Daily Altcoin Analysis August 8: XRP, ADA, VET, TRX

Key Insights:

  • Despite rising by just 2.4%, Cardano was still the better performing coin of the lot today.
  • Ripple is emerging as one of the worst performing assets in the market with its 21% rally.
  • Bitcoin and Ethereum actually noted improvement to trade at $23.9k and $1.7k today.

As the crypto market stuck to the macro uptrend today, it recovered almost $30 billion that it lost during the crash of May and June.

While Cardano did make some profit out of this rally, others in the lot didn’t, but the king coin and the altcoin king did rise to $23,904 and $1,772.

Ripple (XRP)

Trading at $0.37, XRP has been one of the most disappointing assets recently, rising by just 21.72% in almost two months. This rally is not enough to even recover the 23% losses of June, let alone from the months before.

Even the gradual incline is losing strength, as visible by the appearance of the red bars on the Awesome Oscillator.

Cardano (ADA)

Cardano made some efforts to rise by 2.4% in 24 hours to trade at $0.53. Although it did not place the altcoin at any highs, it did save it from a price fall.

This price fall could be coming soon since the investors are pulling their money out, as evinced by the downtick of the Chaikin Money Flow, which will make it difficult for ADA to recover the 61% losses from April and May.

VeChain (VET)

VeChain is in line with Cardano thanks to its 48.13% rally over the month, although it did not note any growth either today.

The next major challenge for the altcoin is the 48.61% crash of May, which VET might be able to recover as long as the Bollinger Bands maintain their divergence, leaving room for price swings in the upwards direction.

Tron (TRX)

Tron was one of the few coins not to observe a significant crash during the June dip, as the altcoin only declined by 34.02%. Trading at $0.07, TRX is actually getting closer to recovering it all.

The Relative Strength Index (RSI) is also highlighting rising buying pressure for the altcoin, and as long as it is maintained, TRX will continue going up.

Daily Altcoin Analysis August 4: XRP, ADA, VET, TRX

Key Insights:

  • Cardano is leading the downtrend this week with a 5.6% drop.
  • VeChain noted a 3% dip today after days of the consistent rally.
  • Bitcoin and Ethereum also noted a dip today, trading at $22.6k and $1.59k, respectively.

With the Vasil hard fork delayed by several weeks and no significant development coming up soon, Cardano will be facing a tough time recovering from the lows imbued by the downtrend that also resulted in the king coin and the altcoin king’s decline to $22,674 and $1,598.

Ripple (XRP)

While Ripple is fighting the SEC, on the one hand, it is facing the woes of the crypto market on the other. Falling by 5.31% this week, the altcoin is back to trade at $0.36.

Despite having the support of the 50-day Simple Moving Average (SMA) (red), the altcoin is struggling to flip the 100-day SMA (green) into support, making a recovery difficult.

Cardano (ADA)

The third-generation cryptocurrency is trading at the same lows it was at after the May crash at the $0.5 mark.

But it can’t be said when the altcoin would be able to recover the 47.46% losses, given there is no consistency in the uptrend.

VeChain (VET)

One of the better performers of the lot, VET faced its second only red candle in over ten days, right as it was about to breach through the $0.03 mark.

However, since the altcoin has been exhibiting bullish cues as visible on the Awesome Oscillator, it might not take it too long to achieve the same.

Tron (TRX)

Just as with the other coins of the group, Tron too barely moved in the last 24 hours, struggling to close above $0.07.

As long as the altcoin can maintain the bullish crossover on the MACD, it will have room to grow and recover the June crash of $34.02%.

Daily Altcoin Analysis August 3: XRP, ADA, VET, TRX

Key Insights:

  • Ripple made no move today, extending the three-day drop to 4%.
  • VeChain noted the most improvement today, rising by 8%.
  • Bitcoin and Ethereum continued trading above $23k and $1.6k.

The crypto market did not lose money today, instead added over $23 billion thanks to the altcoins, among which was VeChain, as it rose the most from this loss.

Thanks to the king coin and the altcoin king also rising and trading above $23k and $1.6k, the market did not note a drawdown.

Ripple (XRP)

The altcoin moved barely by 0.08% today, which prevented XRP from invalidating the 4% downtrend from the last four days.

The converging Bollinger Bands are further no good news as they indicate reducing volatility which could restrict the cryptocurrency from rising beyond 26.24%.

Cardano (ADA)

ADA did note some change in price as it inclined by 3.32% in the last 24 hours, but it did not contribute too much since the altcoin still has to recover more than half of June’s almost 30% crash.

The Parabolic SAR’s white dots placed beneath the candlesticks highlight an active uptrend that keeps the coin above the $0.5 support line.

VeChain (VET)

Up by 8%, VeChain gained the most among these coins in the last 24 hours as it inched closer to $0.03.

The appearance of green bars on the Awesome Oscillator highlights growing bullishness which will be helpful in the recovery from June’s 31.97% crash.

Tron (TRX)

Akin to Ripple, Tron also did not make any major move today, but it is still keeping the almost 24% rally from a month and a half ago intact.

This is important as it is yet to recover the 34% dip of June and the outflows visible on the Chaikin Money Flow are not positive indications.

Daily Altcoin Analysis August 2: XRP, ADA, VET, TRX

Key Insights:

  • VeChain was the only one of the group to close in the green today.
  • Tron remained consolidated at the same level it’s been at this entire week.
  • Bitcoin and Ethereum did not move much either, trading at $23k and $1.6k.

The crypto market’s fluctuation continued to paint red for many altcoins in the crypto market, but a lot of assets, such as Tron, observed minimal to no change.

This wasn’t the case with just altcoins as the king coin too could be seen trading at the same price it was at yesterday, around $23k.

Ripple (XRP)

Ripple did note a slight drawdown of 3.5%, although not today, over the last 48 hours, where the price slipped to $0.37.

This did not impact the asset’s bullishness as the Awesome Oscillator continued posting green candles today, making the recovery of June’s 25 crash a possibility.

Cardano (ADA)

The third-generation cryptocurrency was one of the few cryptocurrencies to actually fall in the last 24 hours, slipping by 3.27%.

Fortunately, ADA is still sustaining the candlestick above the basis of the Bollinger Bands, which will enable any price swing to play in favor of the bears.

VeChain (VET)

VeChain was the only cryptocurrency of the lot to close in green and not just today for the eighth consecutive day.

With VET continuing its uptrend, it seems like its month and a half long rally of almost 30% will continue.

Tron (TRX)

Despite rising by more than 23.5%, Tron is still stuck in the same consolidation it has been in for about a week now.

However, as visible on the MACD’s bullish crossover, it is still maintaining its bullishness, which will be crucial in its recovery from the June crash.

Daily Altcoin Analysis August 1: XRP, ADA, VET, TRX

Key Insights:

  • Cardano was the one to lose the most today, albeit only 4%.
  • Ripple and others barely moved during the trading hours.
  • Bitcoin and Ethereum noted a decline to $22.9k and $1.6k, respectively.

Days ago, the crypto market breached past the $1.07 trillion mark and is now back to below $1.04 trillion, slipping due to the drop in the price of altcoins.

Among such altcoins were many like Cardano but also others like VeChain, XRP, and Tron that remained stuck to the same price level they were at yesterday.

Ripple (XRP)

While the developments in the ongoing SEC vs. Ripple lawsuit continue to intensify, they bear no significant impact on the price. XRP, falling by 3.66%, is following the broader market cues.

However, according to MACD, it is still maintaining its bullish crossover, which will be crucial in pushing the altcoin above $0.4.

Cardano (ADA)

Losing the most from this lot, Cardano could be seen trading at $0.5, 4.64% below yesterday’s opening price. The red candles also restricted ADA from reclaiming the 100-day Simple Moving Average (SMA) (blue) line.

This could have been crucial in ADA’s efforts to recover the 47.46% losses it witnessed during the May crash.

VeChain (VET)

VeChain, although it did not sink as much as the former two altcoins, it still followed the broader market cues closing in red at $0.02. The Parabolic SAR’s white dots’ presence underneath the candlesticks is a good sign, though.

This would prevent further decline and put VET on the path of recovering the remaining 15% drawdown of the May crash.

Tron (TRX)

Last on this list is the Justin Sun cryptocurrency which did not stray far away from VeChain as it barely moved by 2% in over three days. Trading at $0.064, TRX still has room for breaching above $0.07.

The green bars on the Awesome Oscillator will provide TRX with the support it needs to recover the 34.02% losses from the June crash.

Daily Altcoin Analysis July 28: XRP, ADA, VET, TRX

Key Insights:

  • Tron and VeChain rallied by 6% and 13%, respectively, today.
  • XRP also marked a rise while Cardano stayed put.
  • Bitcoin and Ethereum also observed a rise today to trade above $23k and $1.7k.

Today was a good day for the crypto market, and crypto investors as the sudden bullishness despite the announcement of the 75 bps FED rate hike placed most of the altcoins in a rally, except for Cardano.

Even the king coin and the altcoin king could be seen rising and trading at $23,849 and $1,727, respectively.

Ripple (XRP)

With the developments of the ongoing Ripple versus SEC lawsuit leaning in favor of the altcoins, XRP is also enjoying bullishness from the broader market. Up by 9.3% in 24 hours, XRP managed to recover the losses noted this week.

The increasing volatility evinced by the diverging Bolling Bands indicates further rise thanks to the candlesticks being above the basis of the indicator. This could help XRP recover much quicker from the June crash of 23.61%.

Cardano (ADA)

Cardano, as mentioned above, was one of the only few coins to note no rally during the intra-day trading. However, the cryptocurrency is still keeping above the recent lows.

Trading at $0.5, ADA is maintaining the 50-day Simple Moving Average (SMA) (red) as support.

This is important since ADA only has this level to support it in recovering the 61% losses of April and June, and reclaiming the 100-day SMA (green) might make recovery easier.

VeChain (VET)

Being the highest gainer of the lot, VET could be seen trading 13.36% above its trading price 24 hours ago. This rally might even be able to flip the active downtrend visible by the white dots of Parabolic SAR into an uptrend.

This is necessary for VET as it would help the coin reclaim the losses it witnessed during the June crash of almost 32%.

Tron (TRX)

Also up by 6.21%, TRX reclaimed the week-long downfall to trade at $0.06 at the time of writing. Although it is still far away from recovering the 34.02% fall of June, it is closer to rising above $0.07.

The Relative Strength Index (RSI) sitting in the positive zone above the neutral line is also an indication of the same, which will keep the prices from falling any time soon.

Daily Altcoin Analysis July 27: XRP, ADA, VET, TRX

Key Insights:

  • Tron was only one among the lot to note substantial growth.
  • Ripple and Cardano continue to stick to their downtrend.
  • Bitcoin and Ethereum increased slightly to trade at $22k and $1.54k, respectively.

While the rest of the crypto market enjoyed the impact of the bulls over the last 24 hours, some altcoins failed to make the most of the rally.

This cohort included the likes of Ripple, Cardano, and VeChain, while Tron observed green today as the king coin, and the altcoin king closed above $22k and $1.5k at press time.

Ripple (XRP)

XRP could be seen trading at $0.33 after declining by 9.54% in the last seven days, invalidating a part of the rally it observed recently. This has made it further difficult for the altcoin to recover from its 24.59% crash in June.

The Parabolic SAR is already indicating a downtrend, which will increase problems for the cryptocurrency going forward.

Cardano (ADA)

Same as Ripple, Cardano also fell by almost 72% in the span of 72 hours, remaining bound to a sideways momentum. Trading at $0.46, ADA will find some trouble in the next couple of days as it lost the support of the 50-day Simple Moving Average (SMA) (red) line.

However, if it is able to reclaim it as support, ADA might be able to recover some of its 62.38% losses it observed between April and May.

VeChain (VET)

VeChain invalidated all the recovery it made in the last month after a 9.62% decline this week. This brought the altcoin back to the lows it was at after the June crash of almost 32%, trading at $0.023 at the time of writing.

The MACD also witnessed its first ever bearish crossover today after a month which could lead to further price falls if the bearishness intensifies.

Tron (TRX)

Tron was one of the better performing altcoins today, rising by 4.11% at the time of writing to trade at $0.066. Although it isn’t enough to recover the week-long depreciation, it is enough to save the recovery TRX made after June’s 34.09% crash.

The lack of volatility visible on the Bollinger Bands is not a matter of concern at the moment since the candlestick is below the basis. If the volatility increases, TRX could sink further.

Daily Altcoin Analysis July 26: XRP, ADA, VET, TRX

Key Insights:

  • Ripple and Tron did not fall by a lot and maintained their recent recovery.
  • Cardano and VeChain declined by more than 11% each this week.
  • Bitcoin and Ethereum also dropped to trade at $20k and $1.3k, respectively.

Altcoins led the downtrend today, with the likes of Convex Finance leading other cryptocurrencies.

Even the king coin, Bitcoin, and the altcoin king Ethereum could not prevent from being affected by the fall, depreciating to $20,976 and $1,359 at the time of writing.

Ripple (XRP)

Ripple continues to fight it out with SEC on one front while also trying to fight the bearishness on the other hand. In the latter case, the bears seem to be winning as the altcoin noted a 9.17% decline in the last 24 hours.

While the divergence of the Bollinger Bands indicates incoming volatility, the presence of the candlesticks below the basis of the indicator will lead to a price fall.

Cardano (ADA)

The third-generation cryptocurrency is once again struggling to recover from its June losses that left the coin to lose 27.59% in just four days. At the time of writing, trading at $0.45, ADA is already down by 11.28% in the last 48 hours.

The appearance of the red bars on the Awesome Oscillator is also concerning, as their growth might lead to ADA’s downfall.

VeChain (VET)

Joining Cardano in the downward momentum was VeChain, which lost about 12.31% in this week alone. Trading at 2 cents, VET needs to push from the broader market if it ever intends to break the downtrend.

The MACD could also be seen on the edge of a bearish crossover, and if the same takes place, it will become far more difficult for VET to recover June’s 25.39% losses.

Tron (TRX)

Tron was the only one of the lot not to witness a significant fall in the last 24 hours, as the altcoin only fell by 3.07%. Even though this isn’t a big deal for TRX, it is still pushing the altcoin farther away from the possibility of recovery.

Additionally, the Relative Strength Index (RSI) is also indicating increasing selling pressure which will make the recovery of June’s 34.29% losses far more complex.

Daily Altcoin Analysis July 25: XRP, ADA, VET, TRX

Key Insights:

  • Cardano and Tron are yet to make headway when it comes to recovery.
  • Ripple and VeChain are also both down by more than 8% this week.
  • Bitcoin and Ethereum also declined to trade at $21.9k and $1.5k at press time.

With the exception of a few, such as Uniswap, pretty much every other cryptocurrency resorted to a downtrend.

Among them were Ripple, Cardano, VeChain, and Tron, which bore the brunt of the bears. But they weren’t alone in this, as the king coin and the altcoin king also treaded downward today.

Ripple (XRP)

The altcoin, which is stuck in its own problems concerning the ongoing lawsuit against the Securities and Exchange Commission (SEC), is also being subjected to the broader market bearish cues.

Falling by more than 8.3% in the last five days, XRP trading at $0.34 is on the verge of transitioning into an active downtrend, which would take place once the Parabolic SAR’s white dots move above the candlesticks.

Cardano (ADA)

The third-generation cryptocurrency is not far behind in the bearish race either, as the altcoin has not been successful in recovering from the June crash. It is still 46.1% below the May high, and the recent 16% rise will not be enough to recover it.

The MACD is also inching closer to a bearish crossover which is possible thanks to the consistent red bars appearing on the indicator.

VeChain (VET)

Following in the footsteps of Ripple, VeChain’s native token is also slipping. Down by 8.46% in the last six days, VET lost all chances it had of recovering the May to June dip of 55.15%.

The Relative Strength Index (RSI) is also indicating the loss of buying pressure which is why the indicator is currently below the neutral line.

Tron (TRX)

Tron, having lost 7% in the last seven days, is losing the inflows it had observed from its investors. Although the downtick is exaggerated, the outflows exist nonetheless.

This will make it difficult for the altcoin to reclaim the losses it witnessed when it plunged by 34% in the span of just 11 days in June.

Shiba Inu and Dogecoin Decline by 4% Each for the Second Day

Key Insights:

  • Shiba Inu fell by over 14% in the last three days to trade at $0.00001015.
  • Dogecoin, on the other hand, managed to keep above $0.06.
  • The combined value of the meme tokens stood at $14.1 billion.

While both Bitcoin and Ethereum seemed to be treading below the $20k and $1.1k mark today, meme coins were not spared either.

Both Dogecoin and Shiba Inu, the leaders of meme tokens, hit with the bearishness and declined today, with Shiba Inu even losing its position as the thirteenth biggest cryptocurrency to Tron.

Shiba Inu Was First To Take the Shot

SHIB’s volatility has been keeping traders and investors confused as to where its trajectory could take the market.

After marking an almost complete recovery back at the end of June, SHIB had successfully undone the crash from the beginning of the month. However, at the time of writing, SHIB took another hit and plunged by 14.74%.

Not so surprisingly, the trend seems to be changing already for the meme coin, with the Parabolic SAR being the first evidence of the same.

The indicator’s white dots shifted their positions above the candlesticks. This highlights a downtrend that most of the other cryptocurrencies have still not outright exhibited the same.

The Relative Strength Index (RSI) here shows that since July 21, SHIB has been stuck around the neutral line at 50.0, with spiked noted in both directions but failing actually to take form.

This way, SHIB might not be able to keep from falling further below as the bearish pressure is only increasing on it.

Dogecoin Is Getting There Too

The Elon Musk propagated cryptocurrency has not been faring well either, with the meme coin also losing more than 14% in the span of 3 days. Trading at $0.06, DOGE is inching closer to fall to the same price level it was at when the June crash hit the market.

At the time of writing, most signs are exhibiting the beginning of a downtrend more than a bounce-off as the MACD indicator flipped the current trend to bearish after almost a month of keeping at bullish.

The signal line crossed over the MACD line to execute a bearish crossover, and the bars of the indicator flipped below the neutral line indicating bearishness.

There were some chances of recovery had DOGE reclaimed the 50-day Simple Moving Average (SMA) as support but missing it by a hair, it remained as resistance, pushing the price farther below.

DeFi Platform Aave Unveils Another Decentralized Stablecoin

Key Insights:

  • Aave’s dollar-pegged GHO will be backed by user collateral.
  • It offers a similar decentralized stablecoin to Maker’s DAI.
  • Stablecoins represent more than 15% of the total crypto market.

On July 7, the Aave DeFi network unveiled its latest offering, another stablecoin entering an already crowded market.

Aave (AAVE) founder, Stani Kulechov, tweeted that the team has submitted a request for comments on the launch of a new over-collateralized stablecoin which will be backed by assets on the platform.

The proposal is now in the hands of Aave’s decentralized autonomous organization (DAO), which will vote on it.

A Crowded Stablecoin Market

On the surface, it sounds similar to the failed Terra ecosystem in which the LUNA token was used to mint UST stablecoins. However, GHO will not be an algorithmic stablecoin making it more akin to that offered by the Maker platform, which allows users to supply crypto assets as collateral to mint the DAI stablecoin.

Aave users will be able to use their collateral on the platform to mint GHO dollar-pegged stablecoins. The stablecoin would be backed by these diversified crypto assets, which are selected at the user’s discretion, the proposal explained.

The introduction of GHO would make stablecoin borrowing on the Aave Protocol more competitive. It would also “provide more optionality for stablecoin users and generate additional revenue for the Aave DAO by sending 100% of interest payments on GHO borrows to the DAO,” it explained.

Aave added that “significant risk mitigation features” will be included to prevent too much of the stablecoin from being minted and avoid a potential collapse.

Aave automates digital asset lending and borrowing by eliminating the centralized intermediary. The platform is the DeFi industry’s second-largest, with a total value locked of $6.8 billion, according to DefiLlama.

Tron (TRX) is another crypto network having recently launched a stablecoin. Its USDD coin was spawned after the collapse of Terra, essentially doing the same thing. The asset has never gained traction and is still trading below its peg at $0.991 at the time of writing.

Stablecoins, or those pegged to a fiat currency, currently comprise more than 15% of the total crypto asset market, with a market capitalization of $154 billion. Tether (USDT) and Circle (USDC) make up the lion’s share of this, with a combined market share of almost 80%. The difference is that these two are centralized and issued by corporations, whereas Aave’s offering will be decentralized and similar to Dai.

AAVE Price Outlook

The native token for the network, which has the same name, has surged 16.4% on the day to reach $73.11 at the time of writing, according to CoinGecko.

AAVE prices are up 29% over the past week, but they have dumped a painful 89% since their May 2021 all-time high of $662.

Bitcoin and ETH Price Prediction: Risk of Bounce Grows, TRX Could Skyrocket

Key Insights:

  • Bitcoin could rise again unless it breaks the $18,750 support.
  • Ether (ETH) is showing positive signs above $1,050.
  • TRX eyes more upsides above the $0.070 resistance.

Bitcoin

After a short-term recovery wave, bitcoin price failed to clear the $20,500 resistance zone. BTC formed a top and started a fresh decline below the $20,000 level.

There was a clear move below the $19,600 support area and the 21 simple moving average (H1). However, the bulls were active near the $18,750 zone. A base was formed and the price corrected above the $19,200 zone and a connecting bearish trend line on the hourly chart.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

The first major resistance is near the $19,850 level, above which the price could rise towards the $20,500 resistance zone. If not, it might revisit $18,750.

Ethereum (ETH)

ETH is stable above the $1,005 and $1,030 support levels. A base was formed near $1,030 and the price was able to start a recovery wave.

There was a move above the $1,060 resistance zone and the 21 simple moving average (H1). Besides, there is a key bullish trend line forming with support near $1,050 on the hourly chart. On the upside, the price could face sellers near the $1,100 and $1,110 levels.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

A close above $1,110 could open the doors for a move towards the $1,200 resistance. The next major resistance is now near the $1,250 zone.

Tron (TRX)

TRX found support near the $0.050 level after a strong decline. A strong base was formed above the $0.0500 level and the price started a steady increase.

There was a steady increase above the $0.0560 level. There was a move above the 38.2% Fib retracement level of the downward move from the $0.0900 swing zone to $0.0500 low. TRX price is now trading near a key resistance at $0.0700.

Tron TRX Daily
TRX Daily Chart by FXEmpire

There is a crucial bearish trend line in place with resistance near $0.0700. It is near the 50% Fib retracement level of the downward move from the $0.0900 swing zone to $0.0500 low.

A clear move above the $0.0700 level could send the price towards the $0.0880 resistance zone. If there is no upside break above the $0.0700 resistance, the price could trim gains and restart decline towards the $0.052 support zone.

ADA, BNB, and DOT price

Cardano (ADA) is slowly moving higher and trading above the $0.45 level. The next major resistance sits at $0.472, followed by $0.488.

Binance Coin (BNB) is trading near the $225 level. If there are more gains, the bears might appear near the $235 level.

Polkadot (DOT) is back above the $7.0 resistance level. If the bulls remain in action, the price could test the $7.20 level.

A few trending coins are AVAX, SAND, and UNI. Out of these, UNI is gaining pace above the $4.95 resistance and might surpass $5.0.

The Cryptocurrency Market Is Stuck at Past Highs

Bitcoin changed little over Wednesday and is trading slightly below $20K on Thursday morning, keeping the controversy at bay, which is now a defining moment for the cryptocurrency market. Ethereum lost 5.1% in 24 hours to $1090. Altcoins in the top 10 fell from 0.7% (Tron) to 8.5% (Solana). The exception was Dogecoin (+0.9%).

The Cryptocurrency Fear and Greed Index was down 2 points to 11 by Thursday and remains in a state of “extreme fear”.

Total crypto market capitalisation

According to CoinMarketCap, sagged 2% overnight to $891bn. Market capitalisation without Bitcoin falls back to 500bn, where it briefly fell from mid-month.

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The hypothesis that the crypto market is holding above the highs of the previous peak continues to pass an important test. This applies to Bitcoin with its protracted test of 20k and to altcoins, whose total capitalisation is now near past peaks, at the start of 2018.

Moving forward after losses

MicroStrategy has bought an additional 480 BTC at an average price of around $20,817, CEO Michael Saylor said. As of 28 June, MicroStrategy owns 129,699 BTCs purchased for $3.98bn at an average price of $30,664. Against the backdrop of the first cryptocurrency’s collapse, the company’s loss from bitcoin holdings exceeded $1bn.

A court in the British Virgin Islands has liquidated hedge fund Three Arrows Capital (3AC), headquartered in Singapore. Founded in 2012, the hedge fund had raised tens of billions in investments in the crypto market but suffered losses of at least $400m in the last year when it liquidated its stock positions.

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Investment firm Cypherpunk Holdings sold all its assets in bitcoin and Ethereum amid a falling market. The total proceeds from the sale of the cryptocurrencies amounted to almost $5 million.

The current crisis in the cryptocurrency industry will benefit the industry and weed out those who don’t belong in it, American rapper Snoop Dogg said.

A survey by Alto found that nearly 40% of Americans aged 25 to 40 prefer to invest in cryptocurrencies rather than traditional financial instruments. In terms of appeal, digital assets have almost equalled equities.

by FxPro’s Senior Market Analyst Alex Kuptsikevich

Bitcoin and ETH Price Prediction: Risk of Downside Break, Why SAND Could Rally

Key Insights:

  • Bitcoin struggled above $21,600 and corrected lower.
  • Ether (ETH) is slowly moving lower towards the $1,165 support.
  • The Sandbox (SAND) is up over 35% this week and might continue to rise.

Bitcoin

Recently, bitcoin price saw a decent increase above the $21,000 level. The price climbed above the $21,500 and $21,600 levels.

However, the price failed to rise towards the $22,000 resistance. It topped near $21,780 and started a fresh decline. There was a move below the $21,250 support and the 21 simple moving average (H1). BTC is now consolidating near the $20,800 level.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

If the bears remain in action, there is a risk of a move below the $20,500 level. The main support sits at $20,150, below which the price could gain bearish momentum.

Ethereum (ETH)

ETH also followed a similar pattern after it climbed above the $1,200 level. The price even spiked above the $1,250 level, but there was no test of the $1,300 zone.

The price started another decline and traded below the $1,220 level. There was a break below a key bullish trend line with support near $1,225 on the hourly chart. ETH is now trading below $1,200 and the 21 simple moving average (H1).

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

If there is a downside extension, the previous resistance at $1,165 could act as a support. The next major support sits near the $1,100 level.

The Sandbox (SAND)

SAND started major drop from the $3.50 resistance zone. The bears gained strength for a move below the $2.20 and $2.00 support levels.

The price settled below the $1.50 level and the 21-day simple moving average. Finally, it traded below the $1.00 level and tested the $0.72 support. A base was formed above the $0.75 level and the price started a steady recovery wave.

SAND Daily Chart
SAND Daily Chart by FXEmpire

This week, the price gained over 35% and broke the $1.00 resistance. There was a move above a major bearish trend line at $1.00 on the daily chart.

The price is now facing resistance near the $1.250 level. A close above the $1.220 and $1.250 levels may perhaps send SAND price towards the $1.50 resistance zone or even $1.52. The next major resistance sits near the $1.68 level. If not, there is a risk of a fresh decline below the $1.00 level.

ADA, BNB, and DOT price

Cardano (ADA) is struggling to stay above the $0.50 and $0.505 levels. If there is a downside break below $0.48, the price could even test $0.45.

Binance Coin (BNB) is consolidating near the $230 level. If there is a bearish reaction, the price could revisit the $212 support.

Polkadot (DOT) is down 5% and trading near the $7.85 support. The next major support sits at $7.62.

A few trending altcoins are TRX, DOGE, and STX. Out of these, TRX is gaining pace above the $0.068 resistance zone.

Dogecoin (DOGE) Surges Towards $0.08, Best Performer in the Crypto Top 50

Key Points

  • Dogecoin broke above its 50DMA on Monday and is the best top 50 crypto performer in the last 24 hours.
  • Tron is the second-best top 50 performer, up 8% in 24 hours and above its 21 and 200DMAs.
  • Sandbox was the worst-performing top 50 crypto amid profit-taking, though still looks bullish.

Dogecoin (DOGE)

Dogecoin broke higher on Monday, surpassing its 50-Day Moving Average for the first time since late April. DOGE/USD, which is currently changing hands at just under $0.08, is up more than 10% in the last 24 hours as per CoinMarketCap data, making it the best performing cryptocurrency in the top 50 by market cap. Dogecoin has also seemingly broken above a downtrend in play since mid-May, though remains on course to post a monthly loss of around 9%.

The latest run higher means Dogecoin is up more than 55% from earlier monthly lows, as stabilization in broader cryptocurrency markets fosters an improvement in sentiment of the more speculative meme coins. A clean break above the 50DMA sets the stage for further upside towards the key $0.10 level which formed a pivotal top back in early 2021 prior to the rapid surge towards $0.75 per token.

DOGE/USD
DOGE/USD probes 50DMA. Source: FX Empire

Tron (TRX)

Tron is the next best performing crypto in the top 50 by market cap on Monday and was last up close to 8% in the last 24 hours as per CoinMarketCap data. TRX/USD was last trading around $0.07, its highest since in two weeks and back above its 21 and 200DMAs. The cryptocurrency has recovered 50% from its earlier monthly lows below $0.05.

Broader stabilization in the crypto space is helping the cryptocurrency to recover recently lost ground. But another tailwind is likely the success that the Tron’s USD-pegged algorithmic stablecoin USDD in regaining its peg in recent days. USDD was last around $0.985, which doesn’t sound great, but the “stablecoin” fell as low as $0.92 as recently as 19 June.

Many feared that USDD, which keeps its peg to the buck via a similar mechanism to Terra’s ill-fated UST, would collapse just like its deceased sister token UST. This could hypothetically create selling pressure in TRX, just as UST’s collapse did with LUNA. The fact that this even has (for now) been avoided is probably helping TRX.

With TRX/USD having broken above key resistance, so long as crypto markets continue to stabilize, the pair is in with a decent shout of rallying back to early June levels in the $0.08-$0.09 area and maybe even a test of recent highs in the $0.09s.

TRON/USD
TRON/USD breaks above 21 and 200DMAs. Source: FX Empire

Sandbox (SAND)

The native token of Ethereum-based decentralized metaverse platform The Sandbox (SAND) was last trading with losses of just shy of 5% in the last 24 hours on Monday, as per CoinMarketCap, with SAND/USD trading near $1.25 per token. That makes it the worst-performing top 50 cryptocurrency. Sunday saw the pair drop nearly 8% amid profit-taking following seven successive sessions. Indeed, SAND is trading more than 70% above earlier monthly lows under $0.75 per token.

Crypto market stabilization has played a role in SAND’s recent upside. But crypto analysts are also citing “takeover” rumors after the likes of Meta Platforms, Microsoft and other tech giants looking to expand into the metaverse space announced the so-called “Metaverse Standards Forum”.

Of course, it’s all just speculation. But this is the primary force driving crypto. As SAND takes a breather following recent gains, bull will continue to eye a near-term test of mid/late-May highs in the $1.50 area. But first, the token will need to muster a clean break above its 50DMA (currently just under $1.22), which it hasn’t managed just yet.

SAND/USD
SAND/USD pulls knocked by profit-taking but still eyeing test of $1.50. Source: FX Empire

Bitcoin and ETH Price Prediction: Bulls Keeps Pushing, MATIC Rally Reaches Hurdle

Key Insights:

  • Bitcoin is slowly moving higher towards the $21,500 resistance.
  • Ether (ETH) gained pace for a move towards the $1,220 resistance.
  • MATIC surged over 20% and now faces a key hurdle at $0.60.

Bitcoin

After a spike below the $20,000 level, bitcoin price found support. It started a fresh increase and was able to climb above the $20,500 resistance zone.

There was a clear move above the $21,000 resistance level and the 21 simple moving average (H1). BTC is now facing resistance near the $21,400 level. The first major resistance is near the $21,500 level. The main resistance sits at $21,750, above which the price could start a steady increase.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

If not, there is a risk of a move towards the $20,500 support. The main support sits at $19,780, below which the price could dive.

Ethereum (ETH)

ETH also followed a similar pattern after it formed a base above the $1,060 level. There was a decent increase above the $1,165 resistance and the 21 simple moving average (H1).

There was a clear move above the $1,190 resistance level. ETH is now facing resistance near the $1,220 level. The next major resistance is near the $1,250 level, above which the price could rise towards the $1,320 level.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

If there is a downside correction, the previous resistance at $1,165 could act as a support. The next major support sits near the $1,100 level.

Polygon (MATIC)

MATIC started major drop from the $1.20 resistance zone. The bears gained strength for a move below the $1.10 and $1.00 support levels.

The price settled below the $0.80 level and the 21-day simple moving average. Finally, it traded below the $0.50 level and tested the $0.32 support. A base is formed above the $0.35 level and there is a strong bullish candle in place on the daily chart.

MATIC Daily Chart
MATIC Daily Chart by FXEmpire

Recently, the price gained over 20% and broke the $0.50 resistance. It is now facing a strong resistance near the $0.60 and a connecting bearish trend line on the daily chart.

A close above the $0.60 and $0.67 levels may perhaps send MATIC price towards the $0.75 resistance zone or even $0.80. If not, there is a risk of a fresh decline below the $0.50 level.

ADA, BNB, and DOT price

Cardano (ADA) is slowly moving higher and facing resistance near $0.50. A close above $0.50 might start a strong increase in the coming sessions.

Binance Coin (BNB) is up over 5% and trading above $235 resistance. If the bulls remain in action, the price could rise towards $250.

Polkadot (DOT) is up 5% and trading above the $8.0 resistance zone. On the upside, the $8.80 level presents a major hurdle.

A few trending altcoins are SOL, AVAX, and TRX. Out of these, TRX is gaining pace above the $0.065 resistance zone.

Bitcoin and ETH Price Prediction: Recovery Isn’t Over Yet, TRX Could Take-off

Key Insights:

  • Bitcoin could rise again unless it breaks the $19,950 support.
  • Ether (ETH) is showing positive signs above $1,060.
  • TRX eyes more upsides above the $0.0665 resistance.

Bitcoin

After a short-term recovery wave, bitcoin price failed to clear the $21,750 resistance zone. BTC formed a top and started a fresh decline below the $21,000 level.

There was a clear move below the $20,600 support area and a connecting bullish trend line on the hourly chart. However, the bulls were active near the $19,950 support zone. The price is now rising above the $20,600 level and the 21 simple moving average (H1).

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

The first major resistance is near the $21,000 level. The main resistance sits at $21,750, above which the price could recover towards $22,800.

Ethereum (ETH)

ETH also followed a similar pattern after it failed to clear the $1,200 resistance zone. The price started a fresh decline below the $1,150 support level and the 21 simple moving average (H1).

There was a clear move below a key bullish trend line with support near $1,145 on the hourly chart. It tested the $1,060 support zone, where the bulls emerged. Ether price is now rising above the $1,100 level and the 21 simple moving average (H1).

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

On the upside, the price could face sellers near the $1,150 and $1,155 levels. The main resistance is now near the $1,200 zone, above which the price could rally 5%-8%.

Tron (TRX)

TRX formed a strong base above the $0.0480 level and started a steady increase. There was a steady increase above the $0.0500 level.

There was a move above the 38.2% Fib retracement level of the downward move from the $0.0920 swing zone to $0.0480 low. TRX price is now trading near a key resistance at $0.0665 (the previous breakdown support).

Tron TRX Daily
Tron TRX Daily by FXEmpire

A clear move above the $0.0665 level could send the price towards the $0.0720 resistance zone or the 21-day simple moving average. Any more gains might clear the path for a surge towards the $0.0850 level.

If there is no upside break above the $0.0665 resistance, the price could trim gains and restart decline towards the $0.050 support zone.

ADA, BNB, and DOT price

Cardano (ADA) is showing a few bearish signs below the $0.500 support zone. The next major support is near $0.462, where the bulls might emerge.

Binance Coin (BNB) failed to continue higher above $225 and started a fresh decline. It seems like the bulls might make another attempt to clear $225 and $230.

Polkadot (DOT) retreated lower and settled below the $8.00 support. The next major support sits near the $7.45 level.

A few trending coins are DOGE, UNI, and WAVES. Out of these, UNI is up over 10% and eyeing more gains towards the $6.50 resistance.

Crypto Market Daily Highlights – June 21 – BNB, DOGE, SOL Impress

Key Insights:

  • After a mixed start to the week, buying momentum gathered pace on Tuesday, with Dogecoin (DOGE) leading the top ten crypto majors.
  • Solana (SOL) extended its winning streak to five days, its best run since March.
  • The total market cap rose by $8.8 billion, another relatively modest rise. For June, the total market cap remains down by $405 billion.

It was another choppy session for the crypto market on Tuesday. Bitcoin (BTC) took a run at $22,000 before easing back. The pullback saw bitcoin end the day at $20,699.

A sharp pickup in risk appetite across the global financial markets delivered support to the crypto market.

With the US markets reopened after Monday’s holiday, the NASDAQ 100 rallied by 2.51%.

While weaker than in previous weeks, a correlation between bitcoin and the NASDAQ was evident, with a late decline in the NASDAQ pulling back the broader crypto market.

An upward swing in crude oil prices tested support for the NASDAQ and the crypto majors late in the session. Market angst over inflation and central bank policies to bring inflation back to target raises the threat of a global economic recession.

Will WTI impact crypto demand?
NASDAQ BTC WTI 220622 Daily Chart

Despite this week’s uptrend, headwinds persist, which leaves the crypto market at risk of a reversal.

Today, Fed Chair Powell testimony on Capitol Hill will draw plenty of interest and will remind the markets of what lies ahead on the policy and economy front.

Crypto Market Cap Up for Again but Deep in the Red for June

Another mixed crypto session led to a modest increase in the total crypto market cap.

On Tuesday, the total market cap increased by $8.8 billion, following a $4.4 billion rise on Monday.

The upswing was small compared with Sunday’s $62.6 billion jump, leaving the market cap down $405 billion for June.

Total market cap rises modestly.
Total Market Cap 220622 Daily Chart

Poignantly, the crypto market avoided a new June low for a third consecutive day.

However, downside risks remain, with central bank monetary policy, the threat of a recession, and a likely shift in the regulatory landscape the key considerations near term.

Looking at the top ten, ADA (-2.04%) and ETH (-0.18%) gave up early gains to end the day in the red.

However, it was a bullish session for the remainder, with DOGE rallying by 9.50% to lead the way.

BNB (+1.66%), BTC (+0.71%), SOL (+3.30%), and XRP (+1.44%) also found support.

From the CoinMarketCap top 100, Shiba Inu (SHIB) and Waves (WAVES) led the way, surging by 31.20% and 43.04%, respectively.

On the stablecoin front, USDD movements were market positive. While TRON DAO Reserve failed to restore the peg, USDD returned to $0.97, easing market fear of another stablecoin collapse.

USDD returns to $0.97
USDD 7-Day Chart 220622

The return to $0.97 levels delivered TRON (TRX) support, with TRX ending the day up 6.18%.

TRON DAO Reserve collateral figures continued to ease concerns of a USDD collapse.

At the time of writing, the collateral ratio stood at 326.35%.

USDD CR steadies market nerves
USDD Collateral Ratio 220622

Total Crypto Liquidations Eased Back Following Fed Policy Decision

The downward trend in total crypto liquidations continued on Tuesday.

After hitting $1 billion last Tuesday, 24-hour liquidations fell from $315 million on Monday to $199.82 million on Tuesday.

This morning, 24-hour liquidations stood at $170.27 million, a second consecutive morning at sub-$200 million.

One-hour liquidations reflected improving market conditions.

According to Coinglass, one-hour liquidations stood at $1.91 million.

A decline in 24-hour total liquidations to sub-$100 million would deliver crypto market support.

Crypto Daily News Highlights

  • Elon Musk reassurances of support for DOGE delivered a meme coin breakout.
  • Axie Infinity (AXS) became the most searched NFT in 112 countries, outmuscling Decentaland (MANA).
  • Crypto Casino Stake.com sponsored English Premier League side Everton Football Club.
  • DeFi Pulse Index jumped 13%, driven by a token rebound.
  • Uniswap (UNI) broke out on news of the NFT marketplace launch.

TRX Price Prediction: USDD and Risk Appetite Brings $0.07 into View

Key Insights:

  • Following range-bound moves on Sunday and Monday, TRON (TRX) was in breakout mode this morning.
  • Easing fears of a USDD collapse and a sharp pickup in appetite for riskier assets delivered morning support.
  • The technical indicators remained bearish. TRON continued to sit below the 100-day EMA.

On Monday, Tron (TRX) slipped by 0.33%, bucking the broader market trend. Partially reversing a modest 0.66% gain from Sunday, TRX ended the day at $0.0611.

A bearish start to the day saw TRX fall to a low of $0.0594 before striking an afternoon high of $0.0621.

Falling short of the day’s Major Resistance Levels, TRX eased back to test support at $0.060 before steadying.

The broader crypto market delivered support in the afternoon session.

Adding to the upside was a continued USDD upward move away from last week’s low of $0.9256.

Following a string of modest gains and losses, TRX was on the move this morning.

A pickup in appetite for riskier assets delivered support, with the European equity markets and the US futures on the rise, softening demand for the Dollar.

Tron (TRX) Eyes $0.07 Supported by a USDD Return to $0.97

At the time of writing, USDD was up 1.04% to $0.9739.

USDD delivers TRX support.
USDD 7-Day Chart 210622

USDD has continued its recovery from a June 19 slump to 0.9256, easing market fears of another stablecoin collapse.

However, despite the upward trend, TRON DAO Reserve has yet to reintroduce the dollar peg.

Unlike the events that unfolded during the collapse of TerraUSD (UST)and Terra LUNA, Justin Sun and TRON DAO Reserve have remained vocal, providing regular updates.

An added comfort for TRON and the broader crypto market is the level of transparency on USDD and its reserves.

Today, the USDD collateral ratio stood at 326.41%, aligned with the assurance of over-collateralization.

USDD Collateral 210622

TRX Price Action

At the time of writing, TRX was up 6.38% to $0.0650.

A bullish morning saw TRX strike a morning high of $0.0658.

TRX broke through the First Major Resistance Level at $0.0623 and the Second Major Resistance Level at $0.0636.

TRX eyes $0.07
TRXUSD 210622 Daily Chart

Technical Indicators

Avoiding a fall through the Major Resistance Levels and the $0.0609 pivot would support another run at the Third Major Resistance Level at $0.0663. Support from the broader market would be needed for a breakout from the morning high of $0.0658.

In the event of an extended rally, TRX could make a move towards $0.070.

A fall through Major Resistance Levels and the pivot would bring the First Major Support Level at $0.0596 into play. Barring an extended sell-off, TRX should avoid sub-$0.059. The Second Major Support Level sits at $0.0582.

Resistance Levels in play
TRXUSD 210622 Hourly Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), the signal was bearish. TRX sits below the 100-day EMA, currently at $0.0675. This morning, the 50-day EMA narrowed to the 100-day EMA. The 100-day EMA eased back from the 200-day EMA; TRX price negative.

A move through the 100-day EMA would bring $0.070 into play.

EMA send bearish signals.
TRXUSD 210622 4-Hourly Chart

Crypto Casino Stake.com Unfazed by Crypto Winter with Everton FC Deal

Key Insights:

  • This week, Australian crypto casino Stake.com signed a new deal with English Premier League side Everton Football Club.
  • Stake.com was unfazed by the adverse effects of the crypto winter on the broader crypto market, which has led to numerous exchanges cutting costs.
  • Several crypto exchanges are looking beyond cutting headcounts, with some revisiting sponsorship plans to reduce costs further.

The crypto market and sport have forged a strong partnership in recent years. At the forefront of evolution into sports is Dapper Labs (FLOW).

Behind the Flow blockchain, Dapper Labs has been a leading name in linking US sports franchises with digital assets.

In 2020, Dapper Labs partnered with the US National Basketball Association to launch the NBA NFT marketplace Top Shot. The launch followed a partnership with the National Football League (NFL) that culminated in the launch of the NFT marketplace NFLALLDAY.

Since then, crypto exchanges have also embraced the world of sport. Sports gives crypto platforms access to an untapped customer base in more prosperous regions, including North America and Europe.

In recent months, however, the crypto winter has impacted the cash flow of several prominent exchanges. Reports of reducing workforces have added to the gloomy mood.

However, it isn’t all doom and gloom, with several crypto-linked companies seeing the crypto winter as an opportunity.

Stake.com Expands Its Bandwidth with Everton FC Sponsorship Deal

This week, the Sydney Morning Herald reported news of Australia-founded crypto casino Stake.com signing a new sponsorship deal with Everton FC.

According to reports, Stake.com signed a multi-year deal with the English Premier League side, who lost its previous shirt sponsor due to Russian sanctions.

The deal is reportedly the “highest value front-of-shirt deal in the Club’s 144-year history.”

It is not the casino’s first foray into English football.

Stake.com is also the main sponsor of Watford Football Club. The platform committed to its second year as the official sponsor despite relegation to the Championship.

Stake.com also has sponsorship deals with individuals, including hip-hop star Drake and other sporting franchises. Franchises include Boxing Japan and Rugby League Brazil.

Established in 2017, Stake.com has become one of the leading casino and sports betting platforms for cryptocurrencies, including bitcoin (BTC), Dogecoin (DOGE), EOS (EOS), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Tron (TRX).

The latest sponsorship deal, however, comes at a tumultuous time for crypto exchanges.

In recent weeks, numerous crypto exchanges announced workforce reductions, with some looking beyond payrolls to reduce costs.

Crypto Platforms Drop Sports Sponsorship Deals As Crypto Winter Bites

While some platforms are ever-expanding into the world of sport, others are tightening their belts.

According to the New York Post, leading crypto exchange FTX reportedly pulled out of a multi-million dollar deal with the Major Baseball League’s Los Angeles Angels.

FTX had been particularly active in the sports world before hitting the brakes.

In February, FTX joined the leading crypto exchanges in the Superbowl LVI half-time show. FTX reportedly paid $6.5 million for a 30-second ad, with Crypto.com, eToro, and Coinbase also paying for airtime at the half-time show.

Another unnamed exchange recently pulled out of a deal with the NBA’s Washington Wizards.

The marked shift in the landscape places an even greater emphasis on Stake.com and its unwavering appetite to access an untapped customer base through sport.