Crypto Market Daily Highlights – DOGE and BNB Bucked the Top Ten Trend

Key Insights:

  • It was a mixed Friday for the crypto top ten, with dogecoin (DOGE) bucking the top ten trend.
  • The crypto market recoupled from the NASDAQ 100, which fell for a third consecutive quarter on Fed and recession fears.
  • A mixed session left the total market cap down $48 billion for the session while up $40 billion for the quarter.

It was a mixed Friday session for the crypto top ten. DOGE bucked the top tend trend. However, BTC extended its losing streak to four quarters with a bearish Friday session. Despite the bearish session, BTC revisited $20,000 for just the second time in twelve sessions.

On Friday, the crypto market tracked the NASDAQ 100 into the red, with US inflation weighing.

NASDAQ correlation
Total Market Cap – NASDAQ – 011022 5 Minute Chart

The NASDAQ 100 fell by 1.51% to end the Q3 with a 4.11% loss.

Fed fear resurfaced at the end of the week, with US inflationary pressures picking up in August. The Core PCE Price Index increased by 4.9%, up from 4.7% in July.

Softer consumer sentiment figures for September provided brief relief before the crypto market and the NASDAQ reversed session gains. In September, the Michigan Consumer Sentiment Index rose from 58.2 to 58.6, down from a prelim 59.5.

Fed Fear and market jitters over a recession led the NASDAQ 100 to a third consecutive quarterly loss, the longest losing streak since the Global Financial Crisis. The correlation between the crypto market and the NASDAQ was evident throughout the three quarters of the year.

However, a brief post-Fed policy decision decoupling from the NASDAQ 100 delivered the quarterly rise for the broader crypto market.

Post-Fed decoupling.
Total Market Cap – NASDAQ – 011022 Daily Chart

Crypto Market Ends the Third Quarter on a Bearish Note

On Friday, the crypto market fell to a mid-day low of $893.3 billion before rising to a high of $933.13 billion. However, a bearish end to the Friday session saw the market cap slide back to sub-$900 billion before steadying.

Market reaction to the US inflation numbers reignited Fed fear, leaving the market in the red for the session. The bearish Friday session left the crypto market cap down $48.4 billion for September. However, the market cap rose by $39.8 billion in the third quarter.

Crypto market cap sees bearish Friday.
Total Market Cap 011022 Daily Chart

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

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

DOGE and BNB rose by 1.29% and 0.21%, respectively, to buck the top ten trend.

However, SOL reversed Thursday’s 2.11% gain with a 2.00% loss to lead the way down.

XRP (-1.42%) also struggled while ADA (-0.68%), BTC (-0.81%), and ETH (-0.53%) saw relatively modest losses.

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

Terra Classic (LUNC) led the way, rallying by 9.58%, with Quant (QNT) and Helium (HNT) seeing gains of 5.78% and 5.30%, respectively.

However, Chainlink (LINK) led the way down, falling by 4.03%, with Celsius (CEL) and Pancake Swap (CAKE) seeing losses of 3.72% and 3.21%, respectively.

24-Hour Crypto Liquidations Holds Steady Despite Bearish Session

Over 24 hours, total liquidations held steady during the Friday session, despite a pickup in US inflationary pressure. At the time of writing, 24-hour liquidations stood at $92.79 million, up from $91.62 million on Friday morning.

Liquidated traders over the last 24 hours also inched higher. At the time of writing, liquidated traders stood at 28,614 versus 28,061 on Friday morning. Liquidations were down over twelve hours and the final hour of the day (UTC) while up over four hours.

Crypto liquidations hold steady.
Total Market Cap 011022 Hourly Chart

According to Coinglass, 12-hour liquidations stood at $66.05 million, down from $70.50 million on Friday morning, with one-hour liquidations down from $1.97 million to $0.563 million. However, four-hour liquidations were up from $10.46 million to $14.90 million.

The chart below shows market conditions throughout the session.

US Economic Indicators Influence.
Total Market Cap 011022 Hourly Chart

Crypto Market Daily Highlights – XRP Led the Top Ten into the Red

Key Insights:

  • It was a bearish Tuesday for the crypto top ten, with XRP leading the way down for a second consecutive session.
  • Risk aversion hit the crypto market, which had enjoyed a bullish morning session before succumbing to external market forces.
  • The total crypto market cap fell by $7.1 billion to $895.9 billion.

It was a bearish Tuesday session for the crypto top ten. XRP led the way down for a second session. Waning investor optimism towards a favorable outcome to the SEC v Ripple case weighed. BTC visited $20,000 for the first time in nine sessions before ending the day in the red.

US economic indicators likely contributed to the afternoon sell-off. In September, the CB Consumer Confidence Index increased from 103.6 to 108.0. Economists forecast a rise to 104.5. The increase came despite the current inflation environment, the Fed’s policy moves, and the economic outlook.

The consumer confidence figures support the Fed’s policy goals, which likely contributed to the risk-off session. Jobs and wages were the driving force behind the pickup in consumer confidence. The survey cut-off date was before last week’s interest rate hike.

On Tuesday, the NASDAQ 100 rose by 0.25%, while the S&P500 and the Dow fell by 0.21% and 0.43%, respectively. This morning, the NASDAQ 100 Mini was up 23.75 points.

NASDAQ correlation
Total Market Cap – NASDAQ – 280922 5 Minute Chart

Crypto Market Fell Back to sub-$900bn in Risk-Off Session

On Tuesday, the crypto market cap surged to a mid-day high of $944.9 billion before sliding to a late low of $882.4 billion. The afternoon sell-off left the market cap at $895.9 billion, down $7.1 billion for the session.

Crypto market cap falls back to sub-$900 billion.
Total Market Cap 280922 Daily Chart

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

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

XRP and SOL led the way down, sliding by 4.68% and 3.54%, respectively.

ADA (-1.34%), BNB (-1.38%), and DOGE (-1.02%) also struggled, while BTC (-0.72%) and ETH (-0.65%) saw modest losses.

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

Quant (QNT), Reserve Rights (RSR), and Uniswap (UNI) led the way. RSR surged by 12.41%, with QNT and UNI seeing gains of 10.55% and 7.47%, respectively.

However, Terra Classic (LUNC), Terra (LUNA), and Chiliz (CHZ) were among the worst performers. LUNC and LUNA slid by 9.05% and 9.93%, respectively, with CHZ falling by 3.37%.

24-HourCrypto Liquidations Spike as Market Conditions Turn Bearish

Over 24 hours, total liquidations saw a sharp increase on Tuesday, returning to a more normal level.

At the time of writing, 24-hour liquidations stood at $154.14 million, up from $79.89 million on Tuesday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 49,758 versus 42,166 on Tuesday morning. Liquidations were up over twelve and four hours and the final hour of the day (UTC).

Crypto liquidations rise.
Total Crypto Liquidations 280922

According to Coinglass, 12-hour liquidations stood at $86.08 million, up from $25.84 million on Tuesday morning, with four-hour liquidations up from $3.31 million to $4.38 million. One-hour liquidations rose from $0.612 million to $1.92 million.

The chart below shows market conditions throughout the session.

US Consumer confidence hits the crypto market.
Total Market Cap 280922 Hourly Chart

Crypto Market Daily Highlights – DOGE Bucks the Top Ten Trend

Key Insights:

  • It is a mixed Saturday session for the crypto top ten, with DOGE bucking the top ten trend.
  • Following two bullish sessions, a lack of external market forces left investors to lock in profits.
  • The total crypto market cap is down $9.4 billion to $896.2 billion, with 120-minutes of the session remaining.

It is a mixed Saturday session for the crypto top ten. DOGE leads the way, while XRP hits reverse as investors lock in profits from a bullish week. BTC fell short of $20,000 for a sixth consecutive session and faces the prospect of ending the day at sub-$19,000 for the third time this week.

There were no crypto news stories to test investor sentiment, leaving investors to take profit before the start of a new week. After decoupling from the NASDAQ 100 on Thursday and Friday, the final hour (UTC) of today’s session could dictate the influence of the NASDAQ 100 in the week ahead.

A recoupling with the NASDAQ 100 Mini would put the US economic calendar back in focus.

NASDAQ correlation
Total Market Cap – NASDAQ – 250922 Daily Chart

Crypto Market Falls to Sub-$900bn as Investors Lock in Profits

On Saturday, the crypto market cap rose to an early afternoon high of $916.7 billion before falling to a low of $889.9 billion. A lack of external forces left investors to lock in profits following Thursday’s breakout session and Friday’s consolidation.

The crypto market cap is down by $9.4 billion to $896.2 billion, with two hours of the Saturday session remaining. For September, the crypto market is down $57 billion.

Crypto market cap back below $900bn.
Total Market Cap 250922 Daily Chart

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

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

XRP leads the way down, falling by 3.21% with 2-hours of the Saturday session remaining.

ADA (-1.52%) and BTC (-1.85%) are also struggling, with BNB (-0.18%), ETH (-0.29%), and SOL (-0.68%) in the red.

However, DOGE bucks the top ten trend, rising by 0.11%.

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

Reserve Rights (RSR), Quant (QNT), and Shiba Inu Coin (SHIB) lead the way. RSR is up 7.51%, with QNT and SHIB seeing gains of 3.19% and 3.79%, respectively.

However, Helium (HNT) leads the way down, sliding by 11.51%, with Terra Classic (LUNC) and Lido DAO (LDO) falling by 6.15% and 4.25%, respectively.

24-HourCrypto Liquidations Fall in a Range-Bound Session

Over 24 hours, total liquidations hit reverse in a relatively range-bound but bearish Saturday session.

At the time of writing, 24-hour liquidations stood at $63.12 million, down from $147.92 million on Saturday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 27,917 versus 63,896 on Saturday morning.

Liquidations were also down over four and twelve hours while up over the last hour.

Liquidations are up over the last hour.
Total Crypto Liquidations 250922

According to Coinglass, 12-hour liquidations stood at $63.12 million, down from $81.53 million on Saturday morning, with four-hour liquidations falling from $32.29 million to $12.63 million.

However, one-hour liquidations increased from $4.52 million to $6.45 million, reflecting a late pullback. The chart below shows market conditions throughout the session.

Crypto market under pressure in the last hour.
Total Market Cap 250922 Hourly Chart

Crypto Market Daily Highlights – ETH Led a Post-Merge Sell-Off

Key Insights:

  • It was a bearish Thursday session for the crypto top ten, with ethereum (ETH) leading the way down.
  • A seamless Ethereum transition to a Proof-of-Stake (PoS) sent the crypto market into negative territory. A bearish session for the NASDAQ 100 added to the market angst.
  • The total crypto market cap tumbled by $38.3 billion to $925.6 billion.

It was a bearish Thursday session for the crypto top ten. ETH led the way down, with the Ethereum Merge failing to draw investors from the sidelines. Bitcoin (BTC) ended the day at sub-$20,000 for the first time since September 8.

The heavily anticipated Ethereum Merge took place on Thursday, with no reported hiccups to cause a sell-off. However, post-Merge uncertainty hit the crypto markets, with the NASDAQ 100 falling by 1.43%.

US economic indicators from Thursday supported a 75-basis point rate hike, removing any hopes of a less hawkish move. Currently, the split between a 75-basis point and percentage point rate hike is 80% to 20% in favor of a 75-basis point hike. Ahead of Thursday’s retail sales and Philly Fed numbers, the split had stood at 75% to 25% in favor of a 75% basis point hike.

NASDAQ correlation.
Total Market Cap – NASDAQ – 160922 5 Minute Chart

Crypto Market Sinks Post-Merge to Leave the Bears in the Driving Seat

On Thursday, the crypto market cap rose to a mid-morning high of $971.8 billion before tumbling to a low of $914.05 billion.

The slide came despite falling bets of a 75-basis point Fed rate hike and the success of the Ethereum Merge.

Following a modest rise on Wednesday, the crypto market cap slid by $38.3 billion to $925.6 billion. For the current week, the market cap is down $101.8 billion.

Crypto Market Cap sinks
Total Market Cap 160922 Daily Chart

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

It was a bearish Thursday session for the crypto top ten.

ETH led the way down, sliding by 10.16%.

ADA (-3.12%), BNB (-3.04%), BTC (-2.57%), DOT (-3.75%), SOL (-3.09%), and XRP (4.53%) also saw heavy losses.

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

Cosmos (ATOM) led the way, rallying by 6.67%, with Quant (QNT), and Kyber Network (KNC) seeing gains of 4.96% and 3.16%, respectively.

However, Ravencoin (RVN) led the way down, sliding by 21.6% in response to the Ethereum Merge. Terra Classic (LUNC) and Terra (LUNA) saw losses of 12.5% and 13.6%, respectively. Investors responded further to news of South Korean authorities issuing an arrest warrant for Do Kwon.

24-HourCrypto Liquidations Rise in Response to the Merge

Over 24 hours, total liquidations increased as investors reacted to a bearish NASDAQ session and the Ethereum Merge.

At the time of writing, 24-hour liquidations stood at $287.54 million, up from $164.33 million on Thursday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 79,750 versus 65,683 on Thursday morning.

Liquidations over twelve hours and one hour also rose, while liquidations over four hours declined.

Crypto liquidations.
Total Crypto Liquidations 160922

According to Coinglass, 12-hour liquidations stood at $164.90 million, up from $93.39 million on Thursday morning, with one-hour liquidations up from $5.19 million to $7.22 million. However, four-hour liquidations were down from $25.46 million to $21.56 million. The chart below shows market conditions throughout the session.

Market responds negatively to the Merge
Total Market Cap 160922 Hourly Chart

Crypto Market Daily Highlights – ADA Bucks Bearish Top Ten Trend

Key Insights:

  • It is a mixed Saturday session for the crypto top ten, with Cardano (ADA) bucking the top ten trend.
  • Fed Chair Powell’s speech reverberated, leaving investors on the defensive.
  • The total crypto market cap fell by $7.6 billion to $945 billion, with the crypto market set for a fourth monthly loss from five.

It was a mixed Friday session for the crypto top ten. Bitcoin (BTC) visited sub-$20,000 for the first time since July 14. While ETH fell back to sub-$1,500, ADA bucked the top ten trend.

There was no crypto news to support a shift in investor sentiment, while Vasil hard fork news remained bullish for ADA.

The Total Crypto Market Cap Visits sub-$930 billion in a Bearish Session

On Saturday, the total crypto market cap rose to an early high of $960.38 billion before falling to a low of $928.2 billion. However, a late partial recovery saw the market cap return to $944 billion.

The bearish session left the total crypto market cap down $115 billion for August.

Crypto market cap sees more red.
Total Market Cap 280822 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.

ADA rallied by 4.17%, with DOGE ending the day flat to buck the broader market trend.

However, it was a bearish session for the rest of the top ten.

ETH and BTC led the way down, with losses of 1.11% and 1.05%, respectively. BNB (-0.64%), SOL (-0.58%), and XRP (-0.61%) also saw red.

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

Internet Computer (ICP) led the way, rising by 9.77%, with Chiliz (CHZ) and Synthetix (SNX) seeing gains of 6.02% and 6.16%, respectively.

At the other end of the table, Decred (DCR) slid by 12.87% to lead the way down. Quant (QNT) and Lido DAO (LDO) fell by 4.04% and 5.94%, respectively.

Crypto Liquidations Fall Back After Fed Chair Powell’s Fueled Meltdown

Over 24 hours, total liquidations fell back despite Powell’s Jackson Hole speech resonating.

At the time of writing, 24-hour liquidations stood at $113.06 million, down from $346.13 million on Saturday morning.

Liquidated traders also fell over the last 24 hours. At the time of writing, liquidated traders stood at 38,383 versus 113,370 on Saturday morning. Liquidations over 12 hours, 4 hours, and one hour were also down.

Crypto liquidations ease from Friday spike.
Total Crypto Liquidations 280822

According to Coinglass, 12-hour liquidations stood at $62.45 million, down from $271.70 million on Saturday morning. 4-hour liquidations slid from $82.24 million to $14.45 million, with one-hour liquidations down from $68.92 million to $2.71 million. The chart below shows market conditions throughout the session.

Late partial recovery eased liquidation numbers.
Total Market Cap 280822 Hourly Chart

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

Key Insights:

  • It was a choppy Saturday session for the crypto top ten, with Ethereum (ETH) and Solana (SOL) extending losses from the Friday sell-off.
  • There were no cues from the crypto news wires to shift investor sentiment, leaving dip buyers to provide support.
  • A late crypto market recovery from negative territory delivered a $3.08 billion increase, leaving the market cap at $982.8 billion.

It was a mixed session for the crypto top ten. Bitcoin (BTC) returned to sub-$21,000, with a day low of $20,769 before wrapping up the day at $21,141. However, Ethereum (ETH) and Solano (SOL) saw red to buck the top ten trend.

A choppy session saw the broader crypto market slide back into negative territory before dip buyers jumped in. There were no crypto news stories to deliver support or shift investor sentiment toward Fed monetary policy.

The lack of direction will likely give the NASDAQ 100 influence going into the Monday session. Following Friday’s 2.01% loss, the NASDAQ 100 Mini will need to head northwards to prevent a bearish start to the week.

With the crypto market focused on US economic indicators and the Fed, the NASDAQ – crypto correlation will likely remain in place over the near term.

Chart, line chart Description automatically generated

The Total Crypto Market Cap Steadies after the $99 Billion Meltdown

On Saturday, the total crypto market cap rose to a mid-morning high of $1,003 billion before sliding to a low of $963.6 billion. However, finding late support, the total crypto market cap ended the day up $3.08 billion to $982.8 billion.

The modest Saturday gain left the total crypto market cap down $76 million for August. After hitting an all-time high of $3,009 billion in November, the crypto market cap is heading for a seventh monthly loss in ten.

Chart Description automatically generated

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

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

DOGE led the way with a 2.30% gain, with ADA (+0.22%), BNB (+1.61%), BTC (+1.47%), and XRP (+0.71%) finding support.

However, ETH (-2.05%) and SOL (-1.51%) bucked the top ten trend.

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

EOS (EOS), Quant (QNT), and Monero (XMR) were among the front runners on Saturday.

QNT and XRM rose by 5.74% and 4.57%, respectively, with EOS rallying by 10.92%.

However, Gnosis (GNO), Celsius (CEL), and Chiliz (CHZ) were among the biggest losers of the day.

GNO and CEL slid by 8.88% and 13.73%, respectively, with CHZ declining by 6.58%.

Total Crypto Liquidations Subside as Calm Returns to the Crypto Market

Over the last 24 hours, total liquidations returned to normal levels, with dip buying delivering a mixed crypto session.

At the time of writing, 24-hour liquidations stood at $147 million, down from $639 million on Saturday morning.

Liquidated traders also fell back over the last 24 hours. At the time of writing, liquidated traders stood at 54,629 versus on Saturday morning. While liquidations over 12 hours remained elevated, 4-hour and one-hour liquidations reflected improving market conditions.

A screenshot of a computer Description automatically generated with low confidence

According to Coinglass, 12-hour liquidations stood at $122.80 million. 4-hour liquidations slid from $94.04 million to $8.36 million, with one-hour liquidations down from $19.36 million to $1.08 million. The chart below shows improving market conditions over the last 4 hours.

Chart, line chart Description automatically generated

Crypto Market Daily Highlights – ETH and DOT Lead the Top Ten South

Key Insights:

  • It is a bearish Saturday session for the crypto top ten, with Polkadot (DOT) and Ethereum (ETH) leading the way down.
  • There were no crypto events to influence, leaving investors to consider recent economic indicators and what lies ahead for the Fed.
  • The total market cap is currently down by $6.8 billion.

It is a bearish Saturday session for the crypto top ten. In a range-bound session, bitcoin (BTC) could fall short of the $24,000 handle for the sixth consecutive session. Despite the bearish session, Ethereum (ETH) has held onto the $1,700 handle with an hour to go.

While US recessionary fears have eased in response to the US nonfarm payroll figures, Fed policy uncertainty remains. Recent economic indicators, including service sector and labor market numbers, support another hawkish move in September.

While the story can change between now and the next Fed meeting, strong labor market conditions could allow the Fed to hike rates by one percentage point.

On Friday, a bearish end to the week likely reflected a rise in expectations of a more substantial rate hike.

NASDAQ corelation
Total Market Cap – NASDAQ – 070822 Daily Chart

The Total Crypto Market Cap on Target for Another Fall

On Saturday, the total crypto market cap rose to an early high of $1,082 billion before falling to a low of $1,065 billion.

Late in the session, the market cap partially recovered to $1,074 billion, leaving the market cap down $6.8 billion for the session.

Failure to recover the current session losses would mark the seventh decline in eight sessions.

Crypto market cap
Total Market Cap 070822 Daily Chart

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

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

DOT and ETH are down 1.88% and 1.30%, respectively, to lead the way down.

ADA (-0.19%), BTC (-0.62%), and XRP (-0.41%) also in the red, while BNB (+0.09%) and SOL (+0.03%) are in positive territory.

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

Quant (QNT) leads the way, rallying by 15.55%, with Filecoin (FIL) and Compound (COMP) up by 11.58% and 8.47%, respectively.

However, Friday’s trailblazers led the way down.

Decred (DCR) was down 20.33%, with Flow (FLOW) and Holo (HOT) seeing losses of 5.79% and 5.39%, respectively.

Total Crypto Liquidations Signal Improving Market Conditions

24-hour liquidations declined before the Sunday session, highlighting the relatively range-bound Saturday session.

At the time of writing, 24-hour liquidations stood at $59 million, down from $176 million on Saturday morning.

Liquidated traders decreased over the last 24 hours. At the time of writing, liquidated traders stood at 24,204 versus 51,953 on Saturday morning.

One-hour and four-hour liquidations saw a marked decline going into Sunday.

Crypto liquidations fall
Total Crypto Liquidations 070822

According to Coinglass, four-hour liquidations stood at $1.44 million, down from $31.35 million on Saturday morning. One-hour liquidations were down from $0.453 million to $0.328 million (see hourly crypto market cap chart below).

market cap pull back
Total Market Cap 070822 Hourly Chart

Ethereum Classic and Quant Lead the Market Rally With a 16% Rise

Key Insights:

  • Ethereum Classic shot up by more than 22% today.
  • Quant is still trying to recover from its 17.85% drop this week.
  • Bitcoin and Ethereum rose to trade at $21.6k and $1.5k, respectively.

After slipping below the $1 trillion mark a few days ago, the total value of all cryptocurrencies has been lingering above $900 billion.

Today after a bit of improvement, the market cap rose to $975 billion as Bitcoin and Ethereum also rallied to trade at $21,670 and $1,501, respectively.

Ethereum Classic – The Coin of the Day

The Ethereum hardfork was one of the best performing cryptocurrencies today, exploding by more than 22.18% in the last 24 hours.

Trading at $28.4, ETC has already managed to recover the losses of June thanks to its 105.06% rally.

Going forward, it will need to maintain this rally if it intends to recover the losses of May as well along with June. The Parabolic SAR is already exhibiting an active uptrend for the altcoin, which is a good sign for a rally.

As long as these white dots remain below the candlesticks, ETC will continue rallying.

Additionally, the MACD also evinces that the bullish crossover is persisting, and the appearance of the green bars further strengthens ETC’s bullishness.

These indicators are more than enough to know that ETC is ready to take on May and June’s crash of 55.32%

Quant Follows Suit

The altcoin had a similar reaction to the rally, albeit far lesser intense. This is because this rise isn’t even close to undoing the 17.85% decline QNT witnessed over the last week.

However, if QNT intends to reclaim these losses, it will need to maintain the support of certain indicators.

It already has the support of the 50-day Simple Moving Average (SMA) (red) and the 100-day SMA (blue). If QNT can rise a little further, it will also be able to gain the support of the 200-day SMA (green).

In doing so, it will also flip the $100 mark into support from resistance.

However, the rising selling pressure must be avoided as it is sinking the Relative Strength Index (RSI) towards the bearish zone.

The altcoin already bounced off of the neutral line, and as long as this is maintained, QNT will be safe from price falls.

Crypto Market Daily Highlights – Tesla Inc. Sends the Market South

Key Insights:

  • It was a mixed Wednesday session for the crypto top ten, with Dogecoin (DOGE) avoiding the red to buck the market trend.
  • News Tesla Inc. (TSLA) selling 75% of its bitcoin (BTC) holding weighed.
  • The total crypto market cap fell by $17 billion to end the day at $1,018 billion.

It was a mixed Wednesday session for the crypto top ten. Bitcoin (BTC) hit $24,000 before falling into the red, while Dogecoin (DOGE) enjoyed a bullish session.

Crypto network updates failed to provide support. The downside aligned with 24-hour liquidation figures for Tuesday and Wednesday morning that pointed to a pullback.

Following the market reaction to the Ethereum (ETH) Merge and Cardano Vasil hard fork dates, Polygon (MATIC) network news failed to provide support.

On Wednesday, the Polygon team introduced zkEVM. Using zero-knowledge proof technology, Polygon delivers Ethereum scaling that will boost throughput, reduce latency, and save on fees.

According to the announcement,

“The basic approach to scaling Ethereum with ZK proofs is to build a ZK rollup, a Layer 2 protocol which “rolls up” a large batch of transactions and proves all of them to the Ethereum network with a single  ZK validity proof.”

Mid-week, the broader crypto market tracked the NASDAQ 100 into positive territory. A post-US-market close sell-off did the damage, with news of Tesla Inc. (TSLA) offloading 75% of its bitcoin holdings weighing.

On Wednesday, the NASDAQ 100 rose by 1.58%, following a Tuesday 3.11% rally.

At the time of writing, the NASDAQ 100 Mini was down 39 points.

NASDAQ correlation
Total Market Cap – NASDAQ – 210722 5 Min Chart

The Total Crypto Market Cap Sees Tesla Driven Loss

A bullish start to the Wednesday session saw the total crypto market cap rise to a day high of $1,071 billion. A post-US-market close reversal, however, saw the crypto market cap slide to a day low of $1,003 billion before steadying.

Despite the pullback, the total crypto market cap avoided a fall to sub-$1 trillion, with the market cap falling by $17 billion on the day.

Notable moves across the crypto top ten was a bitcoin return to $24,000 to bring the all-important $25,000 handle into reach.

Crypto market cap
Total Market Cap 210722 Daily Chart

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

Dogecoin (DOGE) bucked the top-ten crypto trend, rising by 1.66%.

It was a bearish session for the rest of the majors, with SOL sliding by 6.30% to lead the way down.

ADA (-4.84%), BNB (-3.87%), and XRP (-2.65%) also struggled, while BTC (-0.76%) and ETH (-1.33%) saw relatively modest losses.

From the CoinMarketCap top 100, Lido DAO (LDO) and Monero (XMR) led the way alongside DOGE.

LDO rose by 3.45%, with XMR gaining 3.42%.

Leading the way down, however, were Quant (QNT), Arweave (AR), and Polygon (MATIC).

AR slid by 10.89%, with QNT and MATIC seeing losses of 9.87% and 9.22%, respectively.

Nexo (NEXO), Internet Computer (ICP), and Ethereum Classic (ETC) also struggled.

Total Crypto Liquidations Fall Further to Suggest a Bullish Session

On Thursday, 24-hour liquidations eased again, pointing to more favorable market conditions. While down from levels seen earlier this week, 24-hour liquidations remained elevated.

This morning, 24-hour liquidations stood at $338 million, down from $582 million on Wednesday.

Liquidated traders also eased over the last 24 hours, suggesting better market conditions. At the time of writing, liquidated traders stood at 98,758 versus 104,735 on Wednesday morning.

While 24-hour liquidation levels eased back, one-hour and four-hour liquidations were up from Tuesday.

According to Coinglass, one-hour liquidations stood at $6.90 million, up from $2.84 million on Wednesday. Four-hour liquidations stood at $101.16 million, up from $45.66 million on Wednesday.

Crypto liquidations
Total Crypto Liquidations 210722

The one-hour and four-hour liquidation levels reflected the post-US market close sell-off and the final hour partial recovery. (See hourly total crypto market cap chart below).

Hourly Chart
Total Market Cap 210722 Hourly Chart

Daily News Highlights

  • Tesla Inc. sold 75% of its bitcoin holdings in the second quarter.
  • The UK announced a new financial bill to regulate stablecoins.
  • 21Shares unveiled S&P risk-controlled Ethereum and Bitcoin ETPs.

Crypto Market Daily Highlights – ETH on the Move towards $1,500

Key Insights:

  • On Saturday, the crypto top ten extended the winning streak to four sessions, with Ethereum (ETH) leading the way for a third session.
  • News updates on the Merge delivered ETH with a breakout session, while market hopes of a 75 basis point Fed rate hike continued to drive investor appetite.
  • The total crypto market cap rose by $31.5 billion.

It was a bullish Saturday session for the crypto top ten. Bitcoin (BTC) rose for a fourth consecutive day, with ETH touching $1,400 for the first time since June 13.

There were no speeches from FOMC members to provide direction, with members entering the blackout period, which extends from July 16 to July 28.

From Friday, the talk of a 75-basis point continued to resonate, delivering the upside on the day. FOMC members Bostic and Bullard spoke of a 75-basis point hike this month, easing fears of a 100-basis point hike.

With the US equity markets entering the earnings season, the crypto market will be looking to decouple from the NASDAQ 100. However, sentiment toward Fed monetary policy and the economic outlook will likely leave the two interlinked.

Crypto - NASDAQ
Crypto – NASDAQ – 170722 Daily Chart

The Total Crypto Market Cap Rises for a Fourth Consecutive Session

A bearish start to the Saturday session saw the crypto market cap fall to a day low of $897 billion before finding support. A breakout session, supported by further investor reaction to the US retail sales figures and Fed chatter led to a high of $965 billion before easing back.

Despite a late pullback, investors poured $31.5 billion back into the market to take the crypto market cap up $80 billion for July.

Crypto market cap
Total Market Cap 170722 Daily Chart

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

ETH rallied by 10.12% to lead the way, with BNB (+4.70%), SOL (+5.95%), and XRP (+5.01%) also making solid gains.

ADA (+3.62%), BTC (+ 1.79%), and DOGE (+2.34%) trailed the front runners.

From the CoinMarketCap top 100, Lido DAO (LDO) led the way, surging by 22%, supported by the ETH breakout.

Progress towards the ETH Merge remained the key driver for LDO, with Ether staking on the rise.

Several coins bucked the broader market trend, however. Convex Finance (CVX) and TerraClassicUSD (USTC) fell by 3.90% and by 3.60%, respectively, with Quant (QNT) seeing a 1.55% loss.

Total Crypto Liquidations Spike Despite Bullish Sentiment

On Sunday, 24-hour liquidations jumped at the turn of the day, despite a bullish start to the Sunday session.

This morning, 24-hour liquidations stood at $372.31 million, up from $144 million on Saturday.

Liquidated traders surged over the last 24 hours, suggesting a possible deterioration in market conditions. At the time of writing, liquidated traders stood at 63,031 versus 47,290 on Saturday morning.

Significantly, 12-hour liquidations surged to $344 million, driving four-hour and one-hour liquidations northwards.

According to Coinglass, one-hour liquidations stood at $31.6 million, up from $0.924 million on Saturday.

Crypto liquidations
Total Crypto Liquidations 170722

Daily News Highlights

  • Rumors of Coinbase having liquidity issues hit the news wires, with Coinbase reportedly ceasing its affiliate program.
  • Ethereum continued its breakout session, supported by the talk of a September Merge date.

Crypto Price Analysis July 15: COMP, KSM, QNT, NEXO, LINK

Key Insights:

  • Compound stood as one of the best performers of the day with an 11.4% rise.
  • NEXO was among the few altcoins to counter the broader market’s bullishness.
  • Bitcoin and Ethereum were observed to be trading at $20k and $1.2k, respectively.

Most of the cryptocurrencies had a positive day today as the broader market noted growth. Closing above $910 Billion, the crypto market cap reclaimed the critical level today.

The king coin remained consolidated at $20.7k, whereas the altcoin king rose to $1.2k at the time of writing.

Compound (COMP)

COMP investors had a good day today as the coin continued its rally, rising by 14.2%. This brought the altcoin to trade at $56.41. At the same time, the altcoin also recovered its June losses almost completely.

The Awesome Oscillator highlights rising bullishness on the indicator, which could help COMP completely recover the 51.44% downfall from the last month.

Kusama (KSM)

Kusama’s native token KSM followed the bulls today to rise by 10.33% in the last 24 hours, trading at $54.08 at the time of writing.

However, going forward, the rise might slow down since the converging Bollinger Bands indicate reducing volatility in the market.

Quant (QNT)

QNT noted one of the highest 24-hour rally in the crypto market today, shooting up by almost 26%. In the process, it also reclaimed $100 as support to trade at $106.94.

The rise was supported by the investors, too, as the uptick in the Chaikin Money Flow exhibited organic inflows.

Nexo (NEXO)

On the other end of the spectrum in the market today stood NEXO which remained mostly unchanged, trading at $0.6.

Despite the MACD highlighting an active bullish crossover in the case of the altcoin, NEXO isn’t making much growth due to the rising bearishness, which could make it difficult to recover the 50.8% crash it witnessed in June.

Chainlink (LINK)

LINK accompanied NEXO in going nowhere today as the altcoin moved by just 1.23%, still trading at $6.19, the same level it was at a month ago.

The Relative Strength Index (RSI) isn’t indicating any immediate bullishness either, lingering in the bearish zone under the 50.0 neutral mark.

Top 3 Trending Coins: QNT Surges Above $100, AAVE Eyes $100, UNI Probes $7.0

Key Points

  • Stronger than expected US Retail Sales and Consumer Sentiment data has boosted macro risk appetite on Friday, helping crypto.
  • Quant has continued its surge higher after breaking above a short-term pennant structure on Thursday.
  • AAVE and UNI are also both strong performers.

Market Update

Macro risk appetite has taken a turn for the better in wake of US Retail Sales and University of Michigan Consumer Sentiment survey data that was significantly stronger than expected, easing fears about the US economy having already or being close to recession. This has lifted stocks and crypto in tandem with one another, despite the fact that some may argue, that strong US data boosts the outlook for rapid Fed tightening in the coming quarters.

This may not be playing too heavily on the market’s mind right now because Fed policymakers in recent days have not called for a 100 bps rate hike at the meeting later this month, as many analysts had thought they might. Rather, they have doubled down on their support for a second successive 75 bps rate hike. This, speculative risk assets such as crypto and US tech stocks are getting a boost from the “goldilocks” combination of stronger economic data and a Fed that isn’t being quite as hawkish as feared.

But whether this upbeat take can continue to support risk assets next week is another question. This week’s US inflation data was alarmingly high. If inflation continues to worsen in the months ahead, then we may soon be talking about the Fed taking interest rates as high as 4.0% in 2023 once again. Of course, the pullback in global commodity prices in recent weeks will help inflation ease in the months ahead.

But other factors that have been keeping it artificially high, like stop-start Chinese lockdowns, remain a threat. Indeed, dozens of Chinese cities have this week been reimposing restrictions with the highly transmissible Covid-19 variant Omicron still present in the nation.

Core inflation does seem to have peaked, which might be contributing to some of the optimism being seen in risk assets over the last few days. But it’s a long road back to the Fed’s 2.0% inflation target.

Looking quickly at crypto markets; Bitcoin was last trading 1.7% on Friday just below $21,000 while Ethereum was last changing hands in the $1,230s, up over 3.0% on the day. The two largest cryptocurrencies by market capitalization are up over 10% and 20% respectively versus Wednesday’s lows.

Here is a list of Friday’s three top trending coins.

Quant (QNT)

Quant’s July surge accelerated on Friday, with the cryptocurrency briefly surpassing the $110 mark and its 200-Day Moving Average at $105. QNT has since slipped back to trade around $102, around $10 down from earlier session highs. But the cryptocurrency still trades higher by about 5% on the day on Friday and is up around 20% in the last 24 hours, according to CoinMarketCap, making it the best performing cryptocurrency in the top 50 by market cap.

Quant’s recent bullish momentum was triggered by a breakout of a short-term pennant structure on Thursday. Prior to Thursday, the cryptocurrency had been consolidating for a few sessions with markets awaiting important US macro events.

QNT/USD
QNT/USD surges above $100. Source: FX Empire

If QNT is able to hold above the psychologically important $100 level and make it back above its 200DMA, then the bulls may remain in control and it stands a reasonably good chance of hitting March highs in the $150s. This is a key balance area going all the way back to late 2021.

Aave (AAVE)

Aave is the second-best performing cryptocurrency in the top 50 by market cap as per CoinMarketCap over the last 24 hours. Over this time period, the cryptocurrency has gained about 16% and hit fresh one-month highs. At current levels around $92.50, AAVE is up around 40% since its Tuesday lows where it bounced from the 21DMA at $68.

On Thursday, the cryptocurrency broke above a key trend channel that prices had been consolidating within over the last few weeks. The next level that the Aave bulls will have their sights set on is the $100 per token mark. Above that, $120 has been an important level of support.

AAVE/USD
AAVE/USD in an uptrend. Source: FX Empire

While recent price action will have some bulls hoping that the worst of the 2022 bear market might be over for AAVE, that is probably a premature call. Looking at the cryptocurrency over a longer time frame, it remains very much locked within a long-term downtrend that began in H1 2021.

AAVE/USD
AAVE/USD’s long-term downtrend. Source: FX Empire

Uniswap (UNI)

Uniswap was sent flying higher on Thursday on the news that popular retail trading platform Robinhood has listed it for trading. That opens the door for a lot of retail traders to buy the token.

UNI was last changing hands just below $7.0, having been as high as $7.25 earlier in the day, its highest level since early May. The cryptocurrency has been in an uptrend since mid-June and recent price action suggests that it is likely to continue trending higher in the near future.

The next target area for the bulls will be around $8.0. This was an important area of support/resistance between February and May. Then there is the 200DMA just above that in the $9.0 per token area.

UNI/USD
UNI/USD chart. Source: FX Empire

UNI’s longer-term technical momentum also looks to have improved in recent weeks. At the end of June, the cryptocurrency broke out of a downtrend that had been in play since the start of 2022.

UNI/USD
UNI/USD breaks out of 2022 downtrend at the end of June. Source: FX Empire

Top 3 Trending Coins: QNT Hot Streak Continues as APE, MATIC Lag

Key Points

  • Cryptocurrencies are a little higher on Wednesday but within recent ranges as they await US CPI data for direction.
  • QNT is once again an outperformer in the crypto top 50, as it eyes a pennant breakout towards $90.
  • APE is a strong performer, but its technicals look bearish, while MATIC is a weak performer with positive technicals.

Market Update

Cryptocurrency prices are broadly a little higher on Wednesday amid a modest technical rebound after Tuesday’s drop. But sentiment is indecisive across asset classes in the run-up to the release of key US Consumer Price Index data for June that will give a timely update on the state of US inflation.

Bitcoin was last trading just under $20,000, up over 2.0% on the day, but still threatening a bearish breakout below a bearish flag pattern. Ethereum, meanwhile, was last changing hands around $1,070, as the cryptocurrency eyes a possible test of the key $1,000 level.

Traders are nervous that an upside surprise in the coming US inflation report could trigger another puke in risk assets like stocks and crypto, like what happened this time last month. But some hope that the data will contain evidence of US price pressures having “peaked”, which could support crypto sentiment.

For more on how crypto might react to the upcoming US CPI report, read here.

Quant (QNT)

The native token to the Quant multi-blockchain meta-protocol QNT continues to hold its rank as the best performing cryptocurrency in the top 50 by market capitalization in the last seven days, as per CoinMarketCap. Over that time period, QNT’s gains stand at nearly 40%.

In the last 24 hours, QNT is up around 4.5%, making it the second-best performing cryptocurrency in the top 50 over this time period, second only to ApeCoin, which is up around 5.0% (but still down around 8.0% in the last seven days). QNT/USD was last changing hands in the $83s, as the cryptocurrency continues to eye a test of weekend highs in the $90 area.

Quant’s latest surge was triggered by a bullish breakout above a downtrend that had been capping the price action since early May. Over the last few days, the cryptocurrency has consolidated within a flag/pennant structure. A bearish break could signal a fall back to sub-$0.70 levels, while a bullish break could see QNT surge to fresh multi-month highs above $90.

QNT/USD
QNT/USD forms a pennant, eyes break higher towards $90. Source: FX Empire

ApeCoin (APE)

As noted above, ApeCoin is the best performing cryptocurrency in the top 50 by market cap with gains of around 5.0% in the last 24 hours. APE/USD is trading just under $4.50, having seen a decent rebound from a test of late-June lows in the $4.20 area.

But APE/USD is still trading lower by about 6.5% on the week, with the cryptocurrency’s near-term technical outlook having taken a substantial turn for the worse in recent days. On Monday, APE broke below a pennant structure that has been in formation since mid-June.

Bearish technicians think that this break has opened the door for APE/USD to eventually fall all the way back to the $3.0 area in the weeks ahead if broader crypto sentiment takes a significant turn for the worse. For now, support at $4.20 is a decent base.

APE/USD
APE/USD’s downbeat near-term technical outlook. Source: FX Empire

Should macro developments this week trigger a broad crypto rally, APE/USD could recover back towards recent highs in the $5.0-$5.50 area. But traders should note resistance in the form of the 21 and 50-Day Moving Averages at $4.70 and $5.05 respectively.

Polygon (MATIC)

The native token to Polygon’s blockchain MATIC is the worst-performing cryptocurrency of the last 24 hours, according to CoinMarketCap. Over this time period, MATIC has fallen over 3.5% to around $0.555. While MATIC/USD has mustered a limited recovery from earlier session lows close to $0.53, after finding support at its 50DMA in the $0.535 area on Wednesday, it is still down about 2.5% on the week.

Looking at Polygon’s MATIC from a technical perspective, the near-term technical outlook is mixed/positive. Beginning with the positives, since its break above its 50DMA back on 7 July, MATIC/USD has been able to hold above it, despite repeated tests in recent days. This would normally be viewed as a positive short-term technical signal.

However, MATIC/USD also continues to probe a downtrend linking his all the way going back to mid-May. The pair hasn’t been able to muster a significant break above this downtrend, but nor has it convincingly rejected the downtrend. Rather, it has just been flirting with it over the past four sessions.

This could reflect indecision ahead of key upcoming macro events that could give broader cryptocurrency markets some direction. Should crypto sentiment take a turn for the better this week and MATIC muster a convincing break above the current downtrend it is struggling with, the door would be open for a swift rally back above $0.60 and a test of recent highs in the $0.62-$0.63 area.

Traders should also be cognizant of the risk of a fall below an uptrend support level that has been offering support since mid-June. Such a break would signify a likely retest of this year’s annual lows in the low-$0.30s in the coming weeks.

MATIC/USD
MATIC/USD holds above 50DMA, but struggles with downtrend. Source: FX Empire

Crypto Market Daily Highlights – Bitcoin Extends Losing Streak to Five

Key Insights:

  • It was another bearish session for the crypto top ten, with Ethereum (ETH) leading the way down.
  • Bearish sentiment from the US equity markets continued to spill over to the crypto market, which tracked the NASDAQ 100 into the red.
  • The total crypto market cap slid by a further $25 billion to record a third consecutive daily fall.

It was a bearish Tuesday session for the crypto top ten. Bitcoin (BTC) fell for a fifth consecutive day, while ETH led the way down.

There were no economic indicators from the US for the crypto market to consider. With the crypto news wires having a muted impact on bitcoin and the broader market, market risk sentiment delivered direction on the day.

Investor apprehension ahead of US inflation figures due later today continued to test support.

On Tuesday, the NASDAQ 100 fell by 0.95%, following a 2.26% loss on Monday.

Crypto - NASDAQ
Total Market Cap – NASDAQ – 130722 5 Min Chart

At the time of writing, the NASDAQ 100 Mini was down 4.5 points, with the markets now looking ahead to the US inflation figures that could dictate the size of the next Fed rate hike.

The Total Crypto Market Cap Slides to Sub-$850bn

A bearish Tuesday session led the crypto market cap to a day low of $839 billion before ending the day at $842 billion. A third consecutive day in the red saw another $25 billion come off the table.

Crypto market cap
Total Market Cap 130722 Daily Chart

For July, the total market cap was down $24 billion, with the crypto market facing a fourth consecutive monthly decline.

While a likely shift in the crypto regulatory landscape and the SEC v Ripple case remain crypto drivers, investor sentiment towards the economic outlook and Fed monetary policy continue to influence.

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

ETH slid by 5.31% to lead the way down, with ADA (-3.92%), BTC (-3.18%), and DOGE (-3.18%) also struggling.

BNB (-2.26%), SOL (-2.19%), and XRP (-1.14%) saw relatively modest losses.

From the CoinMarketCap top 100, Quant (QNT) and Huobi Token (HT) were among a handful of cryptos to buck the trend.

QNT and HT rose by 0.92% and by 0.56%, respectively.

However, TerraClassicUSD (USTC) slid by 12.7% to lead the way down, with Tezos (XTZ) falling by 8.8%.

Total Crypto Liquidations Remained Elevated on Tuesday

24-hour liquidations remained on the higher side through Tuesday, reflecting the bearish crypto session.

This morning, 24-hour liquidations stood at $175 billion, down from $177 billion on Tuesday while up from $111 billion on Monday.

Liquidated traders over the last 24 hours eased. At the time of writing, liquidated traders stood at 54,212 versus 69,448 on Tuesday.

Four-hour liquidations reflected a sharp increase in liquidations, while one-hour liquidations reflected improving market conditions at the turn of the day.

According to Coinglass, one-hour liquidations stood at $4.69 million, down from $13.81 million on Tuesday. Four-hour liquidations stood at $89 million.

Crypto liquidations
Total Crypto Liquidations 130722

Daily News Highlights

  • G20 announced plans to propose a robust crypto regulatory framework by October.
  • The Central Bank of Russia talked about the digital Ruble and the risks associated with private stablecoins.
  • US Treasury sought input on risks and opportunities linked to cryptos.
  • The SEC delayed a decision on bitcoin ETF requests after a string of rejections.

Bitcoin and ETH Price Prediction: Upsides Could Be Limited, Why TRX Could Take Hit

Key Insights:

  • Bitcoin could extend losses towards the $18,750 support.
  • Ether (ETH) is struggling to stay above $1,050.
  • TRX failed to surpass $0.0705 and declined below a key support.

Bitcoin

After a short-term recovery wave, bitcoin price failed to clear the $21,250 resistance zone. BTC formed a top and started a fresh decline below the $20,600 level.

There was a clear move below the $20,250 support area and the 21 simple moving average (H1). However, the bulls were active near the $19,550 zone. The price is now attempting a recovery wave above the $19,950 level.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

On the upside, bitcoin might face resistance near the $20,100 zone and a connecting bearish trend line on the hourly chart. The first major resistance is near the $20,250 level, above which the price could rise towards the $20,700 resistance zone.

Ethereum (ETH)

ETH also followed a similar path and settled below the $1,125 support zone. It even declined below the $1,000 level and the 21 simple moving average (H1).

The bulls are now taking a stand near the $1,050 level. The price is now attempting a recovery wave above the $1,070 level. On the upside, ether price might face resistance near the $1,100 zone and a connecting bearish trend line on the hourly chart.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

The first major resistance is near the $1,125 level, above which the price could rise towards the $1,200 resistance zone. If not, it could extend losses below $1,050.

Tron (TRX)

TRX recovered from the $0.045 support zone. The price gained pace for a move above the $0.0550 and $0.0570 resistance levels.

It cleared the 38.2% Fib retracement level of the key drop from the $0.0900 swing zone to $0.0450 low. The price even spiked above the $0.0700 resistance. However, the price failed to extend gains above the $0.0705 level.

Tron TRX Daily
TRX Daily Chart by FXEmpire

It struggled to surpass the 50% Fib retracement level of the key drop from the $0.0900 swing zone to $0.0450 low. It is moving lower and there was a break below a major rising channel with support near $0.0665 on the daily chart.

The next major support is near the $0.0622 level. Any more losses might send the price towards the $0.0600 level.

ADA, BNB, and DOT price

Cardano (ADA) is slowly moving lower and trading below the $0.45 level. The next major support sits at $0.420, followed by $0.405.

Binance Coin (BNB) is trading near the $225 level. If there is a recovery wave, the bears might appear near the $235 level.

Polkadot (DOT) extended losses below the $6.70 level. The price even tested the $6.50 support level. Any more losses might call for a move towards the $6.32 level.

A few trending coins are MATIC, SAND, and QNT. Out of these, QNT is gaining pace above the $80 resistance and might surpass $85.

Top 3 Trending Coins: QNT Outperforms and Eyes Push Above $90 as AAVE & ATOM Languish

Key Points

  • Crypto prices are broadly a tad lower on Tuesday amid a risk-off feel to macro trade.
  • QNT is the outperforming top 50 crypto in the last 24 hours as it eyes a sustained push above $90.
  • AAVE and ATOM are the worst performers, though the former’s technicals look ok, while the latter’s look more bearish.

Market Update

Global financial markets are in a downbeat mood on Monday, and this is weighing on crypto. The S&P 500 and Nasdaq 100 indices were last trading lower by about 0.3% each and US 10-year bond yields were sharply down by about 10 bps to around 2.9% as investors in the US fret about a worsening global economic outlook.

Aside from the usual worries about central bank tightening, slowing growth and high inflation, key themes at the moment are 1) the EU and Russia’s ongoing energy spat (will Russia reopen the Nord Stream 1 pipeline after planned maintenance finishes) and 2) worries about renewed economic weakness in China as several cities return to lockdown once again.

As a result, the total market capitalization of cryptocurrency markets was last slightly lower on the day around $860 billion. That marks a more than 10% pullback from last Friday’s highs. The fact that crypto prices peaked right before strong US jobs data is probably no coincidence.

The June jobs report, released on Friday, was interpreted as solidifying the case for a second successive 75 bps rate hike from the Fed later this month. Fed policymakers have also been throwing their support behind a 75 bps hike in recent weeks. The Fed’s hawkish shift since ditching its “inflation is transitory” view in Q4 2021 has been the primary driver of crypto (and equity market) weakness this year, hence why strong data boosts Fed tightening bets also hurts crypto.

Investors are also showing signs of caution ahead of the release of US Consumer Price Inflation (CPI) data on Wednesday and US Retail Sales data on Friday this week. Traders will recall that an upside inflation surprise back in June when the CPI data was released caused a dump in risk assets like stocks and crypto.

Bitcoin was last changing hands just below $20,000, having earlier found support in the form of an uptrend linking recent lows. Ethereum, meanwhile, was last changing hands around the $1,070s. A recent break below a short-term uptrend has opened the door for a test of late-June lows around $1,000, technicians say.

Quant (QNT)

According to CoinMarketCap, the native token of the Quant blockchain QNT is up around 12.5% in the last 24 hours, making it the best performing top 50 cryptocurrencies (by market cap) over this time period by some margin.

However, at current levels in the $84.00s, QNT/USD remains within the $75-$90ish ranges that have prevailed over the past three days. The pair has thus far been unable to test weekend highs around $90 on Tuesday.

Versus this time seven days ago, QNT is up a staggering 50%, as per CoinMarketCap. QNT’s recent rally was ignited mid-last week when the cryptocurrency broke above a downtrend that had been capping its price action since mid-May. Its break back above its 21 and 50-Day Moving Averages also helped it benefit from some technical buying.

With the 21DMA having recently crossed back above the 50DMA, further technical buying might well be in store. That being said, the negative tone to broader crypto markets is also worth bearing in mind, as it continues to cap upside.

All going well this week in terms of macro developments, if crypto can muster a recovery back to recent highs printed last Friday this week, then QNT seems to be in with a shot of hitting $100 and its 200DMA at $106.00. But it must first muster a sustained break above the $90 level.

QNT/USD
QNT/USD chart. Source: FX Empire

Aave (AAVE)

At the other end of the top 50 cryptocurrency performance table is DeFi protocol Aave’s utility token AAVE. According to CoinMarketCap, the cryptocurrency has fallen over 10% in the last 24 hours and was last changing hands at around $67 per token, just above its 21DMA at $65.50.

AAVE/USD briefly surpassed its 50DMA at $78 over the weekend, reaching as high as $83 on Saturday. But it has since slumped nearly 19% from these levels. AAVE bulls will be hoping that an uptrend linking the recent lows will prevent a bearish break of the 21DMA and encourage dip buyers into the market. Bulls entering at current levels may well be targetting a retest of weekend highs in the $80s.

AAVE/USD
AAVE/USD chart. Source: FX Empire

Cosmos (ATOM)

The native token to the Cosmos blockchain ecosystem ATOM is the second-worst performer in the top 50 cryptocurrencies by market cap over the last 24 hour hours, according to CoinMarketCap. During this time, ATOM has dropped by close to 9.0%.

The cryptocurrency was last changing hands just above $8.0 per token, having now broken below its 21 and 50DMAs, both of which are in the $8.20-30 area. In a bearish sign technically, ATOM/USD has also now broken to the south of an uptrend linking lows since mid-June.

That potentially opens the door to a run lower towards the $7.0 level. A break below that would signify a possible test of sub-$6.0 annual lows.

ATOM/USD
ATOM/USD chart. Source: FX Empire

Top 7 Altcoins for July 2022 – ETH, SHIB, ADA, LINK, CEL, QNT, STORJ

Key Insights:

  • Ethereum and Cardano are both about to witness critical changes to their network this month.
  • Celsius is leading the crypto space with the highest ROI at the moment.
  • The ROI alone is not a contributing factor when it comes to investment.

A considerable part of the crypto space is driven by investors who are looking to make profits out of the wild volatility that the market experiences.

However, it is not just the Return on Investments (ROI) that makes a project worthy of one’s money, its overall development also plays a critical role.

Thus it is imperative that one completely understands what a cryptocurrency offers beyond money, and that is what these seven altcoins highlight as well.

Ethereum (ETH)

The king of the altcoins, Ethereum, holds a lot of potential as an investment this month as the DeFi pioneer is preparing for the arrival of ‘The Merge’ as well as the Difficulty Bomb next month.

Scheduled for August, these two events will bring an overhaul to the network, which investors and developers have been preparing for since December 2020.

Although the one-month ROI on ETH isn’t particularly impressive, it is the anticipation of the potential profits that investors can reap by entering low.

Shiba Inu (SHIB)

As much as one may want to discredit Shiba Inu for everything it stands for (and believe me, I support you for doing so), the meme coin has managed to amass an audience that has been in preparation for the arrival of Shiba Inu’s SHIB: The Metaverse.

The development is set to be a game-changer for the network, making it a viable asset for investment as well. This is why getting in while it is still picking up pace is an excellent opportunity for those looking to gain profit.

Cardano (ADA)

Similar to Ethereum, Cardano is also going to experience an overhaul to its DeFi front this month as the Vasil hard fork is scheduled to go live on the mainnet by the end of July.

After recently going live on the testnet, Vasil is said to make an impact not only on the network but also on the native asset.

Chainlink (LINK)

One of the standout cryptocurrencies in the market is Chainlink, thanks to its unique offerings and features.

Although the oracle blockchain may not look promising when it comes to the ROI, its consistent development and integrations among hundreds of DeFi protocols make it a must-have asset.

In the second quarter alone, Chainlink integrated with more than 12 blockchains and Layer-2 networks, with its oracle networks crossing the 1000 mark.

This is despite the bearishness experienced by the market last month, which is what gives LINK its value as a strong network will always support the growth of the asset.

Celsius (CEL)

CEL has been among the emerging altcoins that became the highlight of the month, with the highest Return on Investment (ROI) of 113%. The altcoin, which was trading at $0.36 a month ago, was found to be changing hands at $0.75 at the time of writing.

As a leading platform, Celsius will find competition in the market, but if the broader market gears shift into bullish, CEL is bound to witness profits.

Quant (QNT)

Another altcoin with spectacular ROI was Quant’s native token QNT which reported 48.43% returns over the month. In the market which kept Bitcoin consolidated at $20k, even an ROI of 48% is a commendable achievement.

But what makes Quant a solid investment is its use cases. Being a blockchain interoperability network and operating system, Quant makes cross-chain functionality much easier for blockchains which are becoming a necessary feature for crypto networks thanks to user demand.

Storj (STORJ)

Last on the list is Storj, however, it is in no way inferior to any of the other cryptocurrencies on this list. Like Chainlink, Storj also brings a different, albeit already existing, feature to the crypto space in the form of a decentralized system for digital file storage.

This way, systems running its software can rent unused hard drive space to users for storing their files, which can be then paid using the native token SOTRJ.

Now, as just a token too, STORJ has performed exceptionally in the last month generating ROI up to 40%.

With the growing need for decentralization, such platforms would become a viable alternative for storage clouds, which makes STORJ a good investment going forward.

Crypto Price Analysis July 11: QNT, GMT, MIOTA, AR, XTZ

Key Insights:

  • Quant led the decline today after a 66.48% rally last week.
  • Monero stayed with the bulls marking a 3% rise.
  • Bitcoin and Ethereum fell to $20k and $1.1k, respectively.

The crypto market’s breakout is becoming more and more impossible with every passing day.

With the king coin and altcoin king returning to their consolidation levels of $20k and $1.1k, altcoins are also noting a fall.

Quant (QNT)

After a solid streak of rises for nine days, QNT managed to rise by 66.48% before falling by almost 9% in the last 24 hours, trading at $77.04. But the Awesome Oscillator continued to flash rising bullishness.

This could keep the price fall under control and make this just a bounce-off instead of a dip.

STEPN (GMT)

GMT, just like QNT, noted a decline of 13.05% over the previous 24 hours after recovering significantly. The altcoin managed to close above $1 thanks to the 71.06% before falling to $0.87 at the time of writing.

The Bolling Bands, however, make it apparent that GMT is in a gradual incline, with the converging bands indicating low volatility.

IOTA (MIOTA)

MIOTA has been struggling to recover from the June lows as the coin is still trading at $0.2758, barely rising in almost a month. The 8.28% fall today further added to the difficulty.

Plus, the outflows on the Chaikin Money Flow (CMF) make it apparent that the decline impacted the investors as they pulled their money from the asset.

Arweave (AR)

Although the altcoin was trading in red at $11.62, it was still up by 4.38% from yesterday’s lows. Considering the gradual incline observed since mid-June, the altcoin is set to continue going up.

The Parabolic SAR is highlighting an uptrend on the charts, which could helo AR climb back above $12.

Tezos (XTZ)

XTZ maintained a rise today, climbing the charts by 3.57%, trading at $1.68, and the consistent incline will keep the coin on the path of recovery from the June crash.

The Relative Strength Index (RSI) is also above the neutral line in the positive zone, which could further boost XTZ’s rise.

Quant Price Prediction: How High Can QNT go?

Key Insights:

  • QNT experienced a breakout from a seven-month-old falling wedge pattern on July 9.
  • Its price has surged in the past few days, indicating that a bottom may be in place.
  • The token currently ranks 49th in the list of cryptocurrencies worldwide by market capitalisation at $928 million. 

QNT, the ERC-20-compatible token that is used to power Quant Network’s Overledger brand of enterprise software solutions, has surged in the past few days, which indicates that a bottom may be in place.

The rise in Quant’s (QNT) price occurred after the token pushed above the $67 mark, but this uptrend is facing a hurdle near $90. The token is currently down 82% from its all-time high (ATH) price of $428.38 set on September 11, 2021.

The Quant Network aims to connect public blockchains and private networks, while its utility token can be used as a payment method for network resources as well as for staking and licensing fees.

Price Action

QNT started its journey on August 14, 2018 at $0.2357. It quickly rose to $0.3941 by August 30 and then to $4.2372 on February 9, 2019, which represents an almost 11-fold increase.

The Quant crypto reached the $11 level in 2019 before crashing to $2.3731 on March 19, 2020. Bullish momentum saw the coin rally to $92.64 on June 25, 2021, before retreating to $66.27 shortly thereafter on July 19. After reaching its ATH price of $428.38 on September 11, 2021, QNT’s price bottomed out at $98.10 on January 29, 2022.

The coin has been on a downward trend since hitting lows of $49.08 on May 12 and $41.16 on June 13.

QNT weekly price chart

QNT 110722 Weekly Price ChartOn July 9, QNT experienced a breakout from a seven-month-old falling wedge pattern that had been preventing a bullish recovery from taking place.

The Quant token then rebounded from its bottom support trendline, leading it to the $89 level on July 10. At the start of the week, on July 5, it had been trading as low as $56.77, which represents a 56% increase in the space of five days.

The coin is currently trading at $75.90 and ranks 49th in the list of cryptocurrencies worldwide by market capitalisation at $928 million. Its price is down 9.51% in the last 24 hours.

QNT 110722 Daily Price Chart

QNT 110722 Daily Price Chart

Technical Indicators

QNT’s moving averages have completed a bullish crossover and the relative strength index (RSI) is in the positive zone at 62.7.

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 fact, the daily simple and exponential moving averages (EMA) are giving mostly buy signals. If its price rebounds off the 20-day EMA, it would increase the likelihood of a potential rally to the psychological level of $100. However, this possibility would be invalidated in the short-term if QNT falls below $67.

Overall, technical analysis shows that short-term sentiment on QNT is bearish, with 11 indicators displaying bullish signals compared to 17 bearish signals at the time of writing.

In terms of a Quant crypto price prediction, QNT could see its price rising to $104.031 by August 2022, reaching $71.722 in January 2024 and increasing to $46.840 by January 2025.

Top 5 Cryptocurrency Pairs to Watch this Week: BTC, ETH, AAVE, QNT, RUNE

Key Insights:

  • Bitcoin and ether looked at solid weekly gains as the top two crossed crucial support levels.
  • Ether and Aave rallied on high social sentiment alongside renewed bullish momentum.
  • Quant and THORChain’s RUNE also saw gains, but can they continue over the next week?

Despite the recent short-term bullish momentum and BTC’s high daily gains, macro uncertainty still left investors skeptical of a true recovery. Nonetheless, the larger sentiment turned for the better over the last week despite a rise in US yields and Fed tightening bets on strong US jobs and service sector survey data.

US tech stocks posted solid gains over the last week. The Nasdaq 100 ended the week with nearly 4.5% weekly gains. Of late, top cryptocurrencies like bitcoin have formed a higher correlation with tech stocks and indices.

The last week, was relatively bullish for the traditional market as well as cryptocurrencies as BTC rebounded to as higher as $22,500. The total crypto market cap resumed its upward trend, but weekend blues pulled down BTC’s price and the global crypto market cap.

Over the last few months, investors have constantly been concerned that the US and the global economy is weakening towards recession. Thus, market participants are steering clear of risky assets.

For now, however, the recent bullish momentum fetched decent weekly gains for the top crypto and a few altcoins. The crucial question remains whether the recent gains are, in fact, a recovery of another fakeout.

So, here are the top five cryptos to watch out for in this new week.

Bitcoin (BTC)

On July 7, BTC’s price broke above the crucial $21,400 mark, but bitcoin bulls could not keep up the bullish momentum above the higher $22,000 mark. Bitcoin’s price pullback from the $22,500 mark indicated that bears were still in control.

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Bitcoin (BTC) Price Action | Source: FXEmpire

On a daily chart, BTC’s price saw a green candle for six consecutive days alongside a rising relative strength index (RSI). A rising RSI indicates buying pressure rising in the market as buyers dominate the scene.

Daily RSI highlighted that until July 8, buyers gained strength in the market, however, bears defended the $22,500 resistance with their might reversing the bullish momentum. This week, BTC’s trajectory could be crucial to watch as larger market gains would depend on the top coin’s track.

Owing to the recent gains, many in the market believed that BTC’s price bottom was in, however, CryptoQuant analysts cautioned investors and traders to ‘be careful.’

Notably, the High Leverage Ratio shows that the crypto market is still moving by futures market.

From the end of 2021, the Leverage Ratio rose for a certain period and then always fell sharply with the BTC price down. This situation kept happening until recent days.

Furthermore, Funding Rates are near zero. Usually, when BTC reaches the bottom, the funding rate drops and rises sharply. That didn’t happen at the recent low of $17,600.

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Source: Crypto Quant

Additionally, the analyst said,

“We can’t ignore about possibility for Recession from Liquidity supply perspective. Even if BTC may rise a little more, we should also expect further BTC drop after that.”

Ethereum (ETH)

While the weekend saw decent profit-taking amid pre-macro event caution, ETH’s technicals presented a bullish scenario with the possibility of a breakout to as high as $1,700.

FXEmpire analyst, Joel Frank, in a recent article, presented,

“If Ethereum can muster a push above the $1,280 level, that would open the door for a swift rally towards its 50DMA around $1,440.”

At the time of writing, the top altcoin traded at $1,163.22 vs USD noting a 4.26% loss on the daily chart. However, ETH’s last week was fruitful as the coin was up by 10.65% on its weekly chart.

FXempire, ETH, Crypto, ethereum
Ethereum (ETH) Price Action | Source: FXEmpire

In the near term, if a push from bulls can place the coin above the $1200 mark, the same can ensure higher gains.

Aave (AAVE)

AAVE bulls led a recovery above the 50-day simple moving average just under the $80 mark on July 9. The rise in buying pressure indicated a likely change in trend.

With RSI in the positive zone alongside AAVE’s 36.46% weekly gains, it was evident that bulls are attempting to gain the upper hand in the market.
Over this week, the $85 and $93 mark could act as strong resistances for the token. A push from bulls above the said levels could point towards a solid recovery for the coin.

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Aave (AAVE) Price Action | Source: FXEmpire

Quant (QNT)

Quant’s native token QNT saw some amusing gains over the last week as larger market momentum picked up. QNT’s bullish trajectory indicates that a bottom may be in place.

After almost two months, a significant price uptick took the token above the $77 mark. As QNT bulls pushed their way, the coin’s price picked up, establishing above $76. Over this week, if bullish momentum continues, the next crucial price levels to watch will be the $89 and the $100 mark.

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Quant (QNT) Price Action | Source: FXEmpire

THORChain (RUNE)

RUNE traded at $2.27 at press time, with a 4.64% loss on the daily price window. However, the token was in the top 5 weekly gainers of the last week. As the week closed, the coin presented 25.94% weekly gains at press time.

The altcoin’s price presented a tight range bound movement between the $1.77 and $2.40 mark since June 12. A move above the $2.50 resistance in the short term could help the coin regain market momentum.

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THORChain (RUNE) Price Action | Source: FXEmpire

A rise in RSI presenting a higher buying pressure could indicate a change in trend over this week.