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

Key Insights:

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

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

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

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

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

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

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

The Total Crypto Market Cap Surges on Inflation Numbers

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

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

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

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

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

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

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

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

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

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

Total Crypto Liquidations Spike in Response to the US CPI Numbers

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

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

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

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

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

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

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

Daily News Highlights

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

ROSE Price Prediction: Is There More Upside to Come?

Key Insights:

  • ROSE has seen mammoth gains, rising 112% over the last thirty days. 
  • Oasis Labs has partnered with Meta to assess their products based on AI models.
  • The daily simple and exponential moving averages are giving mostly buy signals.

ROSE, the native token of the Oasis Network is up 41% over the last seven days, while the relative strength index (RSI) has entered overbought territory following recent news that the project has inked a deal with Facebook’s parent company, Meta.

Oasis Network is a privacy-focused smart contract platform built using the Cosmos SDK. The project enables secure data-sharing by separating its consensus layer from its contract execution layer, while providing a built-in interface connecting the two for privacy-preserving computation.

Meta Partnership

At the end of last month, Oasis Labs announced a partnership to launch a platform aimed at assessing fairness in Meta’s products while protecting privacy. More specifically, as Meta’s technology partner, Oasis Labs built the platform that uses Secure Multi-Party Computation (SMPC) to safeguard information for surveys in which users voluntarily share their race or ethnicity.

Off the back of this news, ROSE rallied from $0.04809 on July 27 to $0.08546 on 30 July – a 71% spike. The moving average convergence divergence (MACD) line crossed into the positive zone as ROSE hovered around the $0.09 resistance level.

 

ROSE weekly price chart
ROSE 090822 Weekly Price Chart

The Oasis Network crypto then closed the month at $0.09235, a price level it had not seen since June 11 this year, before retreating to $0.07765 by August 2.

ROSE returned to the $0.09 price level again on August 7 and then shot up to $0.113 the following day. Just two months prior to reaching the $0.10 level, the token was trading as low as $0.04565, which represents a 147% gain within that time frame.

While the coin has seen mammoth gains, rising 112% over the last thirty days, investors can zoom out to see that ROSE is a long way off from its high of $0.3826 achieved on February 7, 2022 and 81% below its all-time high (ATH) price of $0.5964 set on January 15, 2022. The cryptocurrency may also be nearing a consolidation phase.

Nonetheless, the Oasis Network token has moved above its 50-day and 100-day simple moving averages (SMA) and the daily RSI has generated bullish divergence. The token is currently trading at $0.111183 and ranks 79th in the list of cryptocurrencies worldwide by market capitalisation at $551 million, having risen over 8% today. Resistance is at $0.1302 while support can be found at $0.0437.

ROSE daily price chart
ROSE 090822 Daily Price Chart

Technical Indicators

Technical analysis shows that short-term sentiment on ROSE is neutral, with 17 indicators displaying bullish signals compared to 12 bearish signals at the time of writing.

The daily simple and exponential moving averages (EMA) are giving mostly buy signals, while the relative strength index stands at 77.5.

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 Oasis Network crypto price prediction, ROSE could see its price falling to $0.0863 by September 2022.

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

Key Insights:

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

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

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

Flow (FLOW)

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

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

Oasis Network (ROSE)

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

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

Chainlink (LINK)

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

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

Near Protocol (NEAR)

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

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

Elrond (EGLD)

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

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

Crypto Market Daily Highlights – ADA and BNB Lead the Crypto Top Ten

Key Insights:

  • It is a bullish end to the week for the crypto top ten, with Cardano (ADA) and Binance Coin (BNB) leading the way.
  • No cues from the crypto news wires left investors to juggle better than expected US economic indicators and the threat of another 75-basis point interest rate hike.
  • The total market cap increased by $10.12 billion to end the week up $15.25 billion.

It was a bullish Sunday session for the crypto top ten. In another range-bound session, bitcoin (BTC) fell short of the $24,000 handle for the seventh consecutive session. Cardano (ADA) and Binance Coin (BNB) led the way, though the gains were modest.

Recent US economic indicators eased investor jitters over a US economic recession. However, the better-than-expected data has fueled speculation of a one percentage point rate hike in September. In July, the Fed delivered a ‘dovish’ 75-basis point hike, with FOMC members concerned about the impact on the US economy.

ISM-based service PMI and nonfarm payroll figures may have alleviated that concern. However, the Fed will have another round of economic indicators to consider ahead of the September policy decision. The possibility of weaker numbers eased any immediate market stress.

Following the NASDAQ 100’s 0.50% loss on Friday, the NASDAQ 100 Mini was down 49.5 points this morning, leading to a crypto pullback.

NASDAQ 100 correlation
NASDAQ 100 – Crypto 080822 Daily Chart

The Total Crypto Market Cap Ends the Week on the Rise

On Sunday, the total crypto market cap slid to an early low of $1,055 billion before surging to a late high of $1,090 billion. However, weighed by the NASDAQ 100 Mini, the crypto market cap eased back to end the day at $1,075 billion.

Up by $10.12 billion on Sunday, the total crypto market cap increased by $15.25 billion to register a fifth consecutive weekly rise.

Crypto market cap increased to end the week up $15.25 billion
Crypto Market Cap 080822 Daily Chart

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

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

ADA and BNB rose by 3.33% and 2.44%, respectively, to lead the way, with BTC (+0.98%) and SOL (+1.36%) finding support.

DOT (+0.57), ETH (+0.57%), and XRP (+0.27%) trailed the front runners.

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

Oasis Labs (ROSE), Loopring (LRC), and Theta Network (THETA) led the way. ROSE jumped by 25%, with LRC and THETA up by 11% and 8%, respectively.

At the other end of the table, Filecoin (FIL) led the way down, with a 7% loss. Lido DAO (LDO) and Synthetix (SNX) fell by 5%, respectively.

Total Crypto Liquidations See NASDAQ 100 Mini Influence

This morning, 24-hour liquidations remained at sub-$100 million, reflecting the bullish Sunday session.

At the time of writing, 24-hour liquidations stood at $63 million, up from $59 million on Sunday morning.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 27,681 versus 24,204 on Sunday morning.

However, one-hour and four-hour liquidations increased as investors looked ahead to US inflation and responded to the early NASDAQ 100 Mini decline.

Crypto Liquidations remain at sub-$100 million
Total Crypto Liquidations – 080822

According to Coinglass, four-hour liquidations stood at $16.91 million, up from $1.44 million on Sunday morning. One-hour liquidations were up from $0.328 million to $3.89 million (see hourly crypto market cap chart below).

Crypto market cap sees NASDAQ 100 Mini effect
Crypto Market Cap 080822 Hourly Chart

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 Market Daily Highlights – SOL and XRP Led the Top Ten

Key Insights:

  • It is a mixed session for the crypto top ten, with Solana (SOL) and Ripple (XRP) finding strong support.
  • There were no cues to give the crypto market direction, leaving investors to lock in some tidy profits.
  • A mixed session saw the total crypto market cap end a four-day winning streak, with a fall of $1.07 billion, to end the day at $1,072 billion.

It is a mixed Saturday session for the crypto top ten. Bitcoin (BTC) failed to hold onto the $24,000 handle for a second consecutive day, despite striking a new July high of $24,619. Ripple (XRP) and Solana (SOL) led the way, with Dogecoin (DOGE) also avoiding the red.

There were no cues for the crypto market, leaving investors to consider US economic indicators from the week. While US GDP numbers pared bets of a 75 basis point rate hike, inflationary pressures picked up, leaving the Fed under pressure to bring inflation back to target.

Monetary policy uncertainty likely contributed to the downside, though there were no heavy losses among the top ten to suggest a shift to a more hawkish outlook.

In June, the Core PCE Price Index increased by 4.8%, year-over-year, versus a forecast and May 4.7% rise. Personal spending increased by 1.1% in June, which was also positive. Economists forecast a 0.9% rise following a modest 0.3% increase in May.

The Saturday pullback came despite the NASDAQ 100 wrapping up the month in bullish style.

On Friday, the NASDAQ 100 rose by 1.88% to end July up 12.35%.

NASDAQ correlation
Total Market Cap – NASDAQ – 310722 Daily Chart

The Total Crypto Market Cap Sees Four Day Winning Streak End

On Saturday, the crypto market rose to a late high of $1,112 billion before falling to a low of $1,059 billion.

However, finding late support, the market cap ended the day at $1,072 billion, down a modest $1.07 billion for the session.

Crypto market cap
Total Market Cap 310722 Daily Chart

There were no cues for the crypto market during the session, leaving investors to lock in gains from the week.

While $1.07 billion came off the table, the crypto market looks set to end a three-month losing streak. For July, the total market cap is up $211.5 billion.

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

It was a mixed session for the crypto top ten.

BNB led the way down, falling 2.04%, with BTC (-0.52%) and ETH (-1.41%) ending the day in the red.

SOL and XRP led the way, rallying by 4.60% and by 5.09%, respectively. ADA (+0.77%) and DOGE (+1.25%) also found support.

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

Filecoin (FIL), yearn.finance (YFI), Oasis Labs (ROSE), and Ravecoin (RVN) were among the front runners.

FIL jumped by 35.10%. YFI (+7.88%), ROSE (+6.53%), and RVN (+8.59%) also made solid gains.

At the other end of the table, Qtum (QTUM), Synthetix (SNX), and Bitcoin Gold (BTG) struggled. SNX slid by 9.85%, with QTUM and BTG falling by 7.13% and 7.94%, respectively.

Total Crypto Liquidations Suggest Improving Market Conditions

On Friday, 24-hour liquidations eased back further in the wake of the Saturday market decline.

At the time of writing, 24-hour liquidations stood at $168 million, down from $238 million on Saturday morning and $543 million on Friday morning.

Liquidated traders declined over the last 24 hours. At the time of writing, liquidated traders stood at 68,567 versus 87,017 on Saturday morning.

Both one and four-hour liquidation figures also reflected a steadying in market conditions.

Crypto liquidations
Total Crypto Liquidations 310722

According to Coinglass, four-hour liquidations stood at $34.29 million, up marginally from $33.66 million on Saturday. One-hour liquidations were $3.80 million, down from $16.17 million (see hourly crypto market cap chart below).

Crypto market settles
Total Market Cap 310722 Hourly Chart

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

Crypto Market Daily Highlights – Optimism (OP) Leads the Way

Key Insights:

  • It is a mixed session for the crypto top ten, with Binance Coin (BNB) and Cardano (ADA) bucking the top ten trend.
  • The broader crypto market continued to find support from the NASDAQ 100, which ended the week on a bullish note.
  • US economic indicators provided support, with the total crypto cap rising to a July high of $1,107 billion before easing back.

It is a mixed Friday session for the crypto top ten. Bitcoin (BTC) revisited $24,000, with a new July high of $24,416, with Binance Coin (BNB) returning to $300 for the first time since June 6.

Momentum from the dovish Fed rate hike on Wednesday and US economic indicators from Thursday continued to deliver support.

On Friday, US economic indicators were also crypto-market friendly. US inflation picked up modestly in June, while personal spending rose more than forecast.

The Core PCE Price Index increased by 4.8%, year-over-year, versus a forecast and May 4.7% rise.  For the markets, the Fed’s preferred measure showed inflation picking up at a slower pace than the consumer price index. According to the CPI figures, the US annual rate of inflation accelerated from 8.6% to 9.1% in June.

Personal spending increased by 1.1% in June, which was also positive. Economists forecast a 0.9% rise following a modest 0.3% increase in May.

The crypto market tracked the NASDAQ 100 through the US session, and extended gains post the US market close before a late pullback.

On Friday, the NASDAQ 100 rose by 1.88%, following the 1.08% gain on Thursday.

NASDAQ correlation
Total Market Cap – NASDAQ – 300722 5 Min Chart

The Total Crypto Market Cap Visits $1,100 Billion on Bullish Sentiment

On Friday, the crypto market found early support, rising to a day high of $1,107 billion before falling to a day low of $1,050 billion.

However, finding late support, the market cap ended the day at $1,076 billion, up $2.33 billion for the session.

Crypto market cap
Total Market Cap 300722 Daily Chart

The upside came in response to the change in sentiment towards Fed monetary policy. Following the GDP numbers from Thursday, the inflation and personal spending figures could support a smaller Fed rate hike in September.

With another $2 billion flowing into the crypto market, an end to a three-month losing streak looks assured. For July, the total market cap is up $211 billion.

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

BNB led the way, rallying 5.91%, with ADA (+1.75%) also bucking the crypto top ten trend.

It was a bearish session for the rest, with SOL (-2.34%) and XRP (-1.52%) leading the way down.

A late pullback also saw BTC (-0.36%), DOGE (-0.42%), and ETH (-0.17%) end the day in the red.

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

Bitcoin Gold (BTG) led the way, surging by 26.80%. Optimism (OP), yearn.finance (YFI), and Ravecoin (RVN) also made solid gains. OP rallied by 20.50%, with YFI and RVN up by 18.86% and 17.04%, respectively.

At the other end of the table, Curve DAO Token (CRV) led the way down, sliding by 7.72%, with THORChain (RUNE) falling by 5.53%.

Total Crypto Liquidations Suggest a Choppy Start to the Weekend

On Friday, 24-hour liquidations slipped back, with the crypto market seeing a more modest rise following breakout sessions from earlier in the week.

At the time of writing, 24-hour liquidations stood at $238 million, down from $543 million on Friday morning.

Liquidated traders declined over the last 24 hours. At the time of writing, liquidated traders stood at 87,017 versus 120,788 on Friday morning.

However, both one and four-hour liquidation figures remained elevated.

Crypto liquidations
Total Crypto Liquidations 300722

According to Coinglass, four-hour liquidations stood at $33.66 million, down from $96.94 million on Friday. One hour liquidations stood at $16.17 million, up from $3.46 million (see hourly crypto market cap chart below).

Market cap pullback
Total Market Cap 300722 Hourly Chart

Daily News Highlights

  • The US Federal Reserve ordered Voyager to ‘cease and desist’ misleading customers.
  • Zipmex filed for debt relief in Singapore.
  • French lawmakers called for a new committee to probe cryptos.
  • Cardano (ADA) avoided a reversal despite news of a delay to the Vasil hard fork.

Oasis Network (ROSE) Rallies As Binance Labs Backs the Oasis Ecosystem Fund

ROSE managed to gain strong upside momentum when the pressure on the crypto market decreased, and moved closer to all-time high levels thanks to the news from Binance Labs.

Binance Labs Will Join Other Partners To Support Projects Built on Oasis Network

Binance Labs, which is the venture capital arm of Binance, has just announced that it would participate in the Oasis Ecosystem Fund and make contributions on the projects that would be built on the Oasis Network. The goal is to fund the next generation of Oasis applications in hot market segments like DeFi, NFTs, Metaverse, and others.

Back in November, Oasis announced a $160 million Oasis Ecosystem Fund, which included capital from various investment firms. Binance Labs’ investment will push the fund’s size to $200 million.

Not surprisingly, the new investment provided significant support to ROSE as the new capital infusion will increase chances for success of Oasis-based projects.

The Technical Picture Looks Bullish

rose daily january 11 2022

ROSE is currently trying to settle above the resistance at $0.40. In case this attempt is successful, it will head towards the next resistance level which is located at $0.4070. RSI remains in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

A move above the resistance at $0.4070 will push ROSE towards the resistance at $0.4250. In case ROSE manages to settle above $0.4250, it will move towards the next resistance which is located at $0.4450.

On the support side, ROSE needs to settle back below $0.40. A move below $0.40 will push ROSE towards the support level at $0.3860. In case ROSE declines below this level, it will head towards the support at $0.3785.

rose h1 january 11 2022

Taking a look at H1 chart, we can see that RSI remains in the moderate territory (as on the daily chart), so there is enough room to develop additional upside momentum in the near term. If ROSE manages to settle above $0.40, it will have a great opportunity to develop sustainable momentum.

ROSE Rallies as Oasis Protocol’s Community Grows Stronger

The cryptocurrency market has been currently trading positive region over the past few days as the prices of coins slowly recover. ROSE is one of the top performers in the market after achieving a new milestone.

Oasis Protocol’s Twitter Followers Reach 100k

Oasis Protocol announced a few hours ago that it had crossed the 100k level in terms of its Twitter followers. This latest development comes as the project begins to gain traction amongst cryptocurrency investors.

 

The Oasis Network is a decentralized blockchain network developed by Oasis Labs that enables secure and private data-sharing and control. The network uses ROSE as its native coin. The coin is used for staking and delegation in the protocol’s consensus, as well as paying network transaction fees.

Its blockchain has two major components. The first one is the consensus layer, which is a scalable and secure algorithm run by a decentralized set of validators. The second one is the paratime layer designed to host numerous parallel runtimes. Each of the runtimes represents a replicated computation environment with a shared state.

ROSE Could Rally Towards $0.4

ROSE is one of the top performers in the market after adding more than 8% to its value in the past 24 hours. Its technical indicators show that ROSE is currently outperforming the market and could extend its rally higher over the next few hours.

ROSE is trading above its 50-day moving average. Source: FXEMPIRE

At press time, ROSE is trading at $0.36 per coin, which is above its 50-day moving average of $0.288. The MACD line crossed into the positive region a few hours ago, and the RSI of 67 shows that ROSE could soon enter the oversold territory.

If the market momentum is maintained, then ROSE could break past the $0.40 psychological level before the end of the day. However, it would need the support of the broader market if it intends to surpass the $0.44 resistance level.