment towards Fed monetary policy.

The Bitcoin Fear & Greed Index reflected investor caution, falling from 42/100 on July 30 to 30/100 on Sunday morning.

Timeline Description automatically generated

At the time of writing, BTC was down 0.11% to $22,931.

Looking at the trends, a BTC move through the July high of $24,619 to $25,000 would support a run at the June high of $31,956. From $31,956, a move through $35,000 would bring the May high of $40,004.

However, a fall back to sub-$20,000 would give the bears a look at the current year low of $17,601,

BTC under pressure at sub-$23,000
BTCUSD 070822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. This morning, bitcoin sat above the 100-day EMA, currently at $22,828.

The 50-day narrowed to the 100-day EMA, while the 100-day EMA pulled away from the 200-day EMA, delivering mixed BTC signals.

A 50-day EMA widening from the 100-day EMA would support a break out from the July high of $24,619, with a return to $25,000 to give BTC a look at $30,000.

However, BTC would need to hold above the 100-day EMA to avoid the 200-day EMA, currently at $22,600, and a return to sub-$20,000.

EMAs bullish
BTCUSD 070822 4-Hourly Chart

Chiliz (CHZ)

This week, Monday through Sunday morning, Chiliz (CHZ) was up 18.00% to $0.1442.

A bullish start to the week saw CHZ surge from a low of $0.1214 to a Monday high of $0.1631 before easing back.

Network news updates delivered the Monday breakout session. News of Socios.com investing $100 million to support Barcelona FC’s Web3 goals was the key. The Scoville testnet launch for Chiliz Chain 2.0 added further support.

With the European football season underway, investor interest in CHZ could grow in the coming weeks.

At the time of writing, CHZ was down 1.37% to $.1442.

Looking at the trends, a move through this week’s high of $0.1631 would support a run at the May high of $0.1974. From there, CHZ would have a free run at the March high of $0.3312 to bring $0.40 into view.

A fall back to sub-$0.1250 would give the bears a look at sub-$0.10 and the current-year low of $0.0798.

CHZ finds support
CHZUSD 070822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. CHZ sat above the 50-day EMA, currently at $0.1377.

The 50-day pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish CHZ price signals.

Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after testing support at the 50-day EMA on July 27.

However, a fall through the 50-day EMA could bring the 100-day EMA, currently at $0.1288, and the current week’s low ($0.1214) into play.

EMAs bullish
CHZUSD 070822 4 Hourly Chart

Flow (FLOW)

This week, Monday through Sunday, Flow (FLOW) was up 32.12% to $2.5500.

A bearish start to the week saw FLOW fall to a Tuesday week low of $1.81. However, network news updates drove FLOW to a Thursday high of $3.77 before easing back.

News of Meta announcing the introduction of digital collectibles to showcase NFTs on Instagram delivered support.

At the time of writing, FLOW was down 0.78% to $2.5500.

Looking at the trends, a move through this week’s high of $3.77 would support a run at the May high of $5.21. From $5.21, FLOW would have a free run at the April high of $8.17 to bring $10.00, last visited in December 2021.

A fall to sub-$2.00 would bring the July low of $1.37 and the June 18 current year low of $1.16 into view.

FLOW in a breakout week
FLOWUSD 070822 Daily chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal on Sunday. FLOW sat above the 50-day EMA, currently at $2.2599.

The 50-day pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish FLOW price signals.

Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after the August 4 breakout from the 50-day EMA.

However, a fall through the 50-day EMA could bring the 100-day EMA, currently at $2.0585, and sub-$2.00 into view. An extended sell-off would target the 200-day EMA, currently at $1.9297, and the current August low of $1.81.

EMAs bullish
FLOWUSD 070822 4 Hourly Chart

Optimism (OP)

This week, Monday through Sunday morning, Optimism (OP) was up 22.47% to $1.9400.

A bearish start to the week saw OP fall to a Tuesday low of $1.362 before surging to a Thursday high of $2.238.

News from Aave (AAVE) of the launch of the OptimismFND Liquidity Mining Program delivered OP price support. According to the announcement,

“The program will run for 90 days with a distribution of 5M OP to the Aave Protocol’s Optimism Market users.”

The latest network update followed news of Curve Finance submitting a governance proposal on Optimism for 100 million OP tokens for distribution on the Curve Pool that delivered support. In the previous week, the platform also released Drippie, a new transaction system, which added further support.

At the time of writing, OP was up 2.05% to $1.9400.

Looking at the trends, a return to $2.00 would support a breakout from the week high of $2.238 to target $3.00. However, market sentiment across the broader crypto market will need to remain bullish for OP to break down resistance at $2.50.

A fall back to sub-$1.70 would give the bears a look at sub-$1.50 and the August low of $1.362.

(There is no EMA technical analysis due to the available price points).

OP in a bullish trend
OPUSD 070822 Daily Chart

Yearn.finance (YFI)

This week, yearn.finance (YFI) is up a modest 5.51% to $11,472. YFI surged by 68% in the final week of July.

A mixed start to the week saw YFI give up Monday gains, falling to a Wednesday low of $10,382. Supported by the broader crypto market and US economic indicators, YFI struck a Friday high of $12,323 before easing back.

The planned August launch of veYFI delivered support.

At the time of writing, YFI was down 2.08% to $10,873

Looking at the trends, a breakout from the July high of $14,239 would give YFI a free run at the May high of $18,565. However, YFI needs to return to the $20,000 handle to avoid a reversal. A pullback to sub-$10,000 would see YFI face intense selling pressure.

YFI consolidates the previous week breakout
YFIUSD 070822 Daily Chart

Looking at the 4-hourly chart and the EMAs, the signal was bullish. YFI steered clear of the 50-day EMA, currently at $10,786.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA breaking out from the 200-day EMA, both positive YFI indicators.

A further widening of the 50-day EMA from the 100-day EMA would support a breakout from the July high of $14,239 to target the May high of $18,565. However, a fall through the 50-day EMA would bring sub-$10,000 and the 100-day EMA, currently at $9,692, into view.

EMAs bullish
YFIUSD 070822 4 Hourly Chart

5 Best Performing Coins of the Week – CHZ, DCR, FLOW, HOT, and OP

Key Insights:

  • It is another bullish Monday to Friday for the crypto market, supported by US corporate earnings and US economic indicators.
  • Decred (DCR) leads the way, surging by 109%
  • Chiliz (CHZ), Flow (FLOW), Holo (HOT), and Optimism (OP) were also among the front runners.

Monday to Friday, August 5, the total crypto market cap was up $10.95 billion, with the crypto market on target for a fifth consecutive weekly gain.

Following the dovish 75-basis point rate hike and weak Q2 GDP numbers, US economic indicators painted a mixed picture ahead of the Friday nonfarm payroll numbers.

A pickup in service sector activity saw the markets reconsider another 75-basis point rate hike in September. The ISM Non-Manufacturing PMI increased from 55.3 to 56.7. Economists forecast a PMI of 53.5. Significantly, the numbers eased fears of an economic recession.

On Thursday, weekly jobless claims figures sent a pre-NFP warning, however.

In the week ending July 29, initial jobless claims fell by 260k, up from the previous week’s 254k. The figures suggested weakening labor market conditions ahead of the July nonfarm payrolls.

The jobless claims 4-week average climbed from 248.75k to 254.75k. The 4-week average last sat at sub-200k in the week ending May 13.

However, nonfarm payrolls wrapped up an upbeat week, with payrolls surging by 528k in July, beating a 250k forecast. In June, payrolls increased by 398k. Average wage growth held steady at 5.2%.

US corporate earnings also delivered market support and a NASDAQ 100 breakout session. PayPal (PYPL) jumped by 9.25% on a rosy earnings forecast, supporting the NASDAQ 100. Monday through Friday the NASDAQ 100 gained 2.15%, with a 0.50% loss on Friday limiting the upside.

The upbeat numbers increased the bets of a 75-basis point rate hike in September or possibly a full percentage point, leading to a reversal of earlier gains.

There were no cues from the crypto wires to influence the broader crypto market, leaving investors to consider the Fed monetary policy and US economic outlook.

Across the CoinMarketCap crypto top 100, the bullish week saw several cryptos outperform the broader market.

Decred (DCR) leads the way, with Chiliz (CHZ), Flow (FLOW), Holo (HOT), and Optimism (OP) among the front runners with two hours of the Friday session remaining.

Decred (DCR)

For the week, DCR is up 100.5% to $54.82, Monday through Friday. A bearish start to the week saw DCR fall for three consecutive sessions to a Thursday low of $26.15 before making a move. Finding support on Thursday, DCR surged to a Friday high of $70.91 before sliding back to sub-$55.

There were no apparent reasons for the Friday breakout, which saw DCR rise in the market cap rankings to the #64 spot.

Decred employs a hybrid PoS and PoW algo. While holders can validate transactions and vote on proposals by staking, there is also the option to mine DCR.

A possible reason for the latest upswing is the plan to incorporate Lightning Network.

Looking at the trends, DCR would need to avoid a fall back to sub-$30 and the current week low of $26.15 to support the bullish trend. A move through this week’s high of $70.91 would support a run at the April high of $86.56. From there, DCR would have a free run at the January high of $91.13 to bring $100 into view.

A fall to sub-$30 would bring the July and the current-year low of $20.76 into view, the lowest level since November 2020.

Crypto leader DCR on a breakout
DCRUSD 060822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. DCR sat above the 50-day EMA, currently at $28.87.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish DCR price signals.

Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after testing support at the 50-day EMA on Friday.

However, a fall through the 50-day EMA could bring sub-$30 and the 100-day EMA, currently at $27.03, and the current week low into play.

EMAs bullish
DCRUSD 060822 4-Hourly Chart

Chiliz (CHZ)

For the week, CHZ is up 18.58% to $0.1440, Monday through Friday. A bullish start to the week saw CHZ surge from a week low of $12.14 to a Monday high of $0.1631. However, a mid-week pullback saw CHZ return to $0.1308 before a bullish Thursday session.

Network news updates delivered the Monday breakout session. News of Socios.com investing $100 million to support Barcelona FC’s Web3 goals was the key. The Scoville testnet launch for Chiliz Chain 2.0 added further support.

Looking at the trends, CHZ would need to avoid a fall back to sub-$0.1250 and the current week low of $0.1214 to support the bullish trend. A move through this week’s high of $0.1631 would support a run at the May high of $0.1974. From there, CHZ would have a free run at the March high of $0.3312 to bring $0.40 into view.

A fall back to sub-$0.1250 would bring the July and the current-year low of $0.0798 into view, the lowest level since March 2021.

CHZ on the move
CHZUSD 060822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. CHZ sat above the 50-day EMA, currently at $0.1343.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish CHZ price signals.

Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after last testing support at the 50-day EMA on July 27.

However, a fall through the 50-day EMA could bring the 100-day EMA, currently at $0.1260, and the current week’s low into play.

CHZ bullish trend
CHZUSD 060822 4-Hourly Chart

Flow (FLOW)

For the week, FLOW is up 43.52% to $2.77, Monday through Friday. A mixed start to the week saw FLOW fall to a Tuesday low of $1.81 before surging to a Thursday high of $3.77.

A pullback from the $3.00 handle saw FLOW fall back to sub-$2.50 before returning to $2.70 levels.

News of Meta announcing the introduction of digital collectibles to showcase NFTs on Instagram delivered support.

According to the announcement,

“In order to post a digital collectible, all you need to do is connect your digital wallet to Instagram. As of today, we support connections with third-party wallets including Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet coming soon. Supported blockchains at this time include Ethereum, Polygon, and Flow.”

Looking at the trends, FLOW would need to avoid a fall back to sub-$2.00 and the current week low of $1.81 to support the bullish trend. A move through this week’s high of $3.77 would support a run at the May high of $5.21. From there, FLOW would have a free run at the April high of $8.17 to bring $10.00, last hit in December 2021.

A fall back to sub-$2.00 would bring the July low of $1.37 into view. FLOW fell to a current year low of $1.16 on June 18.

FLOW on the move
FLOWUSD 060822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. FLOW sat above the 50-day EMA, currently at $2.1383.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish FLOW price signals.

Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after the August 4 breakout from the 50-day EMA.

However, a fall through the 50-day EMA could bring sub-$2.00 and the 100-day EMA, currently at $1.9757, and the current week low of $1.81 into play.

FLOW EMAs bullish
FLOWUSD 060822 4-Hourly Chart

Holo (HOT)

For the week, HOT is up 17.39% to $0.0027, Monday through Friday. A mixed start to the week saw HOT fall to a Tuesday low of $0.0020 before surging to a Friday high of $0.0029 before easing back.

While there was no specific news to deliver the breakout week, network updates kept HOT in the spotlight.

Looking at the trends, HOT would need to avoid a fall back to sub-$0.0025 and the current week low of $0.0020 to support the bullish trend. A move through this week’s high of $0.0029 would support a run at the May high of $0.0073.

From there, HOT would have a free run at the February high of $0.0086 to bring $0.01 into view, last hit in December 2021. A fall back to sub-$0.0025 would bring the July low of $0.0019 into view.

HOT on the move
HOTUSD 060822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. HOT sat above the 50-day EMA, currently at $0.0023.

The 50-day pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish HOT price signals.

Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after testing support at the 50-day EMA on August 3.

However, a fall through the 50-day EMA would bring the 100-day EMA, currently at $0.0023, and the current week low of $0.002 into play.

EMAs bullish
HOTUSD 060822 4-Hourly Chart

Optimism (OP)

For the current week, is up 20.14% to $1.9030, Monday to Friday. A bearish start to the week saw OP fall to a Tuesday low of $1.3620 before surging to a Thursday high of $2.2380.

However, a bearish end to Thursday and a bearish Friday session saw OP slide back to sub-$1.80 before finding support.

News from Aave (AAVE) of the launch of the OptimismFND Liquidity Mining Program delivered OP price support. According to the announcement,

“The program will run for 90 days with a distribution of 5M OP to the Aave Protocol’s Optimism Market users.”

Looking at the trends, a breakout from the week high of $2.238 would support a run at $3.00. However, market sentiment across the broader crypto market will need to remain bullish to support a breakout from $2.50. (There is no EMA technical analysis due to the available price points).

OP trending coin
OPUSD 060822 Daily Chart

Crypto Market Daily Highlights – ETH and BTC Fall as FED Fear Grows

Key Insights:

  • It is a mixed Thursday session for the crypto top ten, with bitcoin (BTC) and Ethereum (ETH) leading the top ten into the red.
  • A bearish second half of the day left the crypto market on the defensive, with the pullback coming despite the NASDAQ 100 gaining 0.41%.
  • The mixed session has the total crypto market cap resuming the downward trend, with the market cap falling by $6.5 billion.

It is a mixed Thursday session for the crypto top ten. Bitcoin (BTC) fails to revisit the $24,000 handle for the fourth consecutive session, languishing at sub-$23,000. Ethereum (ETH) also struggled, while SOL steadied after the Solana wallet heist.

US recessionary fears reignited, with US labor market numbers disappointing. In the week ending July 29, initial jobless claims fell by 260k, up from the previous week’s 254k. The figures suggested weakening labor market conditions ahead of the July nonfarm payrolls.

The jobless claims 4-week average climbed from 248.75k to 254.75k. The 4-week average last sat at sub-200k in the week ending May 13. The disappointing numbers provided some much-needed Pound relief.

The weak numbers preceded today’s nonfarm payroll and wage growth figures that will likely dictate the Fed’s policy move in September. While solid labor market numbers will ease fears of a recession, they will swing the pendulum in favor of a 75-basis point rate hike, crypto negative.

As the broader crypto market struggles, the NASDAQ 100 avoided the red, rising by a modest 0.41%. Despite the crypto market divergence from the NASDAQ 100, the correlation remains firm.

NASDAQ correlation
Total Market Cap – NASDAQ – 050822 5 Min Chart

The Total Crypto Market Cap Resumes Downward Trend

On Thursday, the total crypto market cap rose to an early high of $1,062 billion before sliding to a day low of $1,022 billion. However, finding late support, the market cap has returned to $1,032 billion to limit the downside.

A fourth daily loss in five sessions leaves the crypto market cap down $28 billion for August.

Crypto Market Cap
Total Market Cap 050822 Daily Chart

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

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

BNB is up 4.16% to lead the way, with DOGE (+0.65%) also bucking the top ten trend.

However, BTC and ETH lead the way down, with losses of 1.39% and 1.64%, respectively.

ADA (-0.40%), SOL (-0.23%), and XRP (-0.31%) are also in the red.

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

Flow (FLOW) leads the way, surging by 38%, with Trust Wallet Token (TWT) and Chiliz (CHZ) among the front runners.

However, Wednesday’s front runners hit reverse to lead the way down. Lido DAO (LDO) and Optimism (OP) are down 10.4% and 9.3%, respectively, with Ethereum Classic (ETC) also struggling.

Total Crypto Liquidations Show Steadying Market Conditions

24-hour liquidations are rising ahead of the Friday session, reflecting the mixed Thursday session. A rise in 24-hour liquidations coincided with the crypto market resuming its downward trend.

At the time of writing, 24-hour liquidations stood at $136 million, up from $120 million on Thursday morning.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 50,882 versus 43,241 on Thursday morning.

However, one-hour and four-hour liquidations signaled steadying market conditions.

One hour liquidations at sub-1 million
Total Crypto Liquidations 050822

According to Coinglass, four-hour liquidations stood at $11.61 million versus $13.04 million on Thursday morning. One-hour liquidations are down from $3.88 million to $0.453 million (see hourly crypto market cap chart below).

Crypto market steadies
Total Market Cap 050822 Hourly Chart

Daily News Highlights

Crypto Market Daily Highlights – SOL Falls While Optimism (OP) Surges

Key Insights:

  • It is a mixed Wednesday session for the crypto top ten, with Solana (SOL) in the red to buck the top ten trend.
  • Geopolitics took a back seat as investors responded to upbeat US economic indicators and corporate earnings.
  • The Wednesday bullish session sees the total crypto market cap ending a four-day losing streak, with the market cap rising by $14 billion.

It is a mixed Wednesday session for the crypto top ten. Bitcoin (BTC) fails to revisit the $24,000 handle for the third consecutive session, while SOL suffers at the hands of a Solana wallet heist.

A busier day on the economic calendar provided the crypto market with direction. While geopolitics remained a focal point following Nancy Pelosi’s Taiwan visit, US economic indicators eased fears of a US recession.

In July, the ISM Non-Manufacturing PMI unexpectedly rose from 55.3 to 56.7. Economists forecast a PMI of 53.5. With services accounting for more than 70% of the US economy, the numbers delivered the FOMC hawks a reason to skew towards a 75% basis point rate hike in September.

US corporate earnings also delivered market support and a NASDAQ 100 breakout session. PayPal (PYPL) jumped by 9.25% on a rosy earnings forecast, supporting the NASDAQ 100’s 2.59% rally.

US corporate earnings have influenced the crypto market this earnings season. Crypto investors showed sensitivity to earnings results and outlooks from Amazon.com (AMZN), Apple Inc. (AAPL), Microsoft (MSFT), and Walmart (WMT).

NASDAQ influences
Total Market Cap – NASDAQ – 040822 5 Min Chart

The Total Crypto Market Cap Aims to End Four Day Losing Steak

On Wednesday, the total crypto market cap slid to a day low of $1,023 billion before rising to a high of $1,074 billion.

However, another bearish end to the session sees the market cap back down to $1,054 billion. The total crypto market cap is up $14 billion, reducing the August deficit to $5.7 billion.

Crypto market ends 4-day losing streak
Total Market Cap 040822 Daily Chart

A shift in market focus away from the US-China tensions to US economic indicators and corporate earnings delivered the boost. Cybercriminal activity failed the dampen the mood, despite the news of several attacks hitting the crypto wires.

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

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

BNB is up 6.41% to lead the way, with ADA (+2.62%) a distant second.

BTC (+1.07%), DOGE (+1.31%), ETH (+0.24%), and XRP (+0.81%) also find support.

SOL bucks the trend, falling by 0.73%.

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

Optimism (OP), Lido DAO (LDO), and Stacks (STX) are among the front runners.

OP is up 35.77%, with LDO and STX gaining 16.29% and 8.16%, respectively.

At the other end of the table, Cronos (CRO), Oasis Labs (ROSE), and yearn.finance (YFI) are among the biggest losers. CRO is down 5.38%, with ROSE and YFI falling by 3.17% and 3.03%, respectively.

Total Crypto Liquidations Ease Back in Positive Crypto Session

24-hour liquidations are declining ahead of the Thursday session, reflecting improving crypto market conditions. A pullback in 24-hour liquidations coincides with the crypto market ending the four-day losing streak that saw BTC fall back to the $22,600 handle before finding support.

At the time of writing, 24-hour liquidations stand at $120 million, down from $208 million on Wednesday morning.

Liquidated traders declined over the last 24 hours. At the time of writing, liquidated traders stand at 43,241 versus 78,905 on Wednesday morning.

While four-hour liquidations also signal steadying market conditions, one-hour liquidations reflect the late crypto pullback.

Crypto liquidations ease
Total Crypto Liquidations 040822

According to Coinglass, four-hour liquidations stand at $13.04 million versus $37.01 million on Wednesday morning. One-hour liquidations are down from $5.39 million to $3.88 million, while up from Tuesday’s $1.28 million (see hourly crypto market cap chart below).

Market caps slips
Total Market Cap 040822 Hourly Chart

Daily News Highlights

  • Solana (SOL) became the victim of a “multimillion dollar heist.”
  • New York regulator slapped Robinhood (HOOD) with a $30 million fine.
  • Nomad Bridge hackers returned $9 million in USDT and USDC after a $190 million exploit.

Crypto Price Analysis August 3: OP, STX, 1INCH, YFI, RUNE

Key Insights:

  • Optimism led the bullishness with a 23.74% rise today.
  • The likes of Yearn.Finance could be seen countering the bullishness with a 4.5% drop.
  • Bitcoin and Ethereum joined the broader market trend to rise to $23k and $1.6k.

While the crypto market did not gain a lot today, the $23 billion rise was still a good sign after days of losing out money.

This slight recovery was also backed by the king coin and the altcoin king as both rose to trade at $23,092 and $1,664, respectively.

Optimism (OP)

The altcoin gained significantly today, rising by 23.74% in the last 24 hours to inch closer to $2. This places the OP’s month-long rally at 314.59%.

The Bollinger Bands indicate excessive volatility in the market, which makes the altcoins susceptible to price swings and corrections.

Stacks (STX)

STX also noted an incline, although of just 7.5%, to keep its price from falling by a lot. At the time of writing, the white dots of the Parabolic SAR moved below the candlesticks once again, indicating an uptrend.

This would be helpful to the coin in recovering the losses it witnessed during the 42.26% crash of June.

1Inch (1INCH)

The altcoin followed in the footsteps of STX as it also rose by just 7.45% from yesterday’s lows to maintain $0.75 as support.

Despite the red bar on the Awesome Oscillator, 1INCH is still noting bullishness which is crucial in the recovery of June’s 45% dip.

Yearn.Finance (YFI)

The altcoin was one among the few that observed a decline today, slipping by 4.58% to trade at $11,116.17. However, despite this decline, YFI still has the 116.29% rally from July intact.

This will counter the outflows observed on the Chaikin Money Flow to push the recovery of May’s 46.37% dip.

ThorChain (RUNE)

RUNE also managed to clock in a 7.83% rise thanks to the broader market bullish trend. This saved the altcoin from losing the recovery of June’s losses.

However, the mixed signal visible on the MACD might make it difficult to ascertain when RUNE could recover the 60.49% losses of May as well.

Top 5 Crypto Pairs to Watch This Week: BTC, ETC, OP, UNI, and YFI

Key Insights:

  • Bitcoin (BTC) rose for the fourth week in six, supported by a shift in sentiment towards Fed monetary policy.
  • Ethereum Classic (ETC) continued the bullish upward trend, supported by investor sentiment towards the Ethereum (ETH) Merge.
  • The shift in sentiment was evident in the technical indicators. The EMAs for BTC, ETC, OP, UNI, and YFI delivered bullish signals.

In the week ending July 31, the total crypto market cap was on target for a fourth consecutive weekly rise. Significantly, the crypto market was also on target to end a three-month losing streak.

Market cap
Market Cap 310722 Weekly Chart

Bearish sentiment early the week saw the market cap fall to a low of $924 billion. Market apprehension ahead of the Wednesday Fed policy decision weighed on riskier assets.

However, a dovish 75-basis point Fed rate hike and US economic indications on Thursday supported a breakout week.

Hopes of a softer pace of interest rate hikes, supported by a US economic contraction in Q2 led to the markets pricing out a 75 basis point hike in September.

US corporate earnings also delivered support, with Microsoft (MSFT), Amazon (AMZN), and Apple (AAPL) providing positive forward outlooks to support riskier assets.

Walmart (WMT) had spooked the markets with a gloomy outlook before the trio delivered the market boost.

Supported by a bullish final week, the NASDAQ 100 ended July up 12.35%, the best monthly showing since 2020.

The correlation between the NASDAQ 100 and the crypto market remained firmly in place.

NASDAQ correlation
NASDAQ – Crypto 310722 Weekly Chart

Ethereum (ETH) Merge updates remained the key driver for Ethereum Classic (ETC), with Optimism (OP) also making a move on network news. Improved market conditions delivered much-needed support to yearn.finance (YFI) and Uniswap (UNI).

Over the weekend, it was a mixed session, with a Saturday breakout fizzling out before crypto support kicked on Sunday.

This week, the US economic calendar will influence. ISM survey-based PMI numbers are due out on Monday and Wednesday. On Thursday, jobless claims will also provide direction ahead of the nonfarm payroll numbers on Friday.

Expect the ISM Non-Manufacturing and nonfarm payroll figures to have a material impact on the NASDAQ 100 and the crypto market.

Investors will also need to monitor FOMC member chatter and corporate earnings.

Bitcoin (BTC)

This week, Monday through Sunday morning, bitcoin (BTC) was up 5.32% to $23,786.

A bearish start to the week saw BTC fall to a Tuesday low of $20,733 before striking a Saturday and a new July high of $24,619.

However, a choppy weekend saw BTC give up the $24,000 handle going into Sunday.

BTC movements in the week reflected the market reaction to the Fed policy decision, US economic indicators, and corporate earnings.

Last week, the Bitcoin Fear & Greed Index hit its highest level since April 6, rising to 42/100 before easing back. The Index fell just short of the neutral zone that begins at 46/100.

Bitcoin Fear & Greed Index
Fear & Greed 310722

At the time of writing, BTC was up 0.59% to $23,786.

BTC
BTCUSD 310722 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. This morning, bitcoin sat above the 50-day EMA, currently at $22,978.

The 50-day pulled away from the 200-day EMA. Following the Saturday bullish cross, the 100-day EMA broke clear from the 200-day EMA, delivering bullish BTC signals.

A widening of the 50-day from the 100-day EMA would support a break out from the week high of $24,619. A return to $25,000 give BTC a look at $30,000.

However, BTC would need to hold above the 50-day EMA to avoid the 100-day EMA, currently at $22,442, and a return to sub-$20,000.

EMAs bullish
BTCUSD 310722 4 Hourly Chart

Ethereum Classic (ETC)

This week, Monday through Sunday morning, Ethereum Classic (ETC) was up 58.63% to $40.53.

Tracking the broader market, ETC fell to a Tuesday low of $22.89 before surging to a Friday high of $45.27. While finding support from the broader market, progress towards the Ethereum Merge continued to drive ETC demand.

At the time of writing, ETC was up 2.74% to $40.53.

Looking at the trends, a move through the July high of $45.27 would support a run at the April high of $48.63 and $50. Avoiding a fallback to sub-$30 would be the key for ETC to maintain the near-term bullish trend.

ETC
ETCUSD Daily Chart 310722

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. This morning, ETC sat above the 50-day EMA, currently at $32.88.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA breaking out from the 200-day EMA, both bullish ETC signals.

A further widening of the 50-day EMA from the 100-day EMA would support a bullish week ahead. However, ETC will need to hold above the 50-day EMA to avoid a return to sub-$30 and the 100-day EMA, currently at $28.00.

EMAs bullish
ETCUSD 4-Hourly Chart 310722

Optimism (OP)

This week, Monday through Sunday morning, Optimism (OP) was up 85.70% to $1.7070.

A bearish start to the week saw OP fall to a Tuesday low of $0.7458 before surging to a Friday high of $1.9620.

While OP found support from the broader crypto market, news updates from the network also delivered a boost.

News of Curve Finance submitting a governance proposal on Optimism for 100 million OP tokens for distribution on the Curve Pool delivered early support.

The platform also released Drippie, a new transaction system, which added further support.

At the time of writing, OP was down 5.64% to $1.7070.

Looking at the trends, a breakout from the week high of $1.880 would support a run at $2.00. However, market sentiment across the broader crypto market will need to improve for a breakout from $1.90. (There is no EMA technical analysis due to the data points).

OP surges
OPUSD Daily Chart 310722

Uniswap (UNI)

This week, Uniswap (UNI) is up 24.41% to $9.02.

In line with the broader market trend, UNI fell to a Tuesday low of $6.22 before rallying to a Thursday and a new July high of $9.82.

However, bearish going into the weekend, UNI fell back to sub-$9.00.

While finding support from the broader market, news of a move towards ‘Fee Switch’ delivered a boost.

At the time of writing, UNI was up 2.73% to $9.02.

Looking at the trends, a breakout from the July high of $9.82 would bring the April high of $12.30 into view. However, UNI would need to break down resistance at $10.00 to continue the upward trend.

A fall through the last week’s low of $6.22 would bring sub-$5.00 and the current year’s low of $3.33 into play.

UNI
UNIUSD Daily Chart 310722

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. This morning, UNI sat above the 50-day EMA currently at $8.01.

The 50-day pulled away from the 100-day EMA, with the 100-day EMA pulling away from the 200-day EMA, both bullish UNI signals.

A widening of the 50-day EMA from the 100-day EMA would support a run at $10.00 to target the April high. However, UNI would need to hold above the 50-day EMA to avoid the 100-day EMA, currently at $7.45, and the last week low of $6.22.

EMAs bullish
UNIUSD 4-Hourly Chart 310722

Yearn.finance (YFI)

This week, yearn.finance (YFI) is up 68.31% to $11,745.

Tracking the broader market, YFI fell to a Tuesday low of $6,250 before rallying to a Saturday and a July high of $14,239. A late Saturday pullback led YFI back to sub-$12,000 to limit the upside for the week.

While finding support from the broader crypto market, market sentiment toward the anticipated August launch of veYFI delivered the breakout week.

At the time of writing, YFI was down 0.14% to $11,745

Looking at the trends, a breakout from the Saturday high of $14,239 would give YFI a free run at the May high of $18,565. YFI would then need to return to $20,000 to maintain the upward trend. However, a pullback to sub-$7,500 would see YFI face intense selling pressure.

YFI
YFIUSD Daily Chart 310722

Looking at the 4-hourly chart and the EMAs, the signal was bullish. YFI continued to steer clear of the 50-day EMA, currently at $8,719.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA breaking clear of the 200-day EMA, both positive YFI indicators.

A further widening of the 50-day EMA from the 100-day EMA would support a breakout from the week high of $14,239 to target the May high of $18,565. However, a fall through the 50-day EMA would bring sub-$8,000 and the 100-day EMA, currently at $7,782, into view.

EMAs bullish
YFIUSD 4-Hourly Chart 310722

5 Best Performing Coins of the Week – OP, ETC, ROSE, LDO, and YFI Lead

Key Insights:

  • It was a bullish Monday to Friday for the crypto market, supported by a shift in sentiment towards Fed monetary policy.
  • Optimism (OP) led the way, surging by 100%.
  • Ethereum Classic (ETC), Lido DAO (LDO), Oasis Network (ROSE), and yearn.finance (YFI) made up the rest of the top 5.

Monday to Friday, July 29, the total crypto market cap increased for a fourth consecutive week.

Crypto weekly market cap
Crypto Market Cap Weekly 300722

A dovish 75-basis point rate hike on Wednesday and US Q2 GDP numbers on Thursday delivered the crypto market a breakout session.

The US economy contracted by 0.9% in Q2, following a 1.6% contraction in the first quarter. Economic woes led the markets to price out a 75% basis point rate hike in September, which was crypto market positive.

Adding to the upside in the week included US corporate earnings. While Walmart (WMT) spooked the global financial markets with a grim outlook on Tuesday, Microsoft (MSFT), Amazon.com (AMZN), and Apple Inc. (AAPL) laid out positive earnings outlooks to add support to riskier assets.

Correlation with the NASDAQ 100 remained in place throughout the week, with the NASDAQ 100 rising by 4.7%.

NASDAQ correlation
Crypto – NASDAQ Daily Chart 300722

From the crypto news wires, investor sentiment toward the Ethereum (ETH) Merge continued to deliver support. Upbeat crypto market sentiment also allowed investors to brush aside news of a delay to the (ADA) Vasil hard fork.

Across the CoinMarketCap crypto top 100, the bullish week saw several cryptos outperform the broader market.

Optimism (OP) led the way. Ethereum Classic (ETC), Lido DAO (LDO), Oasis Network (ROSE), and yearn.finance (YFI) also outperformed the pack.

Optimism (OP)

Last week, Optimism (OP) surged by 99.85% to end the week at $1.837. A bearish start to the week saw OP fall to a week low of $0.7458 before rallying to a Friday high of $1.732.

A late Friday decline saw OP ease back to end the week at sub-$1.50.

While broader crypto market sentiment delivered support, Optimism news updates delivered the breakout week.

News of Curve Finance submitting a governance proposal on Optimism for 100 million OP tokens for distribution on the Curve Pool delivered early support.

The platform also released Drippie, a new transaction system, which added further support.

At the time of writing, OP was down 3.59% to $1.775. A choppy start to the weekend saw OP jump to a July high of $1.880 before sliding into the red.

Looking at the trends, a breakout from the week high of $1.880 would support a run at $2.00. However, market sentiment across the broader crypto market will need to improve for a breakout from $1.90. (There is no EMA technical analysis due to the available price points).

OP
OPUSD 300722 Daily Chart

Ethereum Classic

Last week, Ethereum Classic (ETC) jumped by 58.51% to end the week at $40.50.

Progress towards the September Ethereum Merge continued to drive ETC back towards the current year’s high of $52.88.

A bearish start to the week saw ETC fall to a Tuesday low of $22.89 before surging to a Friday and a new July high of $42.35.

Despite a pullback from the week high, ETC avoided a return to sub-$40.

At the time of writing, ETC was down 1.11% to $40.05. A mixed start to Saturday saw ETC fall to an early low of $39.64 before rising to a high of $41.25.

Looking at the trends, a breakout from the July high of $42.35 would bring the April high of $52.88 into view. A move through $52 would give ETC a run at the November 2021 high of $65.26.

Downside risks remain should developers announce any possible delays to the September Merge.

ETC Daily
ETCUSD 300722 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal on Saturday. ETC sat above the 50-day EMA, currently at $30.59.

The 50-day pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish ETC signals.

Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after testing support at the 50-day EMA on July 26.

However, a fall through the 50-day EMA could bring sub-$30 and the 100-day EMA, currently at $26.17, into play.

ETC EMAs
ETCUSD 300722 4-Hourly Chart

Lido DAO (LDO)

Last week, Lido DAO (LDO) rallied by 49.02% to $ 2.435.

Tracking the broader market, LDO fell to a Tuesday low of $1.321 before rallying to a Thursday high of $2.658.

Despite a pullback from the week high, LDO avoided a return to sub-$2.00, with three bullish days from five sessions delivering the upside.

Progress towards the Ethereum Merge delivered LDO the breakout week.

Away from the technicals and Merge updates, Ether staking numbers provided direction. The staking numbers dictate the LDO correlation with ETH, which could leave LDO in the hands of the Merge update news.

At the time of writing, LDO was down 0.50% to $2.396. A mixed start to Saturday saw LDO rise to an early high of $2.570 before falling to a low of $2.392.

Looking at the trends, a breakout from Thursday’s high of $2.658 would give LDO a free run at the May high of $3.56. From there, LDO would need to return to $4.00 levels to maintain the upward trend. However, a pullback to sub-$2.00 would see LDO face intense selling pressure.

LDO daily
LDOUSD 300722 Daily Chart

Looking at the 4-hourly chart and the EMAs, the signal was bullish. On Monday, LDO continued to steer clear of the 50-day EMA, currently at $1.8321, to target a return to $3.00.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA breaking clear of the 200-day EMA, both positive LDO indicators.

A further widening of the 50-day EMA from the 100-day EMA would support a run at $3.00. However, a fall through the 50-day EMA would bring the 100-day EMA, currently at $1.5626, and sub-$1.50 levels into view.

LDO EMAs
LDOUSD 300722 4-Hourly Chart

Oasis Labs (ROSE)

Last week, Oasis Labs (ROSE) rallied by 56.36% to $8.24.

Tracking the broader market, ROSE fell to a Tuesday low of $0.0465 before striking a Friday and a July high of $0.0860.

While finding support from the broader crypto market, news of Oasis Labs partnering with Meta (META) contributed to the upside.

At the time of writing, ROSE was down 1.82% to $0.0810. ROSE increased to an early high of $0.0853 before falling to a low of $0.0804.

Looking at the trends, a breakout from the July high of $0.0860 would give ROSE a free run at the May high of $0.1895. However, ROSE will need to break down resistance at $1.00 to support the upward trend.

A fall back to sub-$0.070 would bring the June and current year low of $0.0417 into play.

ROSE Daily
ROSEUSD 300722 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. This morning, ROSE sat above the 50-day EMA, currently at $0.0584.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA converging on the 200-day EMA, both bullish ETH signals.

A bullish cross of the 100-day EMA through the 200-day EMA would support a run at $0.100 to bring the May high into play. However, ROSE would need to hold above the 50-day EMA to avoid the 200-day EMA, currently at $0.559, and the current year low.

ROSE EMAs
ROSEUSD 300722 4-Hourly Chart

Yearn.finance (YFI)

Last week, yearn.finance (YFI) rallied by 58.11% to $11,033.

Tracking the broader market, YFI fell to a Tuesday low of $6,250 before rallying to a Friday and a July high of $11,253.

While finding support from the broader crypto market, market sentiment toward the anticipated August launch of veYFI delivered the breakout week.

At the time of writing, YFI was up 0.55% to $11,094. A bullish start to the weekend saw YFI rise to a new July high of $11,551 before easing back.

Looking at the trends, a breakout from the Saturday high of $11,551 would give YFI a free run at the May high of $18,565. From there, YFI would need to return to $20,000 levels to maintain the upward trend. However, a pullback to sub-$7,500 would see YFI face intense selling pressure.

YFI Daily
YFIUSD 300722 Daily Chart

Looking at the 4-hourly chart and the EMAs, the signal was bullish. YFI continued to steer clear of the 50-day EMA, currently at $7,491, to target a return to $15,000.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA breaking clear of the 200-day EMA, both positive YFI indicators.

A further widening of the 50-day EMA from the 100-day EMA would support a run at $15,000 to target the May high. However, a fall through the 50-day EMA would bring sub-$7,000 and the 100-day EMA, currently at $6,983, into view.

YFI EMAs
YFIUSD 300722 4-Hourly Chart

Optimism Price Prediction: Will OP Rebound?

Key Insights:

  • The OP token has fallen by over 11% in the last 24 hours. 
  • Short-term sentiment on OP is bearish. 
  • The coin remains over 83% below its all-time high price set in May this year. 

OP, the native token of the Optimism ecosystem that gives users participation rights to the two-tier governance system, has fallen by over 11% in the last 24 hours.

Despite the coin reaching the $0.9 mark on July 23, OP has plummeted to $0.7539 today – a 21% drop in just three days.

Optimism (OP) is a Layer 2 protocol and smart contract platform that aims to enable low-cost and near-instantaneous transactions. The OP cryptocurrency powers the Token House which governs network parameters, treasury disbursements and protocol upgrades.

Price Action

The OP token started its journey at $0.9199 on May 31, 2022. Interestingly, the coin reached its all-time high (ATH) price that same day at $4.57. OP quickly surged to the $1 mark, reaching $1.8481 on June 1.

As the crypto market crashed, OP’s price retreated, dropping to $0.7284 on June 9 and falling even further to $0.5045 by June 13.

 

OP weekly price chart
OP 260722 Weekly Price Chart

During this month, the entire crypto space was still reeling from Terra’s collapse – a project that went from being valued at more than $50 billion to collapsing into a state of disrepair in the span of a week. More specifically, when the algorithmic stablecoin UST lost its peg to the U.S. dollar and the price of LUNA dropped 98%, it fuelled a slump across cryptocurrencies.

As such, OP fell to its all-time low of $0.4005 on June 18. Following this, the token stagnated and stayed within the $0.4-$0.5 range until this month when it climbed to $0.6316 on July 18. Another brief rally saw OP rise to $0.9388 on July 23 when its market capitalisation registered a 59% increase from $124.98 million to $199.71 million in seven days.

However, the coin is currently at trading at $0.753852 and is down 11.38% in the last 24 hours. OP ranks 2765th in the list of cryptocurrencies worldwide by market capitalisation at $164 million and remains over 83% below its all-time high price recorded in May this year.

 

OP daily price chart
OP 260722 Daily Price Chart

Technical Indicators

Technical analysis shows that short-term sentiment on OP is bearish, with 6 indicators displaying bullish signals compared to 12 bearish signals at the time of writing.

The daily simple and exponential moving averages (EMA) are giving a combination of buy and sell signals, while the relative strength index (RSI) stands at 58.

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 an Optimism crypto price prediction, OP could see its price rising to $0.8070 by August 2022, falling to $0.0236 in January 2024 and reaching $0.0244 by January 2025.