Crypto Market Daily Highlights – XRP Led the Top Ten for a Second Day

Key Insights:

  • It was a bullish Saturday session for the crypto top ten. XRP led the way for a second session.
  • Recession fears failed to influence, with dip buyers providing support in the wake of the Ethereum Merge selloff.
  • The total crypto market cap rose by $16.5 billion to $941.8 billion.

It was a bullish Saturday session for the crypto top ten. XRP led the top ten, with ETH avoiding a third consecutive session in the red. Improving market conditions also saw BTC return to $20,000.

Market sentiment improved through Saturday, with investors brushing aside fears of a US recession. Heavy losses across the crypto market drew dip buyers to support the bullish Saturday session.

However, the crypto market is in for a choppy week ahead. The Fed will deliver its monetary policy decision and economic projections on Wednesday. A Fed Chair Powell press conference will also draw plenty of interest. Hawkish chatter and talk of more 75-basis point hikes would be crypto negative.

On the economic data front, it is a quieter week, with no material stats until the end of the week. On Thursday, jobless claims will provide direction ahead of prelim private sector PMI numbers on Friday.

Last week, the Ethereum Merge led to the crypto market decoupling from the NASDAQ 100. However, with the market focus on the Fed, we can expect a close correlation in the week ahead.

NASDAQ correlation.
Total Market Cap – NASDAQ – 180922 Daily Chart

Crypto Market Rises but Remains in the Red for the Week

On Saturday, the crypto market cap fell to a mid-day low of $919.4 billion before rising to a final hour high of $946.0 billion.

Recession fears failed to weigh, with dip buyers jumping in following the market reaction to the Ethereum Merge. Easing fear of a percentage point Fed rate hike also provided crypto market support.

However, following Tuesday’s US CPI report and the Ethereum Merge-driven selloffs, the crypto market cap is down $97 billion for the week. On Saturday, the crypto market cap rose by $16.5 billion to $941.8 billion.

Crypto market cap down for the week.
Total Market Cap 180922 Daily Chart

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

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

XRP rallied by 5.87% to lead the way, with SOL (+4.50%) close behind.

ADA (+2.32%), DOGE (+2.88%), and ETH (+2.46) also found strong support while BNB (+1.53%), BTC (+1.57%) trailed.

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

ApeCoin (APE) led the way, surging by 20.83%, with Chiliz (CHZ) and yearn.finance (YFI) seeing gains of 7.12% and 7.90%, respectively.

However, ravencoin (RVN) continued to struggle, falling by 3.56%, with cosmos (ATOM) and celsius (CEL) seeing losses of 1.16% and 1.05%, respectively.

24-HourCrypto Liquidations Tumbled to sub-$100 million on Bullish Session

Over 24 hours, total liquidations fell below normal as market tensions eased further following Thursday’s Ethereum Merge.

At the time of writing, 24-hour liquidations stood at $58.46 million, down from $130.21 million on Saturday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 23,956 versus 50,469 on Saturday morning.

Liquidations over twelve hours also fell while rising over 4 hours and one hour.

Liquidations over the last hour rise on bearish start to the Sunday session.
Total Crypto Liquidations 180922

According to Coinglass, 12-hour liquidations stood at $39.49 million, down from $93.63 million on Saturday morning. Four-hour liquidations rose from $11.27 million to $12.02 million, with one-hour liquidations up from $2.24 million to $3.76 million. The chart below shows market conditions throughout the session.

Crypto market turns bearish.
Total Market Cap 180922 Hourly Chart

Crypto Market Daily Highlights – DOGE Drops Out of the Crypto Top Ten

Key Insights:

  • It is a mixed Friday session for the crypto top ten, with Dogecoin (DOGE) falling out of the top ten and Solana (SOL) leading the way down.
  • US labor market stats and geopolitics sent the NASDAQ 100 and the crypto market into the red.
  • The total crypto market cap is down $4.2 billion to $958.6 billion.

It is a mixed Friday session for the crypto top ten. Bitcoin (BTC) is on target to end the session at sub-$20,000 for the second time this week. However, SOL leads the way down, while DOT leapfrogged DOGE to return to the top ten by market cap.

US economic indicators provided brief crypto market relief before weighing on investor sentiment.

In August, nonfarm payrolls increased by 315k versus a downwardly revised 526k surge in July. Economists forecasted a 300k rise. Despite the increase in hiring, the unemployment rate increased from 3.5% to 3.7% as the participation rate climbed from 62.1% to 62.4%.

While nonfarm payrolls beat expectations, wage growth disappointed. In August, average hourly earnings increased by 0.3% versus a forecasted 0.4% rise. Average hourly earnings increased by 0.5% in July. Year-over-year, wages were up 5.2%. Economists forecast a 5.3% increase.

The positive market response was short-lived, with US Treasury Secretary and Former Fed Chair Janet Yellen weighing on risk sentiment. The Former Fed Chair reportedly said that inflation remained too high, and the onus sat with the Fed to bring inflation down.

Crypto correlation with the NASDAQ 100 remained firmly in place throughout the Friday session. The NASDAQ 100 coughed up early gains to end the day with a 1.31% loss.

NASDAQ correlation.
Total Market Cap – NASDAQ – 030922 5 Min Chart

Crypto Market Cap Finds Brief Relief from US Labor Market Stats

On Friday, the total crypto market cap rose to an early afternoon high of $983.4 billion before sliding to a low of $944.4 billion. Weaker than expected US labor market indicators delivered initial support before sentiment chilled.

Concerns over softer labor market conditions and fear that the Fed would remain committed to delivering its interest rate goals weighed. Adding to the downside was news of Russia reversing plans to resume gas supplies to Germany.

The total market cap is down by $4.19 billion on Friday, with two hours of the session remaining. For the current week, the market cap is up $37 billion to $958.6 billion.

Crypto market sees red.
Total Market Cap 030922 Daily Chart

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

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

Polkadot (DOT) bucks the top ten trend, rising by 2.65% to retake the number 10 spot.

However, it is a bearish session for the rest of the top ten, with SOL falling by 1.38% to lead the way down.

BNB (-0.40%), BTC (-0.64%), ETH (-0.15%), and XRP (-0.63%) are also in the red while ADA is currently flat.

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

Litecoin (LTC), yearn.finance (YFI), and Synthetix (SNX) are among the front runners. YFI leads the way, rallying by 8.4%, with LTC and SNX up by 7.0% and 4.6%, respectively.

At the other end of the table, Helium (HNT) continued to slide, falling by 6.6%. UNUS SED LEO (LEO) and Flow (FLOW) are also among the worst performers, with losses of 2.3% and 3.9%, respectively.

24-Hour Crypto Liquidations Fall Despite Bearish Sentiment

Over 24 hours, total liquidations have slipped back, supported by improving market conditions late in the Friday session.

At the time of writing, 24-hour liquidations stood at $149.87 million, down from $154.58 million on Friday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 43,947 versus 52,615 on Friday morning. Liquidations over 12 hours and four hours have increased while one-hour liquidations eased back.

Crypto liquidations ease back.
Total Crypto Liquidations 030922

According to Coinglass, 12-hour liquidations stood at $122,97 million, up from $105.75 million on Friday morning, with 4-hour liquidations up from $25.37 million to $28.83 million. However, one-hour liquidations are down from $4.59 million to $1.10 million. The chart below shows market conditions throughout the session.

Crypto market finds late support.
Total Market Cap 030922 Hourly Chart

Crypto Market Daily Highlights – AAVE and ETH Lead Ahead of Powell Speech

Key Insights:

  • It is a bullish Thursday session for the crypto top ten, with Ethereum (ETH) leading the way.
  • The NASDAQ 100 provided support through the US session before a post-US closing bell pullback.
  • The total crypto market cap is up $14.7 billion to $1,022 billion with 90 minutes of the session remaining.

It is a bullish Thursday session for the crypto top ten. Bitcoin (BTC) has avoided sub-$21,000 while falling short of $22,000 for a sixth consecutive session. ETH leads the top ten, with the rest of the crypto top ten also in positive territory.

Investor apprehension over Friday’s Fed Chair Powell speech tested support early in the session. However, positive US economic indicators delivered NASDAQ 100 support, which drove demand for cryptos.

The US economy contracted by less the previously thought in the second quarter, while labor market conditions remained robust.

In Q2, the economy contracted by 0.6% versus a previous estimate of 0.8%. Initial jobless claims slipped from 245k to 243k in the week ending August 19.

The NASDAQ 100 ended Thursday up 1.67%, while the NASDAQ 100 Mini is down 17 points this morning.

Following Thursday’s gain, Fed Chair Powell will dictate direction through the Friday session. However, US economic indicators will also influence, with personal spending and inflation on the docket.

Crypto market finds NASDAQ support.
Total Market Cap – NASDAQ – 260822 5 Min Chart

The Total Crypto Market Cap Hits $1,034 Billion Before Another Reversal

On Thursday, the total crypto market cap fell to an early morning low of $1,004 billion before rising to a late morning high of $1,034 billion. However, a late pullback leaves the market cap back at $1,022 billion.

Up by $14.7 billion for the session, the total crypto market cap is down $40 billion for August.

Crypto market cap retreats from day high .
Total Market Cap 260822 Daily Chart

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

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

With 90 minutes of the Thursday session remaining (UTC), ETH is up 2.71% to lead the way.

ADA (1.97%), BNB (+2.09%), DOGE (+1.93%), and SOL (+1.89%) weren’t far behind, while BTC (1.19%) and XRP (+0.93%) trailed.

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

Aave (AAVE) leads the way, rising by 6.12%, with Shiba Inu Coin (SHIB) and yearn.finance (YFI) up by 5.51% and 4.69%, respectively.

However, Chiliz (CHZ) and Lido DAO (LDO) lead the way down, sliding by 7.10% and 7.56%, respectively, with Helium (HNT) falling by 3.12%.

Crypto Liquidations Fall as the Crypto Market Responds to the NASDAQ

Over 24 hours, total liquidations fell back as investors responded to better than forecasted US economic indicators and a rise in the NASDAQ 100.

At the time of writing, 24-hour liquidations stood at $89.10 million, down from $93.11 million on Thursday morning.

Liquidated traders also declined over the last 24 hours. At the time of writing, liquidated traders stood at 32,156 versus 37,316 on Thursday morning. Liquidations over 12 hours, 4 hours, and one hour were also down despite investor apprehension ahead of Fed Chair Powell’s speech on Friday.

Liquidations recede despite Fed Chair Powell uncertainty.
Total Crypto Liquidations 260822

According to Coinglass, 12-hour liquidations stood at $37.51 million, down from $60.77 million on Thursday morning. 4-hour liquidations have fallen from $15.34 million to $5.87 million, with one-hour liquidations down from $3.90 million to $0.721 million. The chart below shows market conditions throughout the session.

Market eases back from day high but remains in positive territory.
Total Market Cap 260822 Hourly Chart

Top 5 Crypto Pairs to Watch This Week: BTC, CHZ, FLOW, OP, and YFI

Key Insights:

  • Bitcoin (BTC) will need a bullish Sunday session to record a third consecutive weekly rise.
  • While market reaction towards US economic indicators and sentiment towards the Fed influence, network news updates were also key drivers.
  • The shift in sentiment towards the US economy was evident in the technical indicators for BTC, CHZ, FLOW, OP, and YFI.

For the week ending August 7, the total crypto market cap is on target for a fifth consecutive weekly rise. The current upswing saw the crypto market end a three-month losing streak in July.

Crypto market cap
Crypto market cap 070822 Weekly Chart

Bearish sentiment early in the week saw the market cap fall to a low of $1,017 billion. Investor fears of a US economic recession weighed on riskier assets ahead of the key US stats of the week.

The ‘dovish’ 75-basis point Fed rate hike and the US economic contraction in the second quarter had delivered support. However, the prospects of a US economic recession led to a six-day losing streak.

Impressive US nonfarm payroll figures changed the mood going into the weekend. In July, nonfarm payrolls surged by 528k, beating a 250k forecast. The NFP figures and better-than-expected service sector PMI numbers eased recession fears. However, bets of a 75-basis point rate hike increased.

Following the best monthly showing since 2020, the NASDAQ 100 rose by 2.15%. The upside was modest, with geopolitics and sentiment towards the Fed limiting the upside.

The correlation between the NASDAQ 100 and the crypto market remained firmly in place, as evidenced below.

NASDAQ correlation
NASDAQ-Crypto 070822 Weekly Chart

Recent crypto network news updates have put several coins back in the spotlight. While Ethereum (ETH) Merge updates remained the key focal point, other updates have highlighted a pickup in activity across the digital asset space.

Chiliz (CHZ), Flow (FLOW), Optimism (OP), and yearn-finance (YFI) are among the coins currently trending and enjoying positive price action.

In addition to further network updates, the US economic calendar will continue to provide direction. On Wednesday, US consumer price inflation numbers will be the key stats of the week. Following better-than-expected US nonfarm payroll numbers, another spike in inflation could fuel bets of a one percentage point rate hike, crypto market negative.

We expect the NASDAQ 100 to continue to drive appetite for BTC and the broader market. However, CHZ, FLOW, OP, and YFI could decouple from BTC and the NASDAQ 100.

Bitcoin (BTC)

This week, Monday through Sunday morning, bitcoin (BTC) was down 1.62% to $22,931. BTC struck a Wednesday high of $23,616 before falling to a Thursday low of $22,418. On Friday, US economic indicators delivered the single upswing of the week. However, BTC failed to revisit the $24,000 handle.

BTC movements reflected the market reaction to the US economic indicators and sentiment towards Fed monetary policy.

The Bitcoin Fear & Greed Index reflected investor caution, falling from 42/100 on July 30 to 30/100 on Sunday morning.

Timeline Description automatically generated

At the time of writing, BTC was down 0.11% to $22,931.

Looking at the trends, a BTC move through the July high of $24,619 to $25,000 would support a run at the June high of $31,956. From $31,956, a move through $35,000 would bring the May high of $40,004.

However, a fall back to sub-$20,000 would give the bears a look at the current year low of $17,601,

BTC under pressure at sub-$23,000
BTCUSD 070822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. This morning, bitcoin sat above the 100-day EMA, currently at $22,828.

The 50-day narrowed to the 100-day EMA, while the 100-day EMA pulled away from the 200-day EMA, delivering mixed BTC signals.

A 50-day EMA widening from the 100-day EMA would support a break out from the July high of $24,619, with a return to $25,000 to give BTC a look at $30,000.

However, BTC would need to hold above the 100-day EMA to avoid the 200-day EMA, currently at $22,600, and a return to sub-$20,000.

EMAs bullish
BTCUSD 070822 4-Hourly Chart

Chiliz (CHZ)

This week, Monday through Sunday morning, Chiliz (CHZ) was up 18.00% to $0.1442.

A bullish start to the week saw CHZ surge from a low of $0.1214 to a Monday high of $0.1631 before easing back.

Network news updates delivered the Monday breakout session. News of Socios.com investing $100 million to support Barcelona FC’s Web3 goals was the key. The Scoville testnet launch for Chiliz Chain 2.0 added further support.

With the European football season underway, investor interest in CHZ could grow in the coming weeks.

At the time of writing, CHZ was down 1.37% to $.1442.

Looking at the trends, a move through this week’s high of $0.1631 would support a run at the May high of $0.1974. From there, CHZ would have a free run at the March high of $0.3312 to bring $0.40 into view.

A fall back to sub-$0.1250 would give the bears a look at sub-$0.10 and the current-year low of $0.0798.

CHZ finds support
CHZUSD 070822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. CHZ sat above the 50-day EMA, currently at $0.1377.

The 50-day pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish CHZ price signals.

Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after testing support at the 50-day EMA on July 27.

However, a fall through the 50-day EMA could bring the 100-day EMA, currently at $0.1288, and the current week’s low ($0.1214) into play.

EMAs bullish
CHZUSD 070822 4 Hourly Chart

Flow (FLOW)

This week, Monday through Sunday, Flow (FLOW) was up 32.12% to $2.5500.

A bearish start to the week saw FLOW fall to a Tuesday week low of $1.81. However, network news updates drove FLOW to a Thursday high of $3.77 before easing back.

News of Meta announcing the introduction of digital collectibles to showcase NFTs on Instagram delivered support.

At the time of writing, FLOW was down 0.78% to $2.5500.

Looking at the trends, a move through this week’s high of $3.77 would support a run at the May high of $5.21. From $5.21, FLOW would have a free run at the April high of $8.17 to bring $10.00, last visited in December 2021.

A fall to sub-$2.00 would bring the July low of $1.37 and the June 18 current year low of $1.16 into view.

FLOW in a breakout week
FLOWUSD 070822 Daily chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal on Sunday. FLOW sat above the 50-day EMA, currently at $2.2599.

The 50-day pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish FLOW price signals.

Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after the August 4 breakout from the 50-day EMA.

However, a fall through the 50-day EMA could bring the 100-day EMA, currently at $2.0585, and sub-$2.00 into view. An extended sell-off would target the 200-day EMA, currently at $1.9297, and the current August low of $1.81.

EMAs bullish
FLOWUSD 070822 4 Hourly Chart

Optimism (OP)

This week, Monday through Sunday morning, Optimism (OP) was up 22.47% to $1.9400.

A bearish start to the week saw OP fall to a Tuesday low of $1.362 before surging to a Thursday high of $2.238.

News from Aave (AAVE) of the launch of the OptimismFND Liquidity Mining Program delivered OP price support. According to the announcement,

“The program will run for 90 days with a distribution of 5M OP to the Aave Protocol’s Optimism Market users.”

The latest network update followed news of Curve Finance submitting a governance proposal on Optimism for 100 million OP tokens for distribution on the Curve Pool that delivered support. In the previous week, the platform also released Drippie, a new transaction system, which added further support.

At the time of writing, OP was up 2.05% to $1.9400.

Looking at the trends, a return to $2.00 would support a breakout from the week high of $2.238 to target $3.00. However, market sentiment across the broader crypto market will need to remain bullish for OP to break down resistance at $2.50.

A fall back to sub-$1.70 would give the bears a look at sub-$1.50 and the August low of $1.362.

(There is no EMA technical analysis due to the available price points).

OP in a bullish trend
OPUSD 070822 Daily Chart

Yearn.finance (YFI)

This week, yearn.finance (YFI) is up a modest 5.51% to $11,472. YFI surged by 68% in the final week of July.

A mixed start to the week saw YFI give up Monday gains, falling to a Wednesday low of $10,382. Supported by the broader crypto market and US economic indicators, YFI struck a Friday high of $12,323 before easing back.

The planned August launch of veYFI delivered support.

At the time of writing, YFI was down 2.08% to $10,873

Looking at the trends, a breakout from the July high of $14,239 would give YFI a free run at the May high of $18,565. However, YFI needs to return to the $20,000 handle to avoid a reversal. A pullback to sub-$10,000 would see YFI face intense selling pressure.

YFI consolidates the previous week breakout
YFIUSD 070822 Daily Chart

Looking at the 4-hourly chart and the EMAs, the signal was bullish. YFI steered clear of the 50-day EMA, currently at $10,786.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA breaking out from the 200-day EMA, both positive YFI indicators.

A further widening of the 50-day EMA from the 100-day EMA would support a breakout from the July high of $14,239 to target the May high of $18,565. However, a fall through the 50-day EMA would bring sub-$10,000 and the 100-day EMA, currently at $9,692, into view.

EMAs bullish
YFIUSD 070822 4 Hourly Chart

Crypto Market Daily Highlights – SOL Falls While Optimism (OP) Surges

Key Insights:

  • It is a mixed Wednesday session for the crypto top ten, with Solana (SOL) in the red to buck the top ten trend.
  • Geopolitics took a back seat as investors responded to upbeat US economic indicators and corporate earnings.
  • The Wednesday bullish session sees the total crypto market cap ending a four-day losing streak, with the market cap rising by $14 billion.

It is a mixed Wednesday session for the crypto top ten. Bitcoin (BTC) fails to revisit the $24,000 handle for the third consecutive session, while SOL suffers at the hands of a Solana wallet heist.

A busier day on the economic calendar provided the crypto market with direction. While geopolitics remained a focal point following Nancy Pelosi’s Taiwan visit, US economic indicators eased fears of a US recession.

In July, the ISM Non-Manufacturing PMI unexpectedly rose from 55.3 to 56.7. Economists forecast a PMI of 53.5. With services accounting for more than 70% of the US economy, the numbers delivered the FOMC hawks a reason to skew towards a 75% basis point rate hike in September.

US corporate earnings also delivered market support and a NASDAQ 100 breakout session. PayPal (PYPL) jumped by 9.25% on a rosy earnings forecast, supporting the NASDAQ 100’s 2.59% rally.

US corporate earnings have influenced the crypto market this earnings season. Crypto investors showed sensitivity to earnings results and outlooks from Amazon.com (AMZN), Apple Inc. (AAPL), Microsoft (MSFT), and Walmart (WMT).

NASDAQ influences
Total Market Cap – NASDAQ – 040822 5 Min Chart

The Total Crypto Market Cap Aims to End Four Day Losing Steak

On Wednesday, the total crypto market cap slid to a day low of $1,023 billion before rising to a high of $1,074 billion.

However, another bearish end to the session sees the market cap back down to $1,054 billion. The total crypto market cap is up $14 billion, reducing the August deficit to $5.7 billion.

Crypto market ends 4-day losing streak
Total Market Cap 040822 Daily Chart

A shift in market focus away from the US-China tensions to US economic indicators and corporate earnings delivered the boost. Cybercriminal activity failed the dampen the mood, despite the news of several attacks hitting the crypto wires.

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

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

BNB is up 6.41% to lead the way, with ADA (+2.62%) a distant second.

BTC (+1.07%), DOGE (+1.31%), ETH (+0.24%), and XRP (+0.81%) also find support.

SOL bucks the trend, falling by 0.73%.

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

Optimism (OP), Lido DAO (LDO), and Stacks (STX) are among the front runners.

OP is up 35.77%, with LDO and STX gaining 16.29% and 8.16%, respectively.

At the other end of the table, Cronos (CRO), Oasis Labs (ROSE), and yearn.finance (YFI) are among the biggest losers. CRO is down 5.38%, with ROSE and YFI falling by 3.17% and 3.03%, respectively.

Total Crypto Liquidations Ease Back in Positive Crypto Session

24-hour liquidations are declining ahead of the Thursday session, reflecting improving crypto market conditions. A pullback in 24-hour liquidations coincides with the crypto market ending the four-day losing streak that saw BTC fall back to the $22,600 handle before finding support.

At the time of writing, 24-hour liquidations stand at $120 million, down from $208 million on Wednesday morning.

Liquidated traders declined over the last 24 hours. At the time of writing, liquidated traders stand at 43,241 versus 78,905 on Wednesday morning.

While four-hour liquidations also signal steadying market conditions, one-hour liquidations reflect the late crypto pullback.

Crypto liquidations ease
Total Crypto Liquidations 040822

According to Coinglass, four-hour liquidations stand at $13.04 million versus $37.01 million on Wednesday morning. One-hour liquidations are down from $5.39 million to $3.88 million, while up from Tuesday’s $1.28 million (see hourly crypto market cap chart below).

Market caps slips
Total Market Cap 040822 Hourly Chart

Daily News Highlights

  • Solana (SOL) became the victim of a “multimillion dollar heist.”
  • New York regulator slapped Robinhood (HOOD) with a $30 million fine.
  • Nomad Bridge hackers returned $9 million in USDT and USDC after a $190 million exploit.

Crypto Price Analysis August 3: OP, STX, 1INCH, YFI, RUNE

Key Insights:

  • Optimism led the bullishness with a 23.74% rise today.
  • The likes of Yearn.Finance could be seen countering the bullishness with a 4.5% drop.
  • Bitcoin and Ethereum joined the broader market trend to rise to $23k and $1.6k.

While the crypto market did not gain a lot today, the $23 billion rise was still a good sign after days of losing out money.

This slight recovery was also backed by the king coin and the altcoin king as both rose to trade at $23,092 and $1,664, respectively.

Optimism (OP)

The altcoin gained significantly today, rising by 23.74% in the last 24 hours to inch closer to $2. This places the OP’s month-long rally at 314.59%.

The Bollinger Bands indicate excessive volatility in the market, which makes the altcoins susceptible to price swings and corrections.

Stacks (STX)

STX also noted an incline, although of just 7.5%, to keep its price from falling by a lot. At the time of writing, the white dots of the Parabolic SAR moved below the candlesticks once again, indicating an uptrend.

This would be helpful to the coin in recovering the losses it witnessed during the 42.26% crash of June.

1Inch (1INCH)

The altcoin followed in the footsteps of STX as it also rose by just 7.45% from yesterday’s lows to maintain $0.75 as support.

Despite the red bar on the Awesome Oscillator, 1INCH is still noting bullishness which is crucial in the recovery of June’s 45% dip.

Yearn.Finance (YFI)

The altcoin was one among the few that observed a decline today, slipping by 4.58% to trade at $11,116.17. However, despite this decline, YFI still has the 116.29% rally from July intact.

This will counter the outflows observed on the Chaikin Money Flow to push the recovery of May’s 46.37% dip.

ThorChain (RUNE)

RUNE also managed to clock in a 7.83% rise thanks to the broader market bullish trend. This saved the altcoin from losing the recovery of June’s losses.

However, the mixed signal visible on the MACD might make it difficult to ascertain when RUNE could recover the 60.49% losses of May as well.

Top 5 Crypto Pairs to Watch This Week: BTC, ETC, OP, UNI, and YFI

Key Insights:

  • Bitcoin (BTC) rose for the fourth week in six, supported by a shift in sentiment towards Fed monetary policy.
  • Ethereum Classic (ETC) continued the bullish upward trend, supported by investor sentiment towards the Ethereum (ETH) Merge.
  • The shift in sentiment was evident in the technical indicators. The EMAs for BTC, ETC, OP, UNI, and YFI delivered bullish signals.

In the week ending July 31, the total crypto market cap was on target for a fourth consecutive weekly rise. Significantly, the crypto market was also on target to end a three-month losing streak.

Market cap
Market Cap 310722 Weekly Chart

Bearish sentiment early the week saw the market cap fall to a low of $924 billion. Market apprehension ahead of the Wednesday Fed policy decision weighed on riskier assets.

However, a dovish 75-basis point Fed rate hike and US economic indications on Thursday supported a breakout week.

Hopes of a softer pace of interest rate hikes, supported by a US economic contraction in Q2 led to the markets pricing out a 75 basis point hike in September.

US corporate earnings also delivered support, with Microsoft (MSFT), Amazon (AMZN), and Apple (AAPL) providing positive forward outlooks to support riskier assets.

Walmart (WMT) had spooked the markets with a gloomy outlook before the trio delivered the market boost.

Supported by a bullish final week, the NASDAQ 100 ended July up 12.35%, the best monthly showing since 2020.

The correlation between the NASDAQ 100 and the crypto market remained firmly in place.

NASDAQ correlation
NASDAQ – Crypto 310722 Weekly Chart

Ethereum (ETH) Merge updates remained the key driver for Ethereum Classic (ETC), with Optimism (OP) also making a move on network news. Improved market conditions delivered much-needed support to yearn.finance (YFI) and Uniswap (UNI).

Over the weekend, it was a mixed session, with a Saturday breakout fizzling out before crypto support kicked on Sunday.

This week, the US economic calendar will influence. ISM survey-based PMI numbers are due out on Monday and Wednesday. On Thursday, jobless claims will also provide direction ahead of the nonfarm payroll numbers on Friday.

Expect the ISM Non-Manufacturing and nonfarm payroll figures to have a material impact on the NASDAQ 100 and the crypto market.

Investors will also need to monitor FOMC member chatter and corporate earnings.

Bitcoin (BTC)

This week, Monday through Sunday morning, bitcoin (BTC) was up 5.32% to $23,786.

A bearish start to the week saw BTC fall to a Tuesday low of $20,733 before striking a Saturday and a new July high of $24,619.

However, a choppy weekend saw BTC give up the $24,000 handle going into Sunday.

BTC movements in the week reflected the market reaction to the Fed policy decision, US economic indicators, and corporate earnings.

Last week, the Bitcoin Fear & Greed Index hit its highest level since April 6, rising to 42/100 before easing back. The Index fell just short of the neutral zone that begins at 46/100.

Bitcoin Fear & Greed Index
Fear & Greed 310722

At the time of writing, BTC was up 0.59% to $23,786.

BTC
BTCUSD 310722 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. This morning, bitcoin sat above the 50-day EMA, currently at $22,978.

The 50-day pulled away from the 200-day EMA. Following the Saturday bullish cross, the 100-day EMA broke clear from the 200-day EMA, delivering bullish BTC signals.

A widening of the 50-day from the 100-day EMA would support a break out from the week high of $24,619. A return to $25,000 give BTC a look at $30,000.

However, BTC would need to hold above the 50-day EMA to avoid the 100-day EMA, currently at $22,442, and a return to sub-$20,000.

EMAs bullish
BTCUSD 310722 4 Hourly Chart

Ethereum Classic (ETC)

This week, Monday through Sunday morning, Ethereum Classic (ETC) was up 58.63% to $40.53.

Tracking the broader market, ETC fell to a Tuesday low of $22.89 before surging to a Friday high of $45.27. While finding support from the broader market, progress towards the Ethereum Merge continued to drive ETC demand.

At the time of writing, ETC was up 2.74% to $40.53.

Looking at the trends, a move through the July high of $45.27 would support a run at the April high of $48.63 and $50. Avoiding a fallback to sub-$30 would be the key for ETC to maintain the near-term bullish trend.

ETC
ETCUSD Daily Chart 310722

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. This morning, ETC sat above the 50-day EMA, currently at $32.88.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA breaking out from the 200-day EMA, both bullish ETC signals.

A further widening of the 50-day EMA from the 100-day EMA would support a bullish week ahead. However, ETC will need to hold above the 50-day EMA to avoid a return to sub-$30 and the 100-day EMA, currently at $28.00.

EMAs bullish
ETCUSD 4-Hourly Chart 310722

Optimism (OP)

This week, Monday through Sunday morning, Optimism (OP) was up 85.70% to $1.7070.

A bearish start to the week saw OP fall to a Tuesday low of $0.7458 before surging to a Friday high of $1.9620.

While OP found support from the broader crypto market, news updates from the network also delivered a boost.

News of Curve Finance submitting a governance proposal on Optimism for 100 million OP tokens for distribution on the Curve Pool delivered early support.

The platform also released Drippie, a new transaction system, which added further support.

At the time of writing, OP was down 5.64% to $1.7070.

Looking at the trends, a breakout from the week high of $1.880 would support a run at $2.00. However, market sentiment across the broader crypto market will need to improve for a breakout from $1.90. (There is no EMA technical analysis due to the data points).

OP surges
OPUSD Daily Chart 310722

Uniswap (UNI)

This week, Uniswap (UNI) is up 24.41% to $9.02.

In line with the broader market trend, UNI fell to a Tuesday low of $6.22 before rallying to a Thursday and a new July high of $9.82.

However, bearish going into the weekend, UNI fell back to sub-$9.00.

While finding support from the broader market, news of a move towards ‘Fee Switch’ delivered a boost.

At the time of writing, UNI was up 2.73% to $9.02.

Looking at the trends, a breakout from the July high of $9.82 would bring the April high of $12.30 into view. However, UNI would need to break down resistance at $10.00 to continue the upward trend.

A fall through the last week’s low of $6.22 would bring sub-$5.00 and the current year’s low of $3.33 into play.

UNI
UNIUSD Daily Chart 310722

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. This morning, UNI sat above the 50-day EMA currently at $8.01.

The 50-day pulled away from the 100-day EMA, with the 100-day EMA pulling away from the 200-day EMA, both bullish UNI signals.

A widening of the 50-day EMA from the 100-day EMA would support a run at $10.00 to target the April high. However, UNI would need to hold above the 50-day EMA to avoid the 100-day EMA, currently at $7.45, and the last week low of $6.22.

EMAs bullish
UNIUSD 4-Hourly Chart 310722

Yearn.finance (YFI)

This week, yearn.finance (YFI) is up 68.31% to $11,745.

Tracking the broader market, YFI fell to a Tuesday low of $6,250 before rallying to a Saturday and a July high of $14,239. A late Saturday pullback led YFI back to sub-$12,000 to limit the upside for the week.

While finding support from the broader crypto market, market sentiment toward the anticipated August launch of veYFI delivered the breakout week.

At the time of writing, YFI was down 0.14% to $11,745

Looking at the trends, a breakout from the Saturday high of $14,239 would give YFI a free run at the May high of $18,565. YFI would then need to return to $20,000 to maintain the upward trend. However, a pullback to sub-$7,500 would see YFI face intense selling pressure.

YFI
YFIUSD Daily Chart 310722

Looking at the 4-hourly chart and the EMAs, the signal was bullish. YFI continued to steer clear of the 50-day EMA, currently at $8,719.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA breaking clear of the 200-day EMA, both positive YFI indicators.

A further widening of the 50-day EMA from the 100-day EMA would support a breakout from the week high of $14,239 to target the May high of $18,565. However, a fall through the 50-day EMA would bring sub-$8,000 and the 100-day EMA, currently at $7,782, into view.

EMAs bullish
YFIUSD 4-Hourly Chart 310722

Crypto Market Daily Highlights – SOL and XRP Led the Top Ten

Key Insights:

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

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

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

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

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

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

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

NASDAQ correlation
Total Market Cap – NASDAQ – 310722 Daily Chart

The Total Crypto Market Cap Sees Four Day Winning Streak End

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

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

Crypto market cap
Total Market Cap 310722 Daily Chart

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

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

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

It was a mixed session for the crypto top ten.

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

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

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

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

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

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

Total Crypto Liquidations Suggest Improving Market Conditions

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

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

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

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

Crypto liquidations
Total Crypto Liquidations 310722

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

Crypto market settles
Total Market Cap 310722 Hourly Chart

5 Best Performing Coins of the Week – OP, ETC, ROSE, LDO, and YFI Lead

Key Insights:

  • It was a bullish Monday to Friday for the crypto market, supported by a shift in sentiment towards Fed monetary policy.
  • Optimism (OP) led the way, surging by 100%.
  • Ethereum Classic (ETC), Lido DAO (LDO), Oasis Network (ROSE), and yearn.finance (YFI) made up the rest of the top 5.

Monday to Friday, July 29, the total crypto market cap increased for a fourth consecutive week.

Crypto weekly market cap
Crypto Market Cap Weekly 300722

A dovish 75-basis point rate hike on Wednesday and US Q2 GDP numbers on Thursday delivered the crypto market a breakout session.

The US economy contracted by 0.9% in Q2, following a 1.6% contraction in the first quarter. Economic woes led the markets to price out a 75% basis point rate hike in September, which was crypto market positive.

Adding to the upside in the week included US corporate earnings. While Walmart (WMT) spooked the global financial markets with a grim outlook on Tuesday, Microsoft (MSFT), Amazon.com (AMZN), and Apple Inc. (AAPL) laid out positive earnings outlooks to add support to riskier assets.

Correlation with the NASDAQ 100 remained in place throughout the week, with the NASDAQ 100 rising by 4.7%.

NASDAQ correlation
Crypto – NASDAQ Daily Chart 300722

From the crypto news wires, investor sentiment toward the Ethereum (ETH) Merge continued to deliver support. Upbeat crypto market sentiment also allowed investors to brush aside news of a delay to the (ADA) Vasil hard fork.

Across the CoinMarketCap crypto top 100, the bullish week saw several cryptos outperform the broader market.

Optimism (OP) led the way. Ethereum Classic (ETC), Lido DAO (LDO), Oasis Network (ROSE), and yearn.finance (YFI) also outperformed the pack.

Optimism (OP)

Last week, Optimism (OP) surged by 99.85% to end the week at $1.837. A bearish start to the week saw OP fall to a week low of $0.7458 before rallying to a Friday high of $1.732.

A late Friday decline saw OP ease back to end the week at sub-$1.50.

While broader crypto market sentiment delivered support, Optimism news updates delivered the breakout week.

News of Curve Finance submitting a governance proposal on Optimism for 100 million OP tokens for distribution on the Curve Pool delivered early support.

The platform also released Drippie, a new transaction system, which added further support.

At the time of writing, OP was down 3.59% to $1.775. A choppy start to the weekend saw OP jump to a July high of $1.880 before sliding into the red.

Looking at the trends, a breakout from the week high of $1.880 would support a run at $2.00. However, market sentiment across the broader crypto market will need to improve for a breakout from $1.90. (There is no EMA technical analysis due to the available price points).

OP
OPUSD 300722 Daily Chart

Ethereum Classic

Last week, Ethereum Classic (ETC) jumped by 58.51% to end the week at $40.50.

Progress towards the September Ethereum Merge continued to drive ETC back towards the current year’s high of $52.88.

A bearish start to the week saw ETC fall to a Tuesday low of $22.89 before surging to a Friday and a new July high of $42.35.

Despite a pullback from the week high, ETC avoided a return to sub-$40.

At the time of writing, ETC was down 1.11% to $40.05. A mixed start to Saturday saw ETC fall to an early low of $39.64 before rising to a high of $41.25.

Looking at the trends, a breakout from the July high of $42.35 would bring the April high of $52.88 into view. A move through $52 would give ETC a run at the November 2021 high of $65.26.

Downside risks remain should developers announce any possible delays to the September Merge.

ETC Daily
ETCUSD 300722 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal on Saturday. ETC sat above the 50-day EMA, currently at $30.59.

The 50-day pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish ETC signals.

Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after testing support at the 50-day EMA on July 26.

However, a fall through the 50-day EMA could bring sub-$30 and the 100-day EMA, currently at $26.17, into play.

ETC EMAs
ETCUSD 300722 4-Hourly Chart

Lido DAO (LDO)

Last week, Lido DAO (LDO) rallied by 49.02% to $ 2.435.

Tracking the broader market, LDO fell to a Tuesday low of $1.321 before rallying to a Thursday high of $2.658.

Despite a pullback from the week high, LDO avoided a return to sub-$2.00, with three bullish days from five sessions delivering the upside.

Progress towards the Ethereum Merge delivered LDO the breakout week.

Away from the technicals and Merge updates, Ether staking numbers provided direction. The staking numbers dictate the LDO correlation with ETH, which could leave LDO in the hands of the Merge update news.

At the time of writing, LDO was down 0.50% to $2.396. A mixed start to Saturday saw LDO rise to an early high of $2.570 before falling to a low of $2.392.

Looking at the trends, a breakout from Thursday’s high of $2.658 would give LDO a free run at the May high of $3.56. From there, LDO would need to return to $4.00 levels to maintain the upward trend. However, a pullback to sub-$2.00 would see LDO face intense selling pressure.

LDO daily
LDOUSD 300722 Daily Chart

Looking at the 4-hourly chart and the EMAs, the signal was bullish. On Monday, LDO continued to steer clear of the 50-day EMA, currently at $1.8321, to target a return to $3.00.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA breaking clear of the 200-day EMA, both positive LDO indicators.

A further widening of the 50-day EMA from the 100-day EMA would support a run at $3.00. However, a fall through the 50-day EMA would bring the 100-day EMA, currently at $1.5626, and sub-$1.50 levels into view.

LDO EMAs
LDOUSD 300722 4-Hourly Chart

Oasis Labs (ROSE)

Last week, Oasis Labs (ROSE) rallied by 56.36% to $8.24.

Tracking the broader market, ROSE fell to a Tuesday low of $0.0465 before striking a Friday and a July high of $0.0860.

While finding support from the broader crypto market, news of Oasis Labs partnering with Meta (META) contributed to the upside.

At the time of writing, ROSE was down 1.82% to $0.0810. ROSE increased to an early high of $0.0853 before falling to a low of $0.0804.

Looking at the trends, a breakout from the July high of $0.0860 would give ROSE a free run at the May high of $0.1895. However, ROSE will need to break down resistance at $1.00 to support the upward trend.

A fall back to sub-$0.070 would bring the June and current year low of $0.0417 into play.

ROSE Daily
ROSEUSD 300722 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. This morning, ROSE sat above the 50-day EMA, currently at $0.0584.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA converging on the 200-day EMA, both bullish ETH signals.

A bullish cross of the 100-day EMA through the 200-day EMA would support a run at $0.100 to bring the May high into play. However, ROSE would need to hold above the 50-day EMA to avoid the 200-day EMA, currently at $0.559, and the current year low.

ROSE EMAs
ROSEUSD 300722 4-Hourly Chart

Yearn.finance (YFI)

Last week, yearn.finance (YFI) rallied by 58.11% to $11,033.

Tracking the broader market, YFI fell to a Tuesday low of $6,250 before rallying to a Friday and a July high of $11,253.

While finding support from the broader crypto market, market sentiment toward the anticipated August launch of veYFI delivered the breakout week.

At the time of writing, YFI was up 0.55% to $11,094. A bullish start to the weekend saw YFI rise to a new July high of $11,551 before easing back.

Looking at the trends, a breakout from the Saturday high of $11,551 would give YFI a free run at the May high of $18,565. From there, YFI would need to return to $20,000 levels to maintain the upward trend. However, a pullback to sub-$7,500 would see YFI face intense selling pressure.

YFI Daily
YFIUSD 300722 Daily Chart

Looking at the 4-hourly chart and the EMAs, the signal was bullish. YFI continued to steer clear of the 50-day EMA, currently at $7,491, to target a return to $15,000.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA breaking clear of the 200-day EMA, both positive YFI indicators.

A further widening of the 50-day EMA from the 100-day EMA would support a run at $15,000 to target the May high. However, a fall through the 50-day EMA would bring sub-$7,000 and the 100-day EMA, currently at $6,983, into view.

YFI EMAs
YFIUSD 300722 4-Hourly Chart

Crypto Market Daily Highlights – June 25 – BTC and ETH Make Ground

  • It was a mixed session for the crypto to ten, with bitcoin (BTC) extending its winning streak while Binance Coin (BNB) saw red.
  • There were no major news stories to provide direction on Saturday, allowing momentum from Friday to spill over to the weekend.
  • After adding $24 billion on Friday, the total crypto market cap rose by a modest $11.5 billion.

It was a mixed session for the crypto market on Saturday. Bitcoin (BTC) logged a second 3-day winning streak of the week, while Binance Coin (BNB) saw red to buck the top ten trend.

There was no major news to derail the latest uptrend, with the crypto market needing to make it four in a row to convince investors of a possible shift from the extended bearish sell-off.

The week ahead will likely be another choppy one with inflation back in focus.

The Total Crypto Market Cap Inches Nearer to $1,000bn

Following a $27 billion rise on Friday, the total crypto market cap increased by $11.5 billion on Saturday. A day high of $954 billion saw the market cap near $1,000 billion, last visited on June 13.

Crypto market cap rises.
Total Market Cap 260622 Daily Chart

Investors continued to put aside downside risks, including fears of a recession, with momentum from Thursday and Friday continuing into the weekend.

For the week, the total market cap is currently up by $58 billion, reducing the June deficit to $354 billion.

On Saturday, DOGE led the way, rising by 2.35%, with BTC (+1.15%) and ETH (+1.38%) close behind.

However, SOL (+0.76%) and XRP (+0.23%) saw modest gains, with ADA ending the day flat.

BNB bucked the trend, falling by 0.21%.

From the CoinMarketCap top 100, The Sandbox (SAND) led the broader market, rallying by 16.3%.

The market speculation of a possible investor buyout of The Sandbox delivered the breakout session on Saturday.

This week, tech companies, including Epic Games, Meta, Microsoft, and Sony, partnered to form the Metaverse Standards Forum.

Decentraland (MANA) also found strong support, gaining 9.0%.

Total Crypto Liquidations Eased, Reflective of Saturday’s Moves

The recent downward trend in total crypto liquidations resumed on Saturday, reflective of market movements.

Going into Sunday, total liquidations stood at $130 million, down from a Saturday morning of $192 million. 54,137 traders were liquidated over the past 24 hours.

One-hour liquidations were also steady. According to Coinglass, one-hour liquidations stood at $5.68 million.

Crypto liquidations ease
Total Crypto Liquidations 260622

Daily News Highlights

  • The Sandbox (SAND) and Decentraland (MANA) enjoyed breakout sessions supported by the formation of the Metaverse Standards Forum.
  • DeFi tokens continued their uptrend as investors began to dip back into the space following the collapse of TerraUSD (UST) and Terra LUNA.
  • Binance CEO CZ told Yahoo! Finance that the company is looking at 50 to 100 deals.
  • News hit the crypto wires of FTX planning to buy a stake in BlockFi.
  • The Wall Street Journal reported Goldman Sachs eying a possible acquisition of Celsius.

YFI Price Prediction: Yearn.Finance (YFI) Eyes a Run at $9,000

Key Insights:

  • Yearn.Finance (YFI) surged by 30.5% on Friday. The breakout followed a 9.2% rally on Thursday, as demand for riskier assets bounced back.
  • The appetite for DeFi tokens was the key driver, however, with DeFi tokens on the move.
  • Technical indicators are bullish, with YFI sitting at the 200-day EMA.

On Friday, Yearn.Finance (YFI) surged by 30.53%. Following a 9.15% rally on Thursday, YFI ended the day at $7,084.

A range-bound morning saw YFI fall to a mid-morning low of $5,351 before making a move.

Steering clear of the Major Support Levels, YFI broke through the day’s Major Resistance Levels to strike a late high of $8,075.

Despite a late pullback to $7,000 levels, YFI held above the Third Major Resistance Level at $6,375.

After two breakout sessions, it was a testy start to the weekend.

Yearn.Finance Finds Support as Demand for DeFi Tokens Surges

Demand for DeFi tokens has improved, supported by the pickup in investor appetite for cryptos.

With the broader crypto market recovering from current year lows, the battered DeFi space has found greater investor interest.

DeFi tokens Avalanche (AVAX) and Near Protocol (NEAR) have seen increased demand in recent days.

On Friday, AVAX rallied by 11.8%, with NEAR ending the day up 12.3%, with both on the move this morning.

The current trend is aligned with the TVL numbers, suggesting that the recovery may be sustainable.

However, much will depend on events across the crypto market, sentiment toward Fed monetary policy, and the economic outlook. Headwinds remain that leave the broader market exposed to the threat of another reversal.

According to DeFi Llama, the total value locked increased by 2.89% over 24 hours.

TVL 250622

Yearn.Finance (YFI) Price Action

At the time of writing, YFI was down 2.10% to $6,935.

A mixed morning saw YFI rise to an early high of $7,334 before falling to a low of $6,847.

YFI left the Major Support and Resistance Levels untested.

YFI finds demand
YFIUSD 250622 Daily Chart

Technical Indicators

YFI will need to avoid the $6,835 pivot to target the First Major Resistance Level at $8,321.

A broad-based crypto rally would support a breakout from the Friday high of $8,075.

In the event of another extended rally, the bulls could target the Second Major Resistance Level at $9,559 and resistance at $10,000. The Third Major Resistance Level sits at $12,285.

A fall through the pivot would bring the First Major Support Level at $5,598 into play. Barring a bearish afternoon session, YFI should steer well clear of sub-$5,500. The Second Major Support Level sits at $4,113.

YFI
YFIUSD 250622 Hourly Chart

The EMAs and the 4-hourly candlestick chart (below) send a bullish signal. YFI sat above the 100-day EMA, currently at $5,785. This morning, the 50-day EMA closed in on the 100-day EMA. The 100-day EMA narrowed to the 200-day EMA, both bullish signals.

A move back through the 200-day EMA would bring the Major Resistance Levels into play.

EMAs bullish
YFIUSD 250622 4-Hourly Chart

Crypto Market Daily Highlights – June 24 – SOL and XRP Lead the Charge

Key Insights:

  • It was another bullish session for the crypto market on Friday, with Solana (SOL) and Ripple (XRP) leading the top ten.
  • The crypto majors tracked the US equity markets, with improved market risk sentiment delivering the NASDAQ a 3.34% gain.
  • After adding $48 billion on Thursday, the total crypto market cap rose a further $25 billion.

It was another bullish session for the crypto market on Friday. Bitcoin (BTC) and the broader market tracked the NASDAQ 100 to deliver a second consecutive daily rise.

Sliding commodity prices eased pressure on riskier assets within the week, with WTI crude falling back from $110 levels. The Bloomberg Commodity Index (BCI) ended the week with a 4.28% loss, reflecting a broad-based decline in commodity prices.

The weekly chart below reflects the inverse correlation between WTI and the NASDAQ 100 and bitcoin.

WTI - NASDAQ/BTC
NASDAQ BTC WTI 250622 Weekly Chart

A sustained pullback in commodity prices could impact the Fed’s interest rate trajectory and support riskier assets.

BTC - NASDAQ correlation
BTC-NASDAQ 250622 5 Minute Chart

The Total Crypto Market Cap is on Approach to $1,000bn

Following a $48 billion rise on Thursday, the total crypto market cap is heading for a $27 billion increase on Friday. A bullish Friday session saw the market cap hit a day high of $946 billion before easing back.

crypto market cap rises.
Total Market Cap 250622 Daily Chart

While headwinds remain, investors put aside sentiment toward inflation, central bank monetary policy, and the economic outlook.

Fed Chair Powell’s testimony and the Fed’s commitment to bringing inflation to target at any cost will continue to resonate. A sustained downward trend in crude oil prices would ease some headwind pressure.

Two bullish sessions leave the total market cap in positive territory for the week while down by more than $350 billion for June. Currently sitting at $937 billion, investors will want to see the total market cap head towards the $1.5 trillion mark to shift sentiment.

Friday’s bullish sentiment was evident across the crypto market top ten.

SOL and XRP are leading the way, with gains of 9.8% and 10.1%, respectively, with ETH up 7.1%.

ADA (+5.2%), BNB (+5.2), and DOGE (+6.3%) weren’t far behind, while BTC trailed (+1.2%).

From the CoinMarketCap top 100, Axie Infinity (AXS) was a front runner, up by 15.8% at the time of press. News of Axie Infinity beginning to reimburse Ronin Bridge hack victims, starting next week, delivered support.

Outside of the top 100, but likely to reemerge, is yearn.finance (YFI), which was up 46%.

Improving crypto market conditions have supported DeFi tokens this week. On Friday, Avalanche (AVAX) and Near Protocol (NEAR) were heading for gains of 13% and 12%, respectively.

While DeFi tokens found support, the total value locked continues to sit at March to April 2021 levels. At the time of writing, the total value locked stood at $76.7bn. While up 5.2% on Friday, the TVL sits well below a December peak of $254 billion.

DeFi total value locked.
DeFI TVL 250622

As the dust continues to settle from the collapse of TerraUSD (UST) and Terra LUNA, DeFi tokens may find more investor interest.

Total Crypto Liquidations Inched Up, Highlighting Downside Risks

The recent downward trend in total crypto liquidations came to an end.

Going into Saturday, total liquidations stood at $192 million, up from a Friday morning of $126 million.

However, one-hour liquidations remained at a relatively low level.

According to Coinglass, one-hour liquidations stood at $7 million.

crypto liquidations send mixed messages.
Total Crypto Liquidations 250622

Daily News Highlights

  • Solana (SOL) announced the Q12023 launch of Web3 Android phone “Saga”.
  • Bentley Motors Entered the NFT space with a planned September drop on Polygon.
  • SEC Chair Gary Gensler was back in the news, discussing plans to work with the CFTC to regulate the crypto market.
  • Axie Infinity developer announced plans to begin compensating Ronin bridge hack victims from next week.

DeFi Pulse Index Rises by 13% As Underlying Tokens Rally by Almost 30%

Key Insights:

  • The DeFi Pulse Index inclined by 28% in the last three days.
  • The total Value Locked in the DeFi market has been reduced to just $74 billion.
  • Underlying tokens include Uniswap, AAVE, and Loopring, among others.

The growth of the Decentralized Finance (DeFi) market is essential to the growth of crypto if it intends to make web3 mainstream. But the recent market crash dwindled the faith investors had in DeFi protocols resulting in losses far worse than the recent crash.

The DeFi Pulse Index

Also known as DPI, this Index is a digital asset index designed to track tokens’ performance within the DeFi industry. By evaluating the value of each DeFi token, the DPI bases its Index on either positive or negative.

The protocols that are tracked by the Index are not selected randomly, as only the ones that have major use cases and consistent development and maintenance make it to the Index.

During the recent market crash of June, the Index depreciated by 45.31% and closed at a low of $58.3. Since then, the broader market recovery triggered a rise for the Index as well, resulting in the 28.06% rally bringing the value of DPI to $75.6.

While the DPI has recovered slightly, the DeFi market’s total value recovered by $3 billion as well. However, an increase as minute as this will bring no significant change as the market lost more than $160 billion in the span of 2 months. 

This is because as soon as the crypto market was hit with bearishness, it broke the confidence investors had in DeFi protocols as well.

Add to this the depegging of TerraUSD and the fall of the second biggest DeFi chain in the world, Terra, and you get the decline observed.

The Underlying Tokens

Currently, the DeFi Pulse Index tracks 14 protocols’ performances which affect the value of DPI. These include Uniswap, AAVE, Maker, Loopring, Synthetix, Compound, and Yearn.Finance, SushiSwap, KNC, REN, Balancer, Badger, FARM, and Rari Capital

Of these 14 tokens in the last three days, Synthetix has outperformed every major altcoin to become the leader of the rally with a 109% rise in the span of 24 hours.

In doing so, it recovered the entire crash it witnessed this month and is currently trading at $3.05.

FTM Retreats As TVL Shrinks by 40% in Four Days

Key Insights

  • FTM retreats amid fast decline in TVL. 
  • Total Defi TVL trends are also not encouraging, but there is no panic. 
  • FTM needs to stay above the important support level at $1.25 to avoid an additional sell-off. 

Fantom found itself under strong pressure as TVL declined from $12.09 billion to $7.14 billion amid worries about the exit of Yearn Finance founder Andre Cronje.

DeFi Industry Faces Test Amid Global Rush to Safety

Total DeFi TVL continues to move lower at a measured pace, and the recent trend looks like a normal correction after a huge upside move.

The key question is whether total DeFi TVL will be able to return to growth amid global rush to safety. Safe-haven assets like the U.S. dollar or gold are in a rally mode, while leading cryptocurrencies like Bitcoin and Ethereum have had mixed performance in recent weeks.

The above-mentioned internal developments in the DeFi space may put additional pressure at times of uncertainty, and traders will have to closely monitor the dynamics of the total DeFi TVL to evaluate whether there is “contagion” from the recent developments in yearn.finance.

FTM Entered the Key Support Area

ftm march 7 2022

FTM found support near $1.32 and is currently trying to get back above the $1.40 level. In case this attempt is successful, FTM will move towards the resistance level near $1.43. A move above this level will push FTM towards the resistance at $1.47. In case FTM manages to settle above $1.47, it will head towards the next resistance at $1.53.

On the support side, FTM needs to stay below $1.40 to have a chance to develop downside momentum in the near term. The next support level for FTM is located near $1.32. If FTM declines below this level, it will head towards the support at $1.25.

It should be noted that FTM has recently entered into the key $1.25 – $1.45 support area, and a move below $1.25 will likely lead to a sell-off.

DeFi Collateral Tanks as Key Developers Bail Out

Key Insights:

  • Yearn Finance founder Andre Cronje quits the crypto space.
  • Fantom and Solidly TVL and token prices dump.
  • DeFi collateral continues to decline on cooling crypto markets.

Collateral in decentralized finance (DeFi) projects is referred to as total value locked (TVL), a measure that has been attributed to the overall health of the ecosystem.

That figure, along with DeFi token prices, has nosedived today following the announcements that some prominent figures in the industry are throwing in the white towel on their projects.

According to industry tracker DeFi Llama, the TVL across all platforms has declined around 3% on the day resulting in a loss of around $15 billion over the past week.

The total figure is now around $193 billion, down 24.6% from its December 2 all-time high of $256 billion. Chinese industry analyst Colin Wu observed that some platforms were hemorrhaging collateral much faster than others.

It should be noted that declines in DeFi TVL are often related to declines in the prices of the underlying tokens, and crypto markets have been down-trending for the past three months.

Cronje Quits

Often dubbed the “godfather of DeFi,” Yearn Finance founder Andre Cronje has deactivated his Twitter account and made an abrupt exit from the space.

Cronje’s colleague from the Fantom Foundation, Anton Nell, confirmed the departure in a tweet on March 6, stating:

“Andre and I have decided that we are closing the chapter of contributing to the defi/crypto space. There are around ~25 apps and services that we are terminating on 03 April 2022.”

He added that this was not a “knee jerk reaction to the hate received from releasing a project, but a decision that has been coming for a while now.”

Cronje has been an instrumental figure in the DeFi sector over the past couple of years with new and innovative ideas and projects. The crypto community is largely split over his decision to quit, with some siding with him and offering support while others are claiming it is a rug pull (when project owners or developers disappear and dump on investors after selling their tokens).

DeFi Tokens Tanking

Unsurprisingly, Yearn Finance tokens (YFI) have tanked 10% on the day in a fall to $18,094 at the time of writing. The native token for the DeFi yield aggregator is currently down 80% from its May 12 all-time high of $90,786, according to CoinGecko.

Fantom’s FTM token has been smashed 19.3% on the day, falling back to $1.34. FTM is now 61% down from its October 28 all-time high of $3.26.

Total value locked for Fantom, an Ethereum (ETH) scaling blockchain co-developed by Cronje, has plummeted 21% overnight. Solidly, another Cronje production has lost 68% in TVL over the past couple of days.

DeFi Protocol Yearn Finance (YFI) Expands to Ethereum’s Arbitrum

Key Insights

  • Yearn.Finance (YFI) recently added support for Arbitrum, a Layer 2 network for Ethereum
  • This integration is set to aid Yearn Finance’s growth by reducing transaction costs and transaction fees involving Ethereum-based tokens
  • Other DeFi platforms that added support for Arbitrum include Uniswap and 1inch

Yearn Finance, the 14th ranked DeFi protocol by total value locked, recently announced its expansion into the Ethereum-based Layer 2 solution Arbitrum. With this expansion, Arbitrum became the first Ethereum Layer-2 to be integrated by the DeFi protocol.

Yearn Finance Integrates with Arbitrum

Yearn Finance is a platform for yield-optimizing DeFi protocols anchored on the Ethereum blockchain. The platform’s primary goal is to maximize returns on your cryptocurrency by arbitraging different lending platforms in search of the best available yield.

Yearn Finance also aids shifting between protocols like dYdX, Aave, and Compound, as interest rates differ between these platforms.

The protocol’s decision to support Arbitrum will allow users to transact Ethereum-based tokens without moving those coins on the Ethereum blockchain itself. The project claims that the integration with Arbitrum could drastically reduce gas costs or transaction fees by a factor of 10.

Yearn Finance’s Twitter account revealed on February 24 that it had deployed its initial instruments to Arbitrum.

What Difference Does Arbitrum Bring?

Arbitrum is an inaugural Ethereum Layer-2 solution that Yearn Finance will add (YFI). This integration comes just a few weeks after the release of Yearn’s vaults on Fantom.

The team revealed that the reasons behind choosing Arbitrum were that the solution is Ethereum’s largest L2 with close to $3 billion in total value locked. Furthermore, the team claims that the deployment will bring gas costs by almost ten times.

That said, major crypto exchanges like FTX and Binance will support Arbitrum’s deposits.

Additionally, the project says that the decision to support a Layer 2 network strengthens its ‘first true love: Ethereum.’ In its inaugural release, Yearn Finance noted that it offers a single vault dubbed Curve’s triCrypto.

It also said that it accepts liquidity in three tokens, namely WBTC, WETH, USDT.

Some other DeFi platforms that added support for Arbitrum include Uniswap and 1inch. Notably, Uniswap began adding support for the Layer-2 solution in May 2021, while 1inch added support for Arbitrum around September last year.

Compound (COMP) up by 11% in the Last 7 Days

COMP, the native token of the DeFi platform, Compound, is enjoying an uptick in price after a 1% increase in the last 24 hours, reaching a high of $242.94 within this timeframe.

Compound’s TVL Rises in Tandem With its Price

The cryptocurrency, which also serves as a governance token for the platform, has been in the green for the past seven days despite the overall dip in the market. With more than an 11% price increase in a week, it appears the COMP is enjoying a mini bull run in the largely bearish market.

The Compound protocol is one of the biggest decentralized finance platforms on Ethereum, and it offers borrowing and lending services. Users on Compound can lend or borrow several other digital assets. 

For those lending on the platform, there’s the benefit of earning interests for the liquidity they provide, and borrowers also have to provide collateral when they borrow. 

As one of the first DeFi platforms, the total value locked in Compound has also grown significantly and is currently over $8 billion.

COMP has a total supply of 10 million tokens and a current circulating supply of 6.3 million. It is an ERC-20 token and was first distributed in June 2020. 

The coin is mainly used for protocol governance through discussions, suggestions, proposals, voting, and delegating voting rights to others. This has made it increasingly valuable as the platform itself grows.

What Could be Pushing Compound’s Recent Rise?

While there are no clear signs of what’s responsible for the recent surge in price, recent significant developments on Compound could have been a catalyst for the growth. In December, Coinbase announced offering access to DeFi yields for its users outside of the United States. It was revealed that the yield, in DAI, would be deposited on Compound. 

The potential for wider adoption of DeFi this year is also another factor that could be causing the price to increase. Like COMP, the native tokens of other popular DeFi platforms such as Yearn.Finance, Aave, and Uniswap have also seen a significant increase in value in the past seven days.

However, COMP has lost some of its early gains at the time of writing, as it’s currently trading around $233 according to data from CoinMarketCap. Even with the increase, it is still a long way off from its ATH of $911 back in May 2021.

Secret (SCRT) up 6% in 24 Hours

No matter how bearish the crypto market might be, there’ll always be digital assets that defy the odds. In the past 24 hours Secret (SCRT) has been one of those tokens.

Secret (SCRT) Rises by 6% in 24 Hours

The relatively unknown token has risen by more than 6% in the past 24 hours, going from $5.776 to as high as $6.876. While it’s already shed some of those gains, it’s still performing well with a current price of around $6.67 as of writing.

With this spike, SCRT is finally rebounding after the pullback that saw it fall from its ATH in late October until mid-December. The recent rise in price is likely due to a greater emphasis on privacy in the crypto community following several talks about more regulatory oversight this year. 

Interestingly, available data on Coingecko shows that the asset has seen its value rise by over 30% in the last 30 days.

This green run has pushed SCRT into the top 100 Cryptocurrencies by market cap as it currently ranks 96 on CoinMarketCap.

Secret Blockchain is Enjoying Wider Adoption

SCRT is the native token of open-source blockchain, Secret. The network provides privacy features for the Ethereum blockchain and select ERC-20 tokens. Secret blockchain, which launched in late 2020, allows holders of Ether and other ERC-20 tokens to create Secret Tokens. 

Secret tokens are programmable versions of their digital assets with privacy features, making such ERC-20 tokens similar to privacy coins such as Monero while still being programmable.

The 14 ERC-20 tokens initially selected to have these privacy features include ETH, Compound (COMP), Yearn.Finance ( YFI), Aave (AAVE), Uniswap ( UNI), Synthetix (SNX), Kyber (KNC), Ocean (OCEAN), Dai (DAI), Maker (MKR), True USD (TUSD) Wrapped BTC (WBTC), Band (BAND) Chainlink (LINK) and Tether (USDT).

The network has a
Secret Ethereum bridge that makes this possible. According to the network, this is part of its effort to bring privacy to public blockchains.

While it might not have gotten as much mainstream attention as popular networks, the adoption of Secret Network is increasing. 

In November 2021, legendary director Quentin Tarantino announced plans to auction NFTs of seven uncut scenes from Pulp Fiction using Secret Network. 

According to the CEO, such NFTs offer more functionalities than regular NFTs as it has two layers, with one layer being secret except for the owner.

Yearn.Finance (YFI) New Year Breakout Continues

What is Yearn.Finance (YFI)?

Yearn.Finance (YFI) is a multi-product platform in the DeFi space. There are three key products currently on offer. These include Vaults, Labs, and Iron Bank.

  • Vaults: Similar to savings accounts, users deposit cryptos and the platform seeks the highest available yields. Users simply need to select their preferred strategy, make a crypto deposit, and let Vaults do the rest. Unlike fixed deposits and other high yielding banking products, users may withdraw their assets at any time.
  • Labs: Users with greater risk appetite can find the latest strategies for enhanced returns.
  • Iron Bank: A DeFi lending product used by protocols and by individuals. Loans are overcollateralized for individuals to account for crypto volatility.

In addition, there is an Earn product. Here the platform moves supported coins between a number of lending protocols to generate the highest yield. Supported coins include DAI, sUSD, tUSD, USDC, and USDT.

The Yearn ecosystem is governed by YFI token holders. Two-thirds of a 9-member multi-signature wallet must agree to any changes.

The Driving Force Behind the Breakout

Yearn.Finance (YFI) has been in the news in recent weeks, driving the latest price breakout. Key, however, was news hitting the wires of a proposed change to the project’s tokenomics. The proposal is to “direct a portion of YFI bought back by the Treasury as rewards to YFI token holders who actively participate in Yearn Governance”. See here for full details of the proposal.

Yearn.Finance (YFI) Price Action

It may not have been the most impressive of years for YFI, which gained just 45% in 2021. YFI closed out the year at $33,000 levels, falling well short of an ATH $95,339 struck in mid-May.

Fortunes appear to have changed, however, following the news hitting the wires of the proposed tokenomics changes.

At the time of writing, YFI was up by 5.77% to $41,391. This morning’s upside follows 4 consecutive days in the green that included a 10.69% New Year’s Day rally. The breakout has seen YFI jump by 45% since 30th December.

Having broken through a December high $39,354, the next key resistance level will be September’s high $43,843. Investors will be watching closely, as a break back through to $45,000 levels would then bring last May’s ATH $95,339 into play.

At the time of writing, Yearn.Finance was ranked 79th on CoinMarketCap, with a market cap of $1,506m.

YFIUSD 030122 Daily

Yearn.Finance Proposes Tokenomics Changes, YFI Rallies

The broader cryptocurrency market is slowly recovering from the bearish trend that has affected it in recent weeks. Bitcoin is trading above the $48k level again after dropping towards $45k yesterday.

Yearn.Finance’s Team Wants to Change the Tokenomics

Yearn.Finance is one of the best-performing cryptocurrencies in the market at the moment. The coin has added more than 10% to its value over the past week, despite the broader market underperforming during that period.

Formerly known as iEarn, Yearn.Finance is an aggregator service for decentralized finance investors. The platform uses automation to allow investors to maximize profits from yield farming. The primary goal of the Yearn.Finance team is to ensure that the DeFi services are available to investors who are not technically inclined

The team proposed a change to the project’s tokenomics. According to the proposed changes, a portion of the YFI tokens would be purchased from the open market using Yearn’s Treasury. The repurchased tokens would be distributed as rewards to YFI holders who are actively involved in the community’s governance.

The team intends to introduce four different methods to reward holders for locking up their tokens. Furthermore, the proposal seeks to grant Yearn Developers the ability to roll out the features accordingly. Finally, the proposal aims to introduce a restriction on Yearn Governance. As such, only YFI tokens staked in phase 1 or locked in phase 2 would be eligible to be used for voting.

YFI Rallies Following Tokenomics Proposal

The value of YFI has been increasing since the proposal for the changes in tokenomics was introduced. Over the past 24 hours, YFI’s value has increased by more than 4%, and the token is now trading above $36k per coin.

The changes in tokenomics would favor the YFI token holders as they would earn more rewards for staking and locking their coins. They would also gain rewards for actively participating in community governance.

YFI’s RSI could soon enter the overbought region. Source: FXEMPIRE

YFI’s technical indicators show that the token is currently performing excellently. YFI is trading above its 100-day simple moving average at $31,407. The MACD line is above the neutral zone, indicating a strong bullish trend from the cryptocurrency. Furthermore, the RSI of 67 shows that YFI could soon enter the overbought region.

If the current market momentum is maintained, YFI could soon top the $40k psychological level over the coming hours.