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

Key Insights:

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

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

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

Fantom (FTM)

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

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

Near Protocol (NEAR)

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

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

Polkadot (DOT)

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

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

VeChain (VET)

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

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

Arweave (AR)

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

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

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.

Crypto Market Daily Highlights – ETH Rallies While BTC Struggles

Key Insights:

  • On Thursday, it was another mixed session for the crypto top ten, with Dogecoin (DOGE) and bitcoin (BTC) bucking the broader market trend.
  • Another bullish session for NASDAQ 100 delivered the broader crypto market with support.
  • The total crypto market cap rose by $11.3 billion to end the day at $1,029 billion.

It was a mixed Thursday session for the crypto top ten. Bitcoin (BTC) failed to revisit $24,000, with Dogecoin (DOGE) also struggling.

Investor reaction to the news of Tesla Inc. (TSLA) offloading 75% of its BTC holdings continued to pressure BTC. DOGE also struggled despite Tesla holding on to DOGE.

News of the SEC labeling a string of cryptos as securities failed to weigh on investor sentiment.

On Thursday, the broader crypto market tracked the NASDAQ 100 into positive territory. Corporate earnings continued to deliver support, with the Tesla Inc. earnings results from Wednesday driving demand for riskier assets.

The NASDAQ 100 rose by 1.36% on Thursday, following a Wednesday 1.58% gain.

NASDAQ correlation
Total Market Cap – NASDAQ – 220722 5 Min Chart

At the time of writing, the NASDAQ 100 Mini was down 92.5 points.

The Total Crypto Market Cap Rises on NASDAQ Support

A bearish start to the Thursday session saw the total crypto market cap fall to a low of $991.8 billion before finding support.

Further market reaction to news of Tesla selling off 75% of its BTC holding tested buying appetite early on.

Sentiment improved through the day, however, with the total crypto market cap rising to a high of $1,041 billion before easing back.

Crypto market cap
Total Market Cap 220722 Daily Chart

Notable moves across the crypto top ten were an Ethereum return to $1,600 and a BTC fall to sub-$23,000.

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

BTC and Dogecoin (DOGE) bucked the top-ten crypto trend, falling by 0.30% and 0.20%, respectively.

It was a bullish session for the rest of the majors, with ETH rallying by 3.52% to lead the way.

BNB (+2.90%) and SOL (+2.57%) also found strong support, while ADA (+1.83%) and XRP (+0.99%) trailed the front runners.

From the CoinMarketCap top 100, Curve DAO Token (CRV) led the way with a 21.6% gain. Cosmos (ATOM) and Synthetix (SNX) also found strong support, rising by 14.2% and 15.1%, respectively.

At the other end of the table, Klaytn (KLAY) and Amp (AMP) led the way down, falling by 2.14% and 3.43%, respectively. Flow (FLOW), Lido DAO (LDO), and VeChain (VET) also struggled.

Total Crypto Liquidations Support a Bullish Friday Session

On Friday, 24-hour liquidations continued to retreat, indicating more favorable market conditions.

This morning, 24-hour liquidations stood at $198 million, down from $338 million on Thursday.

Liquidated traders also fell over the last 24 hours, highlighting better market conditions. At the time of writing, liquidated traders stood at 65,160 versus 98,758 on Thursday morning.

Alongside the decline in 24-hour liquidations, one-hour and four-hour liquidations were down from Thursday.

According to Coinglass, one-hour liquidations stood at $4.10, down from $6.90 million on Thursday. Four-hour liquidations stood at $33.04 million, down from $101.16 million on Thursday.

Crypto liquidations
Total Crypto Liquidations 220722

Daily News Highlights

  • Crypto exchange Zipmex froze withdrawals, citing volatile market conditions.
  • The SEC filed charges against a Coinbase employee for insider trading and labeled a collection of cryptos as securities.

Crypto Price Analysis July 20: FLOW, ENJ, VET, SOL, AAVE

Key Insights:

  • FLOW turned out to be one of the best-performing assets today, rising by 12.3%.
  • Other altcoins such as AAVE did not support the broader market’s rally.
  • Bitcoin and Ethereum also continued trading at $23k and $1.5k, respectively.

Most of the altcoins were still keeping their rallies intact, rising further by the hour, however, their bullishness was countered by the assets that consolidated today.

But a decline in the market cap is primarily out of the question as both Bitcoin and Ethereum maintained their $23k and $1.5k price levels.

Flow (FLOW)

FLOW led the few altcoins that traded in the green, with the altcoin marking a 12.32% growth over the last 24 hours despite the intraday decline of 2.5%.

But with the Awesome Oscillator indicating rising bullishness for the altcoin, this instance might act as a bounce-off to push FLOW towards recovering its 52.23% June losses.

Enjin Coin (ENJ)

ENJ was in the same pickle as FLOW as the altcoin did not observe any rise today, but the rally from yesterday kept its 24-hour movement positive.

Trading at $0.6, ENJ still has room to grow as the diverging Bollinger Bands indicate rising volatility with the basis acting as support.

VeChain (VET)

VET at the time of writing did not move at all but, with the help of yesterday’s 5.24% growth, continued highlighting bullishness.

Although the Chaikin Money Flow does exhibit a downtick, it is mostly an inaccurate fluctuation as most of the investors are still investing in the asset, pushing it to recover its almost 32% crash of June.

Solana (SOL)

Unlike other altcoins, Solana did note some downfall today, declining by 5.28% during the trading hours, but kept its 33.65% rise throughout the week intact.

The MACD at the moment is noting some bullishness thanks to the bullish crossover, which will support it in rising further.

Aave (AAVE)

Although AAVE did not have some depreciation in the last three days, on the macro, it is maintaining its 90.13% rise from the lows, which will is crucial for the altcoin to rise above the $100 mark.

The Parabolic SAR’s white dots do exhibit an uptrend for the asset, which can assist AAVE in recovering the 57.81% dip of June.

Crypto Market Daily Highlights – June 9 – BTC, BNB, GMT and SOL

Key Insights:

  • A bitcoin (BTC) fell back to sub-$30,000 for a ninth consecutive session before wrapping up the day at $30,000 levels.
  • On Thursday, inflation jitters and a NASDAQ sell-off weighed on the broader market.
  • From the crypto top 10, Solana (SOL) found strong support, with Chainlink (LINK) on the move following this week’s staking news.

It was yet another mixed Thursday session for the crypto market. Market reaction to network news updates provided modest support.

Bitcoin (BTC) saw red for a third consecutive day and revisited sub-$30,000 for the ninth day in a row.

A 2.75% slide in the NASDAQ contributed to the bearish sentiment, though the correlation weakened through the US session. Bitcoin managed to avert a late dive in the US session.

Late in the Thursday session, the inverse correlation between bitcoin and WTI crude oil remained evident, however.

BTC inverse correlation with WTI
NASDAQ BTC WTI 100622 5-Minute Chart

Crypto Market Cap Avoided sub-$2,000 Billion for a Second Day

Modest losses across the crypto majors ensured that the total crypto market cap avoided sub-$2,000 billion for a second consecutive day.

After falling to a day low of $1,202 billion on Wednesday, the total market cap declined to a day low of $1,205 billion before returning to $1,210 billion levels.

For the broader market, avoiding another heavy sell-off is essential. Steering clear of sub-$2,000 billion levels will be the key. However, headwinds remain that could force another sell-off and revisit the May 12 low of $1,082 billion.

crypto market cap avoids sub-$2,000 bn
Total Market Cap 100622 Daily Chart

These include US inflation and Fed monetary policy, market sentiment towards the economy, and crypto regulatory news updates. Later today, US inflation figures for May will draw plenty of attention ahead of the Fed monetary policy decision and forward guidance on Wednesday.

Progress of the Lummis and Gillibrand bill on Capitol Hill would ease some of the regulatory uncertainty that plagues the market.

On Thursday, Chainlink (LINK) rallied by 6.40%, with STEPN (GMT) and Solana (SOL) rising by 2.47% and by 2.93%, respectively.

Chainlink network news and the announcement of LINK staking continued to provide LINK support.

From the top 100, Polkadot (DOT), Polygon (MATIC), UNUS SED LEO (LEO), FTX Token (FTT), Uniswap (UNI), VeChain (VET), Tezos (XTZ), Theta Network (THETA), Helium (HNT) and OMG Network (OMG) also found support.

However, for most of the crypto top ten, Thursday was a bearish session.

ADA saw a five-day winning streak come to an end, with a 1.40% decline.

BTC (-0.38%), with ETH (-0.18%), and XRP (-0.10%) also seeing red.

BNB (+0.45%) and DOGE (+0.07%) ended the day relatively flat.

Total Crypto Liquidations Ease Back from Thursday Levels

Over 24 hours, total liquidations continued to fall back from levels seen earlier in the week.

According to Coinglass, 24-hour liquidations stood at $103.5 million, down from $158.58 million on Wednesday. Earlier in the week, 24-hour liquidations had stood at $300 million levels.

1-hour liquidations suggested stable market conditions

At the time of writing, total liquidations over one hour stood at $2.93 million.

Total liquidations steady.
Total Crypto Liquidations 100622

Crypto Daily News Highlights

  • Tether announced the launch of USDT on Tezos, making it the thirteenth blockchain.
  • Fidelity and Charles Schwab plan to offer cryptocurrency services.
  • SEC got a win, with the courts upholding the Terraform Lab subpoenas.
  • CFTC Commissioner Summer Mersinger sees the CFTC as the lead regulator for the crypto sector.

Top 5 Cryptocurrencies to Watch This Week – ADA, ALGO, VET, FIL, UNI

Key Insights:

  • BTC’s bullish momentum has pushed the crypto market cap above the $2 trillion mark. 
  • ADA, ALGO, VET, FIL, and UNI were a few coins that noted high daily and weekly gains at press time. 

With the global crypto market cap well above the $2 trillion mark noting a 4.07% increase in 24-hours, standing at $2.11 trillion, most cryptocurrencies noted a healthy uptick in price. 

Bitcoin has completed its second successive weekly gain and ended the weekend at the highest weekly closing price year-to-date. At press time, bitcoin traded at $46,897, noting close to a 15% rise in price over the week. 

The recent BTC gains fueled a larger market rally as most altcoins highlighted gains on their daily and weekly time frames. Of the top cryptocurrencies, Cardano (ADA), Algorand (ALGO), VeChain (VET), Uniswap (UNI), and  Filecoin (FIL) were some of the top gainers highlighting high daily and weekly gains.

To better understand what to expect from these coins, let’s look at their price movements as a new week begins.

Cardano (ADA)

Cardano’s sustained price uptrend since March 15 has led the coin to gain close to 50% price since then. ADA has sustained its uptrend above the critical level at $1 for the past few days. 

The continued price recovery highlights that traders who bought under the $1 level are not looking to take profits and expect the uptrend to continue. Notably, the $1.20 mark has acted as a significant resistance line, and a move above that level could further confirm ADA’s uptrend in the short term. 

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ADA Price Action | Source: FXEmpire

ADA’s key moving averages have completed a bullish crossover. Daily RSI was in the overbought zone indicating that buyers dominated sellers in the market. If bulls can further push buying sentiment and sustain the price above the $1.20 support price can see another rally to the next key resistance at $1.60.

However, since RSI was in the overbought zone, if buyers’ bullish sentiment weakens, the same could send the altcoin back to the $1 range. Bulls are cautiously defending the $1.20 zone on a four-hour chart, which acts as resistance at press time. However, in the near term, if the price breaks below the 20-EMA a price pullback can be expected. 

Algorand (ALGO)

In March, ALGO has charted a parabolic recovery, recovering from the under $0.70 mark. At press time, the 29th ranked altcoin traded at $0.9574, noting 3.89% daily and 30.10% weekly gains.

Despite ALGO’s recent gains, the coin was down 70.28% from its all-time high price of $3.24 made in June 2019. Trading volumes for Algorand have maintained constant levels throughout March, which present that the recent gains were largely market-driven and not retail-driven.

However, the coin’s RSI on a one-day chart had finally entered the overbought zone presenting a rise in buyers. As buyers dominated sellers alongside decent price uptick, the larger market sentiment was bullish. 

The $0.996 mark can act as a strong resistance for the token in the near term, and a move above the same can ensure further gains. 

FXempire, Algorand, Crypto
ALGO Price Action | Source: FXEmpire

However, a fall under the $0.931 level can lead to further consolidation or losses for the altcoin. 

VeChain (VET)

VeChain, like many other top coins, has reversed its price losses of 2022, noting a close to 40% rise in the last two days. At press time, VET exchanges hands at $0.0774, presenting 15.83% daily and 57.44% weekly gains. 

The coin could witness further gains if VET’s price maintains above the key $0.0768 support/resistance mark. 

FXempire, VET, Crypto
VET Price Action | Source: FXEmpire

The coin’s RSI at the time of writing oscillated in the overbought zone, which presented a dominance of buyers in the market. Furthermore, VET saw one of its highest trade volumes since May 2021, which signified retail euphoria in the current rally. 

However, since the VET market looked overheated, a pullback from the $0.0960 mark, which acts as a key resistance, can weaken the bullish momentum. On the contrary, a move above the same can aid further bullish momentum in the coming week. 

Filecoin (FIL)

Filecoin’s price saw a clear downtrend in the past few months as FIL broke down below multiple resistances and retested them as support. 

However, in the last two weeks, its price climbed above the lower resistance at $18.9 and the next significant resistance levels at $20.9 and $22.00. 

FXempire, FIL, Crypto
FIL Price Action | Source: FXEmpire

At press time, FIL traded at $24.70, noting 27.59% daily and 38.83% weekly gains. Retail crowds supported Filecoin’s recent rally as the coin saw high trade volumes for two consecutive days. 

Its RSI reached the overbought zone for the first time since September 2021, highlighting a rise in buyers. The next crucial resistance for the coin lies at the $31.18 mark, but a push from bulls can convert that level to support, ensuring a bullish outcome for the token in the near term. 

However, a short-term price pullback can be expected if the coin fails to maintain the aforementioned resistance levels, primarily above the $23.46 mark. 

Uniswap (UNI)

UNI had recovered from the losses over the last two months, pulling its price up from the low of $7.52 seen in February-end. At press time, the Defi token traded at $11.44 noting a 7.06% rise in price over the last day and a 20.02% price uptick in the weekly time frame. 

The $8.27 level acted as strong support for the token throughout this year. The next key resistance for the coin lay at the $11.89 and $12.55 mark and a move above the same can push the coin for higher gains in the near term. 

FXempire, UNI, Crypto
UNI Price Action | Source: FXEmpire

RSI for UNI was in an uptrend since March 14 and was just under the overbought zone at press time. Nonetheless, a clear dominance of buyers in the market could be spotted for UNI.

However, since retail euphoria or high trade volumes were still missing, consolidation could be expected in the short term. 

Aligned Secures $34M Funding To Grow DeFi and Web3 Infrastructure

Key Insights

  • Web3 infrastructure startup, founded by former Chief Strategy Officer of ConsenSys, emerged from stealth with $34 million in funding
  • Aligned aims use the funding to grow its core products for Ethereum-compatible blockchains like layer-2 networks
  • Web 3 infrastructure provider aims to the Amazon Web Services of web3

Web 3 infrastructure provider, Aligned Capital, has secured $34 million in a funding round, the company announced on Thursday.

Aligned Banking on DeFi Growth

Founded by the former Chief Strategy Officer of ConsenSys, Sam Cassatt, the Web 3 infrastructure provider has emerged from stealth with a $34 million funding round at an undisclosed valuation.

Several investors have backed the funding, including GSR, Altium Capital, Cavalry Fund, and Ninja4.

As per reports, there was no lead investor. Angel investors included ConsenSys alum and Darma Capital founder Andrew Keys, Gryphon Digital Mining executive Chris Ensey, entrepreneur Steve Wiggins, former ConsenSys, and PayPal employee Ron Patiro. The funding round was primarily used to expand Aligned Capital’s high-performance computing footprint.

This equity funding round was aimed to help Aligned expand its web3 infrastructure. Aligned currently offers computing hardware for mining cryptocurrencies such as Ethereum (ETH) and other activities. Interestingly, Aligned eventually hopes to become the Amazon Web Services for web3.

Shedding light on the recent funding, Cassatt said:

“We are buying silicon, manufacturing and installing the custom hardware that we produce with that silicon, as well as expanding our HPC (high-performance computing) team. Most of this hardware will go into our primary data center and will be expanding to more soon.”

Furthermore, Cassatt noted that the startup’s hardware and infrastructure allow it to build services similar to cloud services business; its benefits are designed for the needs of web3 projects.

Crypto and DeFi Growth Attracting VCs

Aligned’s founder believes that the growth in DeFi would continue as demand continues to grow. Data from Defilama highlighted that demand for DeFi has skyrocketed over the last year, with total value locked in DeFi protocols rising by over 230% from $55.36 billion to $186.55 billion.

Furthermore, the growth of proof-of-stake blockchains has increased the demand for staking and validators. Notably, some of the top PoS blockchains include Cardano, Polkadot, Solana, and VeChain.

Cryptocurrency Updates: Axie Infinity (AXS), Hedera (HBAR), VeChain (VET), Bitgert (BRISE) & The SandBox (SAND)

Already the crypto market is recovering from the December plunge, with most coins already posting impressive growth. The big number of cryptocurrencies doing well during the first days of 2022 is a sign of good tides coming. Here are some of the cryptocurrencies worth looking at today:

Axie Infinity (AXS)

Axie Infinity is a gameFi platform built on the blockchain to decentralize the gaming platform by giving the community more control. Users of this gaming platform partially own and operate the game. This is what makes it unique and attractive. There are thousands of investors and users who are actively involved in the running of the platform.

Axie Infinity enables players to collect, breed, raise, battle, and trade token-based creatures called Axies. Therefore, it is a gaming platform with incredible utility. Users can do a lot of transactions on the platform, and that’s how token investors make more money.

The metaverse industry was booming in 2021, and the trend is projected to continue into 2022. The gaming platform has found itself in a place where the gaming industry is breaking out. As one of the oldest gaming platforms, the project has the potential to grow even bigger in 2022. It would, therefore, make a perfect crypto investment.

Hedera (HBAR)

Hedera (HBAR) is a platform building a decentralized economy to enable businesses and individuals to create dApps. The market is increasingly becoming individualized in that every organization has unique needs. Hedera is providing a platform for developers to develop dApps with ease.

The unique thing about this platform is that it does not run on the convention blockchain but on a novel distributed ledger technology called Hashgraph. The technology offers better speed, cost, and scalability, making the platform popular with developers.

With the dApp technology increasingly growing popular, Hedera will continue being one of the most sought-after platforms. With the advanced products launching in 2022, this will definitely be a crypto project to watch.

VeChain (VET)

VeChain is a smart contract platform that started in 2015. Over the years, it has improved with the advancing blockchain technology to build a more powerful platform. This ultra-efficient blockchain platform is designed to offer the benefits of decentralized platforms to enterprises through the support of dApps.

Vechain team has created impeccable products that enable developers to develop and run dApps on its networks. With demand for dApps increasing every and the number of developers increasing, VeChat will be one of the most sought-after smart contract platforms of 2022.

In addition to that, the 2022 roadmap for the platform looks impressive and will see the platform improve its utility. This means more value to the token, making an ideal crypto investment of 2022.

Bitgert (BRISE)

Investors who trusted the Bitgert (BRIE) from the beginning are today smiling all the way to the bank. The token has been performing very well since its launch at the end of July 2021. For the last five months, the price of $BRISE has increased several folds.

Bitgert is a DeFi project building one of the most powerful payment systems. The project includes a range of projects, most of which the team has already launched, but the most exciting is the upcoming exchange and the zero gas fee blockchains in the 2022 roadmap.

The centralized Brise exchange is launching in Q1 2022, while the gasless blockchain is in the development stage. With this blockchain, users will be able to sell, buy and transfer crypto without paying a gas fee.

According to the recent announcement, the team is doxxing, and the project is registering as a legal entity. The iOS wallet is launching soon. Visit the Bitgert website for more, including the ongoing staking process.

The SandBox (SAND)

The Sandbox is one of the first virtual gaming projects built on the blockchain platform. The project was launched in 2011 to provide a virtual world platform where users create, build, buy and sell digital assets in a game. This was way before the NFTs came to prominence.

The Sandbox gaming platform has grown to be one of the biggest decentralized gaming platforms with various products, including an NFT marketplace. It is today a fully-fledged gameFi project. The coming of metaverse has made the platform even bigger than could have been anticipated.

The team is capitalizing on the gaming industry to add more utility to the token. With the expected bullish growth of the metaverse and the entire gaming industry, the Sandbox will be one of the projects worth investing in.

Investors are recommended to do thorough research on the crypto projects before investing. This is because the crypto market is very versatile, and things change very fast. Proper research will also protect investors from losing their hard-earned money and also to get the most out of their investments.

VeChain (VET) Tests The 200 SMA Around $0.13 After Hard Fork

VeChain (VET) is today the trending topic among the altcoins sphere, following the deployment of its so-expected network’s upgrade and hard fork that already took place at around 08:00 GMT. When the block height hit 10,653,500, the hard fork started to work at the blockchain, which is part of VeChainThor v1.6.0.

With the mainnet in place, VeChain sought to add improvements in terms of scalability and being eco-friendly at the same time.

Preventing Grinding Attacks

To achieve that, the foundation behind VeChain partnered with several companies around the world. As a result, VeChain already activated POA2.0 Phase 1 on November 5, and today’s mainnet is the latest step to activate it.

The foundation noted that it combined the Byzantine Fault Tolerance and the Nakamoto blockchain consensus mechanisms within this hard fork, meaning three-block producers will be randomly chosen to verify each block, preventing grinding attacks.

That said, no VET holders and others running in the blockchain must perform additional actions after the hard fork’s deployment.

VET’s price action had a decline after the hard fork’s implementation on the mainnet, testing the 200-period simple moving average at the H4 chart. However, VET rebounded quickly and managed to stay around the $0.15 neighborhood.

Targeting $0.18 If Bulls Gain Steam Above $0.17

The overall picture stays positive, bullish, with the token developing higher lows and higher highs from a broad perspective. However, as the price broker the lows from last week, an additional bearish move cannot be discarded at all, leading to another fall towards the $0.12 level in the first degree.

After that zone gives up, eyes will be on the $0.11 level as the next tough nut to crack in the bearish outlook.

VET FXEmpire

However, once VET picks up momentum above $0.15 and breaks with two-candlestick closure in the H4 chart above it, the crypto is poised to test $0.17, with the next target set around $0.18, which also belongs to the highs from November 9. In the meantime, the RSI indicator is nearing the oversold territory.