Flow led the rallying altcoins with a 38% incline.
Tezos followed in the footsteps of Flow to rise by 5% in 24 hours.
Bitcoin and Ethereum declined to trade at $22.5k and $1.5k today.
As most of the altcoins exhibited mixed signals, the crypto market remained mostly unmoved, leaning slightly towards the bears remaining above the $1.03 Trillion mark.
Bitcoin and Ethereum did not note any rise, though, instead fell to $22,516 and $1,589, respectively.
Flow and Its Bullish Flow
As one of the best-performing assets of the day, Flow managed to chart a 38.08% rally in the span of just 24 hours to trade at $2.54 at the time of writing.
Despite noting no significant rises for the past two months, FLOW managed to recover all of June’s losses with a single-day rise. The altcoin is now looking at doing the same with May’s crash of 47.19% as well.
For the same FLOW will need as much support from the market as possible, and by the looks of it, it may already have it. The MACD, which almost receded into a bearish crossover, was revived today to continue its bullish rise, supported by the appearance of the green bars on the indicator.
Additionally, it also has the 50-day Simple Moving Average (SMA) (red) line as support for over a week now, and today’s rise also flipped the 100-day SMA (green) into support from resistance.
The extended wick, which almost reached $4, also neared the 200-day SMA, but for the same to become support will take some time. More bullish cues will be essential in the future.
Tezos to Back to $2?
One of the rising cryptocurrencies, Tezos, has managed to pull itself up from June’s lows after the 42.29% crash left it at $1.26. Trading at $1.8, XTZ stuck with the bulls today and shot up by almost 5% in 24 hours.
However, the altcoin is yet to recover the entirety of the crash, and in doing so, it will not only rise above $2 but also inch closer to $2.25.
The chances of that happening aren’t completely zero, as the price indicators are still leaning in favor of a rally.
The Parabolic SAR has been in an uptrend for the entirety of the week, and as long as the white dots of the indicator sit below the candlesticks, the uptrend will continue.
Secondly, despite flashing red bars, the Awesome Oscillator is above the neutral line. Historically such situations have also been in favor of a rise and seem to be doing so now as well.
Provided the entire market does not slip into a crash, XTZ has enough room to rise further and breach $2 by the end of next week.
Bitcoin is facing a major barrier near $23,550 and $23,450.
Ether struggled to settle above the $1,665 resistance zone.
FLOW started a strong surge above the $2.50 resistance.
Yesterday, bitcoin price moved lower below the $23,000 support zone. The price even spiked below the $22,800 level and the 21 simple moving average (H1).
Later, it found support near the $22,650 level. Today, the price formed a base above the $22,650 level and attempted a recovery wave. There was a break above the $23,250 resistance level. However, the price failed to clear the $23,450 resistance.
There is also a new connecting bearish trend line forming with resistance near $23,250 on the hourly chart. A clear move above the $23,250 level could start a decent increase. If there is no upside break, bitcoin might continue to move down towards the $21,750 support.
ETH also followed a similar pattern after it faced sellers near the $1,680 zone. There was a clear move below the $1,600 support zone.
It found support near the $1,565 level and recently started an upside correction. However, the bears were active near the $1,665 level. The price is now back below the $1,620 level and the 21 simple moving average (H1).
Ether price is also facing a new bearish trend line with resistance near $1,645 on the hourly chart. A clear upside break above the $1,645 level and $1,665 could stage a strong increase.
FLOW found support near the $1.20 level after a strong decline. There was a steady increase above the $1.35 and $1.50 resistance levels.
The price climbed above the 23.6% Fib retracement level of the main drop from the $8.20 swing high to $1.20 swing low. The bulls pushed the price above the $2.00 level and the 21-day simple moving average. Besides, the price cleared a major bearish trend line on the daily chart at $2.00.
Today, there was a strong surge of over 40% and the price climbed above the $2.80 level. It is now facing resistance near the $2.95 and $3.00 levels.
A clear upside break above the $3.00 barrier could send the price further higher towards $3.25. If not, there might be a downside correction below the $2.75 level. The main support sits near the $2.50 level, below which the price might gain bearish momentum.
ADA and DOT price
Cardano (ADA) is struggling to stay above the $0.50 pivot level. If there is fresh drop, the price might decline towards the $0.48 level.
Polkadot (DOT) is still consolidating near the $8.20 level. If there is a fresh increase, the price may perhaps rise towards the $8.50 level.
A few trending coins are ALGO, SAND, and XTZ. Out of these, XTZ is gaining pace above the $1.85 resistance zone.
It has been a choppy week for the crypto market, with investor appetite for cryptos tested in the week.
Market sentiment towards US inflation, Fed monetary policy, and the economic outlook delivered broad-based crypto volatility.
In response to a pickup in US inflationary pressure, the Fed began talking of 100 basis-point rate hikes to spook the markets. The talk of 100 basis point hikes came ahead of US wholesale inflation figures, which also spiked in June.
With FOMC members delivering mixed signals on Fed monetary policy, the market focus shifted to US retail sales figures due on Friday.
Better-than-expected numbers would put a 100-basis point rate hike firmly on the table, a negative for cryptos.
However, while the crypto winter and sentiment towards Fed monetary policy weighed, crypto popularity remained strong.
According to LunaCrush, bitcoin (BTC) was the top coin by social media mentions, followed by Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and Tezos (XTZ).
Despite the market doom and gloom, BTC had 2.3 million mentions on social media, with ETH (1.67m) and also seeing substantial interest.
SOL (0.794m), DOGE (0.283m), and Tezos (0.245m) trailed significantly, however.
Performances were also mixed this week, with the crypto news wires influencing investor appetite for the respective coins.
For the current week, Monday through Friday, bitcoin was up by just 0.24% to $20,879. A choppy week saw bitcoin fall to a Wednesday low of $18,919 before striking a Friday high of $20,972.
Resistance at $21,000 continued to peg bitcoin back amidst Fed monetary policy uncertainty and fears of an economic recession.
A breakout from the current-month high of $22,377 would bring $25,000 levels into play to give the bulls a look at the June high of $31,956.
In the event of another extended reversal, avoiding the June and current-year low of $17,601 remains the key.
For the current week, Monday through Friday, Ethereum was up by 3.43% to $1,207. A choppy week saw Ethereum track the broader market to a Wednesday low of $1,010 before striking a Friday high of $1,222.
Resistance at $1,200 continued to peg Ethereum back amidst Fed monetary policy and economic uncertainty.
A breakout from the current-month high of $1,275 would bring $1,500 levels into play to give the bulls a look at the June high of $1,972 and $2,000.
In the event of another extended reversal, avoiding the June and current-year low of $883 remains the key.
On the fundamentals, progress towards the Merge has delivered support, with a September transition from a proof-of-work to a proof-of-stake consensus ETH positive. However, news of delays would test ETH buyer appetite.
Monday through Friday, Solana was up by 3.93% to $38.10. SOL fell to a Wednesday low of $31.85 before striking a Friday high of $38.16.
Resistance at $40 continued to peg SOL back since recovering from the June 14 current-year low of $24.84.
A breakout from the current-month high of $39.81 would bring $45 levels into play to give the bulls a look at the June high of $46.10 and $50.
In the event of another extended reversal, avoiding sub-$25 and the June and current-year low of $24.84 remains the key.
Project news updates from the Solana ecosystem and the NFT space will need to impress to support a breakout from current levels.
This week, Monday through Friday, DOGE was down by 4.91% to $0.0639. Bucking the broader market trend, DOGE fell from a Monday and current-week high of $0.0672 to a Wednesday and current-week low of $0.0576.
News of Elon Musk pulling out of the Twitter deal led DOGE into the deep red before finding support. However, DOGE avoided the June 18 current-year low of $0.0491.
Near term, a DOGE breakout from the current-month high of $0.0734 would give the bulls a look at the June high of $0.0893 and $1.0.
In the event of another extended reversal, avoiding sub-$0.05 and the June and current-year low of $0.0491 remains the key.
For the current week, Monday through Friday, XTZ was down by 1.41% to $1.603. Also bucking the broader market trend, XTZ fell from a Monday and current-week high of $1.708 to a Wednesday and current-week low of $1.399.
Resistance at $1.70 continued to peg XTX back since recovering from the June 18 current-year low of $1.192.
A breakout from the current-month high of $1.708 would bring $2.00 levels into play to give the bulls a look at the June high of $2.352.
In the event of another extended reversal, avoiding sub-$1.20 and the June and current-year low of $1.192 remains the key.
Increased scrutiny over the proof-of-work consensus mechanism has given Tezos greater market attention, supported by its energy-efficient blockchain.
The low carbon footprint blockchain has lured big names to launch NFT collections on the Tezos blockchain. This key attribute will likely keep Tezos in the spotlight as more big names go virtual.
It was another bearish session for the crypto top ten, with Ethereum (ETH) leading the way down.
Bearish sentiment from the US equity markets continued to spill over to the crypto market, which tracked the NASDAQ 100 into the red.
The total crypto market cap slid by a further $25 billion to record a third consecutive daily fall.
It was a bearish Tuesday session for the crypto top ten. Bitcoin (BTC) fell for a fifth consecutive day, while ETH led the way down.
There were no economic indicators from the US for the crypto market to consider. With the crypto news wires having a muted impact on bitcoin and the broader market, market risk sentiment delivered direction on the day.
Investor apprehension ahead of US inflation figures due later today continued to test support.
On Tuesday, the NASDAQ 100 fell by 0.95%, following a 2.26% loss on Monday.
At the time of writing, the NASDAQ 100 Mini was down 4.5 points, with the markets now looking ahead to the US inflation figures that could dictate the size of the next Fed rate hike.
The Total Crypto Market Cap Slides to Sub-$850bn
A bearish Tuesday session led the crypto market cap to a day low of $839 billion before ending the day at $842 billion. A third consecutive day in the red saw another $25 billion come off the table.
For July, the total market cap was down $24 billion, with the crypto market facing a fourth consecutive monthly decline.
While a likely shift in the crypto regulatory landscape and the SEC v Ripple case remain crypto drivers, investor sentiment towards the economic outlook and Fed monetary policy continue to influence.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
ETH slid by 5.31% to lead the way down, with ADA (-3.92%), BTC (-3.18%), and DOGE (-3.18%) also struggling.
BNB (-2.26%), SOL (-2.19%), and XRP (-1.14%) saw relatively modest losses.
From the CoinMarketCap top 100, Quant (QNT) and Huobi Token (HT) were among a handful of cryptos to buck the trend.
QNT and HT rose by 0.92% and by 0.56%, respectively.
However, TerraClassicUSD (USTC) slid by 12.7% to lead the way down, with Tezos (XTZ) falling by 8.8%.
Total Crypto Liquidations Remained Elevated on Tuesday
24-hour liquidations remained on the higher side through Tuesday, reflecting the bearish crypto session.
This morning, 24-hour liquidations stood at $175 billion, down from $177 billion on Tuesday while up from $111 billion on Monday.
Liquidated traders over the last 24 hours eased. At the time of writing, liquidated traders stood at 54,212 versus 69,448 on Tuesday.
Four-hour liquidations reflected a sharp increase in liquidations, while one-hour liquidations reflected improving market conditions at the turn of the day.
According to Coinglass, one-hour liquidations stood at $4.69 million, down from $13.81 million on Tuesday. Four-hour liquidations stood at $89 million.
Daily News Highlights
G20 announced plans to propose a robust crypto regulatory framework by October.
The Central Bank of Russia talked about the digital Ruble and the risks associated with private stablecoins.
US Treasury sought input on risks and opportunities linked to cryptos.
The SEC delayed a decision on bitcoin ETF requests after a string of rejections.
Quant led the decline today after a 66.48% rally last week.
Monero stayed with the bulls marking a 3% rise.
Bitcoin and Ethereum fell to $20k and $1.1k, respectively.
The crypto market’s breakout is becoming more and more impossible with every passing day.
With the king coin and altcoin king returning to their consolidation levels of $20k and $1.1k, altcoins are also noting a fall.
After a solid streak of rises for nine days, QNT managed to rise by 66.48% before falling by almost 9% in the last 24 hours, trading at $77.04. But the Awesome Oscillator continued to flash rising bullishness.
This could keep the price fall under control and make this just a bounce-off instead of a dip.
GMT, just like QNT, noted a decline of 13.05% over the previous 24 hours after recovering significantly. The altcoin managed to close above $1 thanks to the 71.06% before falling to $0.87 at the time of writing.
The Bolling Bands, however, make it apparent that GMT is in a gradual incline, with the converging bands indicating low volatility.
MIOTA has been struggling to recover from the June lows as the coin is still trading at $0.2758, barely rising in almost a month. The 8.28% fall today further added to the difficulty.
Plus, the outflows on the Chaikin Money Flow (CMF) make it apparent that the decline impacted the investors as they pulled their money from the asset.
Although the altcoin was trading in red at $11.62, it was still up by 4.38% from yesterday’s lows. Considering the gradual incline observed since mid-June, the altcoin is set to continue going up.
The Parabolic SAR is highlighting an uptrend on the charts, which could helo AR climb back above $12.
XTZ maintained a rise today, climbing the charts by 3.57%, trading at $1.68, and the consistent incline will keep the coin on the path of recovery from the June crash.
The Relative Strength Index (RSI) is also above the neutral line in the positive zone, which could further boost XTZ’s rise.
Bitcoin and Ethereum, the largest two cryptocurrencies by market capitalization were last trading lower by about 2.5% each over the last 24 hours, according to CoinMarketCap. BTC/USD was last changing hands just under $20,400, whilst ETH is around $1,140 per token.
Cryptocurrency prices are being weighed by a distinctly risk-averse tone to macro trading conditions. Major stock indices in the US and Europe are trading lower (the Nasdaq 100 is down 1.9%), after a negative session for Asia equities. The risk aversion has also driven downside in government bond yields and upside in the safe-haven US dollar. US 10-year yields were last down about 11 bps to back under 3.0% while the DXY hit fresh multi-decade highs above 108.00.
What’s Hurting Risk Appetite?
Analysts are citing a combination of factors on weighing on risk appetite. US banks kick off the start of the US earnings later this week and investors are nervous that current earnings estimates might be overly optimistic.
Meanwhile, last week’s strong US jobs and service sector activity survey data, whilst easing near-term recession fears, is being cited as a negative for sentiment as it might encourage the Fed to continue tightening monetary policy in an overly aggressive way.
Upcoming US data releases later this week will decide whether the Fed raises interest rates by 50 or 75 bps later this month. June Consumer Price Inflation (CPI) data is out on Wednesday and June Retail Sales data is out on Friday. Traders will recall an upside surprise in the May CPI data sent risk assets into a tailspin after forcing the Fed to up the pace of rate hikes to 75 bps from 50 bps per meeting.
Profit-taking ahead of macro risk events is thus also being cited as a factor weighing on risk assets like stocks and crypto on Monday.
The native token to the Tezos blockchain XTZ was last higher by about 3.0% on Monday, extending its gains over the past three sessions to more than 9.0%, despite most other cryptocurrencies having fallen over that some time period. According to CoinMarketCap, XTZ is the best performing cryptocurrency in the top 50 by market cap over the last 24 hours, with gains of over 7.0%.
However, XTZ looks to have run into a key area of short-term resistance. At current levels just under $1.70, it is testing its 50-Day Moving Average and its late-June high. Should the cryptocurrency break this area of resistance, the door is open technically speaking to a run higher towards the early-June highs in the $2.35 area.
Given that XTZ’s technicals are looking positive, this is a very possible outcome. The cryptocurrency has been trending higher since the start of the month, consistently posting higher lows and higher highs. It looks to have formed an ascending triangle, a pattern that often forms prior to bullish breakouts.
Of course, ascending triangles can also break out to the downside. If XTZ/USD was to break below the upwards support trendline that has been in play since the start of the month, the door would be open to a swift drop lower towards the 21DMA at $1.50. A drop under that would bring a test of the sub-$1.20 annual lows from mid-June into play.
The native token to the privacy-focused Monero blockchain XMR was last trading slightly higher on the day on Monday, but up about 6.5% over the last 24 hours according to CoinMarketCap. This makes it the second best-performing cryptocurrency in the top 50 of the last 24 hours, CoinMarketCap data shows.
XMR/USD was last changing hands close to the $130 level, having rebounded strongly from its 21DMA at $122 on Sunday. XMR was unable to test a key area of resistance in the $133-$134 region on Monday, but its upside momentum appears strong, meaning an upside break remains highly likely.
Like Tezos’s XTZ, Monero’s XMR appears to have formed an ascending triangle in recent weeks. An upside break (meaning a decisive move above $133) would open the door to a swift test of the 50DMA just under $150.
Apecoin is one of the worst-performing cryptocurrencies of the last 24 hours in the top 50, according to CoinMarketCap. APE/USD is down over 5.0% alone on Monday. At current levels just above $4.50, it has fallen over 9.0% in the last two days from above $5.0 per token.
APE is now down nearly 15% from last week’s highs near $5.30 and is now trading with losses on the month of about 2.0%. Apecoin is suffering as a result of the broader risk-off tone to macro trade, but technical selling appears to also be making things worse.
APE/USD broke below a pennant on Monday that had been in play since late June and also broke below its 21DMA for the first time in a few weeks. Now that these levels have gone, traders will be eyeing a test of support in the form of recent lows around $4.22 and around the $4.0 level.
Should things turn sour for the broader crypto market this week, perhaps due to adverse macro developments, APE/USD could easily test annual lows just above $3.0.
It was a bearish end of the week for the crypto top ten, with XRP leading the way down.
Following a relatively range-bound Saturday, market uncertainty weighed ahead of several key economic indicators due this week.
The total crypto market cap slid by $29 billion to record the third decline in nine sessions.
It was a bearish Sunday session for the crypto top ten. Bitcoin (BTC) fell for a third consecutive day, with XRP leading the way down.
Following the Fed meeting minutes and US nonfarm payrolls, the market focus shifts to US inflation figures this week.
With the numbers due out on Wednesday, another spike could reignite fears of a 75 basis point Fed rate hike and a US recession.
Last week, the FOMC meeting minutes highlighted member concerns over the possible impact of rate hikes on the US economy. The uncertainty over Fed monetary policy and the economic outlook likely contributed to some profit-taking.
Through the early part of this week, we expect the crypto market to take its cues from the NASDAQ 100, with no decoupling likely near term.
At the time of writing, the NASDAQ 100 Mini was down by 38 points.
The Total Crypto Market Cap Revisits Sub-$900bn
The bearish Sunday session saw the crypto market cap fall from a high of $935.7 billion to a low of $895.8 billion.
While late support limited the damage, the total market cap slid by $28.9 billion to $905.2 billion.
The Sunday pullback left the market cap up by $54 billion for the week ending July 10.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
Ethereum, meanwhile, was last trading well supported in the $1,220 area, up roughly 14% this week. The market cap of the world’s second-biggest cryptocurrency was last just under $150 billion. Total crypto market cap was last around $935 billion, up roughly 10% or over $80 billion on the week.
Sentiment took a turn for the better this week despite a rise in US yields and Fed tightening bets on strong US jobs and service sector survey data. US tech stocks, to which crypto prices have developed a close correlation in recent months, posted solid gains this week.
The Nasdaq 100 ended the trading week over 4.5% higher. There seems to be a growing conviction that the US and global economy is weakening towards recession and this will bring inflation back under control.
This conviction is already in the early stages of becoming a self-fulfilling prophecy, with commodity prices down sharply in recent weeks nearly across the board. This may be attracting investors back into speculative assets, despite still elevated concerns about Fed tightening and the macroeconomic backdrop.
The narrative of inflation having peaked will be tested next week with the release of US Consumer Price Inflation data. An upside surprise could see crypto prices swiftly hand back recent gains.
Here is a list of this week’s five most popular cryptocurrencies outside of the big two.
Solana, the world’s ninth-largest cryptocurrency by market cap, garnered the fourth most social mentions and engagements in the last week at 905K and 1.14 billion respectively, according to crypto social intelligence platform LunarCrush.
SOL/USD was last up about 15% versus this time last week, according to CoinMarketCap. At current levels around just above $38 per token, its market cap is just over $13 billion.
The pair is still consolidating within a pennant that has been in play since early June. A downside break (perhaps triggering a move under $35) would signal a potential drop all the way back to annual lows near $25. An upside break could open the door to a rally towards the key $47.50 support turned resistance area.
The crypto community’s favorite dog-inspired meme coin Dogecoin ranked as the number five cryptocurrency for social mentions and engagements in the last week, according to LunarCrush. The cryptocurrency got slightly more than 300K mentions and 911 million engagements.
Dogecoin bulls have mostly been in control this week. DOGE/USD was last up about 3.5% versus the start of the week, meaning it is a laggard compared to the likes of Bitcoin and Ethereum. The pair was last trading close to $0.07 per token, having pulled back sharply from Friday’s highs around $0.0735.
The cryptocurrency ran into resistance in the form of its 50-Day Moving Average at $0.072, snapping bullish momentum at the time. That is the second time in less than two week’s that the 50DMA has spoiled the party and blocked DOGE upside.
Bear in mind that the 50DMA currently also coincides with a downtrend that has been in play since mid-May. The fact that DOGE remains unable to break out of this bearish trend means the technical outlook for the pair isnt great, unless it can muster a breakout above say the $0.075 area.
Shiba Inu (SHIB)
The crypto community’s second favorite dog-inspired meme coin Shiba Inu ranked as the sixth cryptocurrency in terms of social engagements, clocking 489 million in the last week, according to LunarCrush.
The Shiba Inu bulls have been in control this week. The cryptocurrency has been an outperformer and was last up about 17%, extending on a recent rebound from the $0.000010 level to test resistance around the $0.000012 mark on Saturday.
Shiba’s technicals are looking pretty bullish. Since mid-June, the cryptocurrency appears to have formed an ascending triangle. This is a pattern that often precedes a bullish breakout.
If SHIB is able to muster a convincing push above $0.000012, the door is open to a run higher towards the late-May highs between $0.0000125 and $0.000013.
Tezos ranks third according to LunarCrush for social engagements this week with over 1.15 billion. The cryptocurrency was last trading higher by about 5.0% on the day on Saturday around $1.60. But it has pulled back from earlier session highs in the $1.65 area, having failed to test late June highs and have a go at its 50DMA near $1.70.
But the pair’s technical outlook is looking strong. It has been forming an ascending triangle in the last few weeks. A break above this formation (i.e. a move above $1.70) could trigger a swift run higher towards the $2.0 level, given a lack of resistance in between.
According to CoinMarketCap, Aave’s AAVE token is the best performing cryptocurrency in the top 50 by market cap over the last seven days, having gained over 32%. AAVE/USD was last changing hands just under $75, having gained another 4.0% alone this Saturday.
Momentum really picked up when the pair broke above its 21DMA at $63 back on Thursday. The cryptocurrency is currently probing its late June highs. A break above these and the 50DMA just under $80 could set the stage for a swift rally back towards the $90 level and even $100 mark, given the lack of resistance in between.
Tezos is an open source platform that enables developers to create decentralised applications (dApps). More specifically, it uses a variation on classic proof-of-stake (PoS) consensus called liquid proof-of-stake (LPoS) to give developers the opportunity to run custom programming logic and design new programs meant to replicate products and services.
XTZ is used to secure the network via staking and it gives users ability to vote on network upgrades. Each vote is proportional to the amount of cryptocurrency they bake and bakers receive small percentages of the rewards allocated to those who delegate their XTZ.
XTZ has been stuck in an overall downtrend since November last year, with the bearish trend set to continue this week. It had closed 2021 at $4.35, falling further to $3.49 by the end of January this year.
Bullish market conditions saw XTZ rise briefly to $4.12 on April 2 this year, but following a ban by the Chinese government preventing financial institutions and payment companies from providing services related to cryptocurrency transactions, its price plummeted to $2.85 by April 21, wiping out over 30% of its value in just 19 days.
The token has been trading between a support floor and a resistance barrier since mid-June. However, XTZ recorded an 11% price increase on June 28.
During that same month, its price had risen from lows of $0.195 to $1.61 on June 29 – a 34% increase. Yet, the coin was still down 22% during the month.
XTZ, which is down over 80% from its all-time high of $9.18 set in October 2021, started this month with a decline through a falling wedge pattern. It is currently trading at $1.47 and ranks 36th in the list of cryptocurrencies worldwide by market capitalization at $1.3 billion. Its price is down over 1% in the last 24 hours.
A break out above $1.62 would signal a recovery for XTZ, while a close below $1.33 would invalidate this possibility.
Technical analysis shows that short-term sentiment on XTZ is bearish, with 4 indicators displaying bullish signals compared to 25 bearish signals at the time of writing.
The daily simple and exponential moving averages (EMA) are giving mostly sell signals, while the relative strength index (RSI) stands at 45.6.
An RSI reading of 30 or below indicates an oversold or undervalued condition, while a reading above 70 would suggest the asset is becoming overvalued or overbought.
In terms of a Tezos crypto price prediction, XTZ could see its price rising to $1.715 by August 2022, reaching $1.299 in January 2024 and falling to $0.839 by January 2025.
It was a mixed Saturday session for the crypto to ten, with bitcoin (BTC) bucking the top ten trend.
News of 3AC filing for bankruptcy, Voyager Digital suspending withdrawals, and rumors pegged back the majors, however.
However, the total crypto market cap rose for the first time in seven sessions. A $2.28 billion increase took the market cap to $848.5 billion.
It was a mixed Saturday for the crypto market. Bitcoin (BTC) extended its losing streak to seven sessions with a modest 0.12% loss. Cardano (ADA), Ethereum (ETH), and Solana (SOL) rose for the first time in seven sessions.
The broader-based gains came despite the crypto market getting hit with news of Three Arrows Capital (3AC) filing for bankruptcy and Voyager digital suspending withdrawals.
Relative to the losses at the turn of the quarter, however, the gains were modest, with downside risks firmly in place.
Market headwinds include fears of a recession, sentiment towards monetary policy, and the evolving regulatory landscape, though the regulatory environment could improve for some jurisdictions.
In the US, the successful passage of the Lummis and Gillibrand bill could prove crypto-friendly, should lawmakers task the CFTC with regulating the digital asset space.
The Total Crypto Market Cap Sees End of Six Day Losing Streak
A bearish start to the day raised the prospect of a seventh consecutive session in the red before an afternoon recovery.
The total crypto market cap fell to a low of $832.5 billion before rising to a high of $858.1 billion.
Following a modest $2.28 billion rise, the total crypto market cap was down $17 billion for July.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
However, it was a relatively bullish day for the rest. ADA rose by 1.56% to lead the way, with SOL ending the day up 1.55%.
BNB (+0.65%) DOGE (+0.23%), ETH (+0.76%), and XRP (+0.60%) also avoided the red.
From the CoinMarketCap top 100, NEM (XEM) led the way, surging by 25.7%. Other notables included Synthetix (SNX), Tezos (XTZ), and Flow (FLOW).
SNX rallied by 16.8%, with XTZ and FLOW seeing gains of 5.4% and 5.6%, respectively.
However, AMP (AMP) and STEPN (GMT) were at the other end of the table, falling by 3.39% and 2.31%, respectively.
Total Crypto Liquidations Slide as Cryptos Find Support
24-hour liquidations continued to reflect improving market conditions going into Sunday.
This morning, 24-hour liquidations stood at $58.2 million, down from $107 million on Saturday morning.
Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 22,104 versus 36,758 on Saturday morning.
However, one-hour liquidation figures reflected a late crypto pullback.
According to Coinglass, one-hour liquidations had fallen to sub-$0.300 million before moving back through the $1 million mark. However, standing at $1.07 million, conditions improved from one-hour liquidations of $2.44 million on Saturday.
Daily News Highlights
Voyager Capital (VOYG) suspended deposits and withdrawals, citing the 3AC default.
The Columbian government launched the National Land Registry on the XRP Ledger (XRPL).
KuCoin (KCS) CEO Johnny Lyu denied rumors of KuCoin planning to freeze withdrawals.
Decentralized Finance (DeFi) coins found some investor interest in June, albeit briefly.
Amidst the broad-based crypto sell-off, buying opportunities may present themselves at current levels.
With the DeFi space likely to come out stronger, once the crypto winter thaws, we consider Algorand (ALGO), Near Protocol (NEAR), and Tezos (XTZ).
In June, the total crypto market cap was down by $458 billion to a lowly $835 billion. Hopes of bottoming and an end to the crypto winter ended as fears of a global recession hit riskier assets. DeFi coins tracked the broader market into the deep red.
The NASDAQ 100 had a woeful first half of the year (H12022), tumbling by 30%.
The crypto market barometer, Bitcoin (BTC) was down 41% in June alone and down 60% for H12022.
Things were no better for DeFi coins, which tracked the broader crypto market into the red through H12022.
Total Value Locked Versus Coin Price Movements Diverge in H12022
According to Defi Llama, the total value locked (TVL) fell by 71% in H12022 to a lowly $71 billion. For June alone, the TVL fell by 37%.
With the DeFi space succumbing to market forces, Algorand (ALGO), Near (NEAR), and Tezos (XTZ) all saw sizeable declines in their respective TVLs in the month of June.
In the first half of 2022, Near Protocol saw its TVL rise by 126%, while ALGO and XTZ saw losses of 28% and 62%, respectively.
The table below shows coin performance and TVL movements.
TVL (June ‘22)
The figures above reveal a marked difference between price and TVL movements for H12022, while the losses for June are more aligned.
Improving market conditions would support a price recovery to align more with the total value locked movements through H12022.
Based on these figures, the Near Protocol would have the most to gain from the chosen three.
For each coin, there are key levels to consider for the month ahead, however, which could present buying opportunities.
As of June 30, 2022, ALGO stood at $0.2993. A bearish end to June saw ALGO fall back to sub-$0.30.
Down by 82% year to date, a move through the June high of $0.4313 would give ALGO a free run at the May high of $0.7842.
ALGO would need to avoid the current year low of $0.2749 to support the beginnings of a recovery.
However, market conditions will need to materially improve for ALGO to test resistance at the June high. An upward trend in total value locked would provide support, with ALGO on the radar ahead of the FIFA World Cup 2022.
In May, FIFA announced Algorand as an official partner of the 2022 World Cup.
Near Protocol (NEAR)
As of June 30, NEAR stood at $3.25. Tracking the broader market, NEAR fell back towards the current year low of $2.88 before steadying.
Down 78% year to date, a move through the June high of $5.98 would give NEAR a free run at the May high of $13.17.
NEAR would need to avoid the current year low of $2.88 to support a move away from the June low.
However, market risk sentiment will need to improve for NEAR to revisit $5.00. An upward trend in total value locked would provide support. The first half of the year TVL gain makes NEAR an attractive option should market conditions improve.
As of June 30, XTZ stood at $1.38. Aligned with the broader market, XTZ fell back to sub-$1.40 in a bearish end to the second quarter.
Down 68% year to date, a move through the June high of $2.35 would support a run at the May high of $2.88 to test resistance at $3.00.
However, XTZ will need to avoid the current year low of $1.19 to support the start of a recovery.
While we can expect total value locked trends to influence, the crypto market sentiment would need to improve for XTZ to return to $2.00.
Tezos is on the map following last month’s Tether announcement.
In June, Tether announced the launch of USDT on the Tezos blockchain.
Tether CTO Paolo Ardoino said,
“We’re excited to launch USDT on Tezos, offering its growing and vibrant community access to the most liquid, stable, and trusted stablecoin in the digital token space.”
“Tezos is coming fast onto the scene and we believe that this integration will be essential to its long-term growth.”
Bitcoin tested the $20,550 zone and recovered losses.
Ether (ETH) is showing positive signs above the $1,200 level.
APE broke a major bearish trend line on the daily chart and rallied over 15%.
Recently, bitcoin price corrected lower below the $21,000 support zone. It even spiked below the $20,650 support and the 21 simple moving average (H1).
However, the bulls were active near the $20,550 zone. The price formed a base and recovered above the $21,000 level. It is now trading near $21,000 and above the 21 simple moving average (H1).
On the upside, bitcoin is facing resistance near a connecting bearish trend line at $21,050 on the hourly chart. A clear move above $21,050 and $21,250 is must to start a decent increase. If not, it could move towards $20,000.
ETH also followed a similar pattern and corrected below the $1,200 level. The price tested the key $1,165 support zone, where it found a strong buying interest.
The price recovered above the $1,200 level and the 21 simple moving average (H1). There was a clear move above a key bearish trend line at $1,205 on the hourly chart. It is now consolidating near the $1,225 level.
On the upside, ether price is facing resistance near the $1,250. A clear move above $1,250 could set the tone for a larger increase.
APE started a strong decline from the $28 resistance zone. There was a move below the $15 and $12 support levels to move into a bearish zone.
The price even declined below the $10 level and the 21-day simple moving average. Finally, it tested the $3.2 support zone, where it found strong bids. A base was formed and the price recovered above the $4.50 level.
Recently, the price gained over 15% and surpassed a major bearish trend line at $5.0 on the daily chart. The price is now trading well above $5.0 and the 21-day simple moving average.
The next key resistance on the upside may perhaps be near $5.40 or $5.50. A clear close above the $5.50 resistance could open the doors for a fresh surge towards $10.
ADA, BNB, and DOT price
Cardano (ADA) is still struggling below the $0.50 resistance zone. A close above $0.50 and $0.512 might send the price higher towards $0.565.
Binance Coin (BNB) is moving higher towards the $240 level. The next major resistance is near $250, above which it could test $265.
Polkadot (DOT) is attempting a fresh increase above the $8.0 resistance. If the bulls succeed, the price could rise towards the $8.80 level.
A few trending coins are FLOW, XTZ, and BTT. Out of these, XTZ is gaining pace above the $1.65 resistance zone.
It was a bearish session for the crypto top ten, with Solana (SOL) leading the way down.
US equity market volatility tested support for the broader crypto market, with a late NASDAQ pullback leaving bitcoin in the red for a second session.
The total crypto market cap slipped by $9.2 billion to $912 billion, with the $1,000 billion mark still elusive.
It was a bearish start to the week for the crypto market. Bitcoin (BTC) fell for a second consecutive day, with Ethereum (ETH) and Binance Coin (BNB) giving up gains in the final hour of the day.
Crypto news failed to ruffle investor feathers despite SEC Chair Gary Gensler chatter and the Coinbasedowngrade.
However, the US equity markets and crude oil prices did influence the crypto market.
The NASDAQ 100 gave up early gains, with a spike in crude oil prices contributing to the pullback. Bitcoin and the broader market tracked the NASDAQ into negative territory, while WTI ended the day up 1.81% to $109.57.
The Total Crypto Market Cap Fell For a Second Day
Following a $24 billion decline on Sunday, the total crypto market cap slipped by $9.17 billion on Monday.
A mixed session saw the market cap hit a high of $942.7 billion before retreating.
The modest decline left the total crypto market cap down $381 billion for the current month.
Monday’s pullback reflected investor sentiment toward the influence of crude oil prices on inflation. Plans to roll out fresh G7 sanctions on Russia drove crude oil prices northwards on fears of more supply disruption.
Further supply chain disruption could push inflation higher and remove hope of a shift in the Fed’s interest rate projections.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
On Monday, SOL fell by 2.29% to lead the way down, with BTC (-1.49%), DOGE (-1.25%), and XRP (-1.62%) also struggling.
ETH (-0.49%), BNB (-0.17%), and ADA (-1.02%) ended the day with relatively modest losses.
From the CoinMarketCap top 100, TEZOS (XTZ) rallied by 10.78%, with Apecoin (APE), Chiliz (CHZ), and Stacks (STX) leading the broader market.
One-Hour Total Crypto Liquidations Slide to Below One Million
This morning, 24-hour total crypto liquidations eased back from Monday levels.
Going into the Tuesday session, total 24-hour liquidations stood at $137 million, down from $145 million on Monday.
Liquidated traders over the last 24 hours also eased back. At the time of writing, liquidated traders stood at 57,317.
With 24-hour liquidations easing back, liquidations over one hour slid below the one million level, also crypto positive.
According to Coinglass, one-hour liquidations stood at $0.86 million. On Monday morning, one-hour liquidations had stood at $12.71 million.
Daily News Highlights
Robinhood Market (HOOD) jumped 14% on rumors of FTX exploring a takeover.
Goldman Sachs (GS) downgraded Coinbase (COIN) to sell, leading to a 10% sell-off.
Xinfin Network’s native token was down by 11.16% over the last 24 hours.
DeFi chain Tezos experienced a rally, albeit of only 5%, in the same duration.
Bitcoin and Ethereum stood trading at $20.7k and $1.1k, respectively.
The total crypto market cap was reduced by $30 billion yesterday after recovering $125.9 billion from the $435 billion crash.
Consequently, most of the altcoins at the time of writing ended up trading in red, led by Xinfin Network’s native token.
XDC Takes a Dip
Trading at $0.025, XDC furthered its 10-month-long depreciation that began in August 2021, around the beginning of the active downtrend. Plummeting from the highs of $0.18, the altcoin has declined by 86%, and the price is currently at its 16-month low.
Currently, the Relative Strength Index (RSI) for most of the other cryptocurrencies is inching closer to reclaiming the positive zone, whereas XDC is heading in the opposite direction.
Lingering in the bearish area for almost two months now, the indicator is getting closer to slipping into the oversold zone.
Generally, that area should be avoided, but since XDC needs a kickstart to its rally, falling in might be the better idea. From there on, the trend will reverse, restarting XDC’s rise.
This would also help the altcoins reclaim the 50-day Moving Average as its support which it successfully did back in April.
Tezos Fights the Bears
Among the very few altcoins to counter the bearishness today, Tezos’ XTZ closed a 12.47% rise against the market downtrend.
Although it is nowhere near enough to invalidate the 42.29% losses it witnessed this month, trading at $1.6, the cryptocurrency certainly came closer to making that happen.
Going forward, XTZ does have the opportunity to sustain this rise and carry it on ahead as the volatility is likely going to reduce. The position of the Bollinger Bands converging hints at a decline in the possibility of a price swing.
In addition to that, the candle’s close above the bias will provide it the support it needs to keep rising ahead, gradually making its way above $2.
Being a critical psychological level, reclaiming it would also reinvigorate the investors’ lost confidence in the asset and increase the inflows for XTZ.
CBDCs should primarily focus on environment-friendly factors while choosing platforms, software, and hardware designs.
The IMF notes that the annual energy consumption of the global payment system is 47.3 TWh.
Energy consumption of POW-based cryptos like Bitcoin remains high, while POS consumes less energy.
The environment has constantly been questioned when the topic of cryptocurrencies such as bitcoin (BTC) and ether (ETH) pops up. Some crypto networks use significant amounts of electricity to maintain the blockchain, generating substantial greenhouse gas emissions. This applies to central bank digital currencies (CBDC) too.
These have raised concerns among regulators and global banks that have stepped in, proposing best practices to address the issue.
For instance, the International Monetary Fund (IMF) released a report at the start of June, recommending countries looking to develop CBDC consider energy consumption while laying their design work.
The international organization, which has been studying digital assets and their impact on global financial stability, has now turned its focus to sustainable digital assets. The report read,
“Major cloud service providers are shifting toward renewable sources of energy such as geothermal and hydropower, as well as toward locations with colder climates, to reduce the carbon footprint in generating power. Adding the environmental footprint as a selection criterion of a cloud partner can benefit not only the CBDC project but also any future digitization project of a central bank.”
Most central banks across the globe have already agreed to work toward fighting climate change while designing their payment system.
How alarming are significant energy costs?
The IMF estimates that the annual energy consumption of the global payment system is around 47.3 TWh [terawatt-hours]. This comes close to the overall yearly energy consumption of countries like Portugal and Bangladesh.
In particular, the evaluations noted that bitcoin consumes about 144 TWh per year.
Per the Crypto Carbon Ratings Institute (CCRI), which tracks the carbon emissions of various crypto networks, BTC and ETH’s energy consumption is enormously higher than other networks.
These estimates seem more alarming as several nations are making strides toward launching their own digital version of national currency.
How can CBDCs adhere to sustainability?
IMF study suggested national banks and crypto firms to move away from energy-intensive proof-of-work (POW) protocols. Per the report, blockchain networks that use the POW mechanism consume large amounts of energy.
By definition, POW is a common consensus algorithm that is used by popular crypto networks like bitcoin and litecoin (LTC). Critics of bitcoin miners have argued that the POW mechanism is “overly energy-intensive” and takes longer processing time.
Alternatively, IMF said that energy-conscious crypto networks could rely on non-POW models such as proof-of-stake (POS) protocols. These mechanisms likely consume relatively little energy.
“The potential of non-PoW permissioned crypto assets to reduce energy consumption relative to the existing payment system comes about from energy savings on both core processing architectures and user payment means.”
IMF noted that depending upon the specific configuration details, CBDCs, and certain digital assets could be more energy-efficient. The report compared energy consumption of the current payment landscapes, including credit and debit cards.
According to a blog post on Thursday, IMF noted that replacing POW with other consensus mechanisms is the “first green leap for crypto,” and using permissioned systems is the second. It further said,
“Together, these advances put crypto’s energy consumption well below that of credit cards.”
Energy Consumption of POS Blockchain networks
According to new research by the CCRI, Avalanche (AVAX) blockchain is one of the most energy-efficient among other extensive blockchain networks.
The report said that Avalanche used just 0.0005 percent of the energy used by the Bitcoin blockchain and 0.0028 percent of the energy used by the Ethereum blockchain.
On the other hand, DeFiLlama data showed that the “total value locked (TVL)” for Avalanche was the highest per unit of electricity. TVL is the value of all financial applications on the blockchain.
The TVL of Avalanche per kWh is recorded as $18,454, more than four times compared $4,395 per kWh on Solana (SOL) blockchain. Tezos (XTZ) recorded $943 per kWh, while the TVL is $161 on Algorand (ALGO), $120 per kWh on Cardano (ADA), and $19.18 per kWh for Polkadot (DOT).
These six POS networks selected do not employ identical algorithms. They have different prerequisites in terms of hardware, network size, transaction throughput, and other properties, according to the CCRI.
Another user noted that SafeCoin (SAFE), which offers a new algorithm, Proof of Resource, consumes only ~0.0000027kW per transaction.
#SafeCoin Is Environmentally Friendly – With the power of multi-threading, the #SafeCoin network is the world’s most energy efficient crypto using only ~0.0000027kW per transaction. $SAFE
Bitcoin is showing bearish signs below the $21,000 and $22,000 levels.
Ether (ETH) might accelerate lower below $1,000.
DOGE might start a major decline if there is a close below $0.050.
After a minor upward move, bitcoin price faced sellers near the $21,400 zone. The price failed to continue higher above the $21,500 zone.
As a result, there was a fresh decline below the $21,000 level and the 21 simple moving average (H1). BTC declined below the $20,800 support level to enter a bearish zone. There is also a connecting bearish trend line forming with resistance near $21,000 on the hourly chart.
On the downside, there is a crucial support near $20,000. A close below the $20,000 zone could start a major drop. Conversely, the price could start a decent recovery wave above the $21,500 level and the 21 simple moving average (H1).
ETH also followed a similar pattern after it failed to clear the $1,120 resistance zone. There was a fresh decline below the $1,100 level and the 21 simple moving average (H1).
There was a move below the $1,080 level and the bears are now attempting a move below the $1,050 support zone. The next major support is near $1,000, below which there is a risk of a 10% drop in the coming sessions.
Conversely, the price could rise again and revisit the $1,120 resistance zone. The next major resistance is near the $1,260 level.
DOGE started a major decline from the $0.0900 resistance zone. There was a drop below the $0.0800 and $0.0650 support levels.
The decline gained pace below the $0.0620 level and the 21-day simple moving average. The price even spiked below the $0.0550 level, but the bulls appeared near a major support at $0.050 on the daily chart.
It reacted sharply to the upside and gained over 10%. However, there are many hurdles on the upside, starting with the $0.0650 level. The main resistance sits near the $0.078 level, the 21-day simple moving average, and connecting bearish trend line on the daily chart.
A close above $0.0780 might start a major increase. If not, there is a risk of a major decline below the $0.050 support zone in the near term.
ADA, BNB, and DOT price
Cardano (ADA) is struggling to clear the $0.50 resistance zone. If it remains below $0.50, there could be a drop towards the $0.45 level.
Binance Coin (BNB) is moving lower towards the $210 level. The key breakdown support is still near the $200 level.
Polkadot (DOT) is still consolidating above the $7.0 support. A clear move below the $7.0 level might put a lot of pressure on the bulls.
A few trending coins are XRP, HNT, and XTZ. Out of these, HNT is showing positive signs above the $11.00 resistance zone.
Hotter than expected US CPI on Friday saw markets up Fed tightening bets and cryptocurrencies end the week under pressure.
Bitcoin fell back to the low-$29,000s and ethereum to fresh more than one-year lows in the $1,600s.
Five of the most popular non-bitcoin/ethereum altcoins were XTZ, SOL, ADA, DOGE and SHIB.
Cryptocurrency markets fell back to two-week lows on Friday in wake of US inflation data that surprised to the upside and was interpreted by market participants as raising the likelihood that the Fed continues with aggressive rate hikes all the way through September. Total cryptocurrency market capitalization was last around $1.175 on Saturday, having fallen over 4.0% from closer to $1.23 trillion on Friday, and eyeing a test of late May lows just under $1.15 trillion.
The headline pace of annual inflation in the US according to the Consumer Price Index (CPI) unexpectedly rose to a fresh four-decade high at 8.6% in May, data revealed on Friday, versus expectations for it to remain unchanged 8.3%. Meanwhile, the YoY measure of core price pressures fell, but not as much as market participants had expected. Traders reacted to the data by upping their bets that the Fed will hike rates by a further 50 bps in September, after two widely expected 50 bps rate hikes in June (at next week’s meeting) and July.
When markets up their Fed tightening bets, this tends to put upwards pressure on US government bond yields, which was the case on Friday, with the US 10-year yield jumping over 11 bps to close to multi-year peaks around 3.20%. Cryptocurrencies tend to have a negative correlation to US bond yields, given that a rise in yields represents a rise in the “risk-free” interest rate or “opportunity cost” of holding non-yielding assets (such as crypto or commodities like gold).
Meanwhile, the US dollar rallied hard on Friday against most of its major G10 peers, another side effect of markets expecting a more hawkish Fed. This makes USD-denominated cryptocurrencies more expensive for international buyers, thus reducing demand slightly. As a result, cryptocurrencies also tend to have a negative relationship to the buck.
Finally, expectations for more aggressive Fed tightening put US equities, with which cryptocurrencies have had a close positive correlation in recent months, under pressure as 1) a hawkish Fed increases downside risks to US economic growth (as tighter monetary conditions slow growth), increasing downside risks to company earnings and 2) the associated rise in interest rates increases the opportunity cost of holding companies (like big tech/many other so-called growth stocks) who have a low or non-existent dividend yield. The big tech/growth stock heavy Nasdaq 100 fell over 3.5% on Friday, to end the week around 5.7% lower.
The world’s largest cryptocurrency by market cap bitcoin was subsequently last trading in the low-$29,000s on Saturday, having slipped back below its 21-Day Moving Average on Friday near the $30,000 level, and is now eyeing a test of late May lows in the $28,000 region. At current levels around $29,300, bitcoin’s market cap is around $560 billion.
The world’s second-largest cryptocurrency by market cap ethereum was last trading in the mid-$1,600s, having on Friday fallen to fresh lows for the year and, indeed, going all the way back to March 2021. From a technical perspective, the latest break lower is crucial. Support in the form of a May/June/July 2021 triple bottom in the $1,700s, which had been offering support over the last few weeks, is now gone, opening the door to significant further downside. Many ethereum bears might now be targetting a test of the 2018 highs around $1,400. At current levels just above $1,650, ethereum has a market cap of close to $200 billion.
Outside of the big two, five of the most popular altcoins of the week were…
According to cryptocurrency social intelligence analytics website Lunarcrush, Tezos’ social dominance score jumped to 3.7% as of Saturday from closer to 2.0% earlier in the week. The jump in interest came after Tether announced that it had launched its USD-pegged, fully backed stablecoin USDT on the Tezos blockchain, a move that crypto market commentators said would unlock new Decentralised Finance (DeFi) opportunities within the Tezos ecosystem.
While XTZ/USD saw a more than 10% slump on Friday in tandem with the broader crypto sell-off, the cryptocurrency remains on course to close out the week in the green and with gains of close to 5.0%. XTZ/USD is currently changing hands around $2.04.
Having started the week with a social dominance score of around 1.7% on Lunarcrush, Solana looks set to end the week with a score closer to 7.5%. Solana’s developers announced a $100 million fund this week to support South Korean crypto projects.
In terms of price action, SOL/USD was last trading around $37.50 on Saturday, having fallen on Friday in tandem with broader markets, though having for now avoided testing last week’s lows in the $35s. SOL/USD nonetheless looks on course to post a WoW loss of just over 2.0%.
Cardano looks set to end the week with a social dominance score on Lunarcrush of around 2.7%, up from around 1.6% this time last week. Despite difficult broader macro/crypto market conditions, ADA/USD’s price has pumped for a second successive week as of Saturday. The cryptocurrency was last trading around the $0.60 mark, up around 6.5% on the week following last week’s near 18% gain.
Crypto traders have attributed the recent upside as down to Fear Of Missing Out (FOMO) ahead of the Cardano blockchain’s much anticipated Vasil hardfork later this month that should deliver some significant upgrades.
The ever-beloved dog-inspired memecoin had a social dominance score of around 2.5% on Saturday, little changed from this time last week. But that wasn’t enough to shield DOGE/USD from further downside, with the cryptocurrency dropping a further 5.8% on the week as of Saturday, putting it on course for a sixth successive weekly loss. Dogecoin bears are eyeing a test of earlier annual lows in the 0.065 area, with the cryptocurrency currently changing hands around $0.076.
Shiba Inu (SHIB)
Not to be outdone by its “older brother” (Dogecoin), fellow dog-inspired memecoin Shiba Inu, which describes itself as the “Dogecoin killer”, saw its social dominance score on Lunarcrush rise to around 2.0% as of Saturday from around 1.3% this time last week. But like its older brother, SHIB/USD had a tough week, dropping more than 5.0% to just above $0.000010 per token, putting it on course for an eigth successive week in the red. Shiba Inu bears will be eyeing a test of annual lows in the $0.0000087 area should broader cryptocurrency market conditions fail to improve.
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.
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.
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.
The crypto market is reeling back in terms of volatility this week.
Altcoins, including Chainlink, Tezos, and Helium, led the rally today.
About half of the top 100 cryptocurrencies closed in green today.
With the arrival of The Merge yesterday, the crypto market was expected to be triggered for a rally led by the altcoin king Ethereum.
But while the king rested, most of its subjects took matters into their own hands, and as a result, the crypto market was saved from another red candle.
Despite noting no significant rise in price action since the end of the May crash, MATIC has been stuck in a sideways momentum for a month now. All the rises are corrected over the next few days, and the cycle continues.
Even after marking a 7.52% rise today, MATIC might remain rangebound at $0.64 since the Bollinger Bands indicate no major price swings coming anytime soon.
Tezos was one of the top-performing cryptocurrencies of the day as the altcoin has been in a sustained incline over the last month. Up by 32% since May 11, the altcoin was trading at $2.21 at the time of writing, receiving a 16.3% push just this week.
The rise also effectively pulled XTZ out of the bearish zone that the coin has been stuck in since April, as visible on the Relative Strength Index (RSI).
Closing in green consistently throughout the week, LINK has inched closer to breaching the $10 mark and closing above it.
Up by 8.36% in the last 24 hours, the altcoin might also sustain this rally since the crypto is receiving consistent support from the community.
The Chaikin Money Flow indicates that the growth is also organic since money has been flowing into the asset.
Solana is in an interesting bind as following Ethereum’s footsteps, the altcoin has declined by more than 9% since the crash occurred.
Solana’s crash has been one of the most disappointing ones since, in less than nine months, SOL went from trading above $200 to trading at $40.5 at the time of writing.
This is despite the fact that the MACD has been consistently indicating a bullish crossover on the charts.
Among the top cryptocurrencies of the week, the relatively lesser-known cryptocurrency Helium has been on an uptrend for the last ten days, rising from the lows of $6.89 to $11.97 at press time.
The altcoin is also one of the few to observe sustained growth and will continue to do so, as evinced by the Parabolic SAR’s active uptrend.