Cryptocurrencies To Watch

Category: Analysis

Get in-depth analysis and expert insights on the latest trends, market data, and emerging technologies. Stay informed with detailed evaluations and comprehensive breakdowns.

  • Crypto Analysis 24/8: ETH, BNB, SOL, XRP

    Crypto Analysis 24/8: ETH, BNB, SOL, XRP

    ETH and other crypto assets registered notable increases during the previous intraday session. The global cryptocurrency market surged by over 4% in response to the bullish trend.

    Nonetheless, the massive increases were triggered by fundamentals from the Federal Reserve. The chairperson announced that an interest rate cut next month is almost inevitable. Most traders view a rate cut as an inevitable green signal as previous events bode well for the crypto market.

    Bitcoin led the gains with a surge above its fourteen-day high. It went further, surging as high as $64k before corrections saw it halt its advances.

    The latest price improvement across several cryptocurrencies affected some assets in the top 10. Let’s see how they performed

    ETH/USD

    Ethereum recently experienced a notable decrease in gas fees, which some reports claim to be the lowest in the past three years. The drop in gas fees was due to a decline in transactions within the network, resulting in reduced congestion and the computing power required to process transactions.

    The cryptocurrency has seen an increase in buying volume over the last two days, indicated by the presence of green candles and another one being printed at the time of writing. Additionally, the Accumulation/Distribution (A/D) chart is on an upward trend in response to the current market trend.

    Notably, the on-chain Relative Strength Index (RSI) is currently neutral, presenting a stark contrast to the reading from the one-day chart, where the metric indicates an upward trend.

    The latest reading from the highlighted indicators was mostly due to trading action during the previous intraday session. Ethereum had one of its biggest surges during this period, starting trading at $2,623 and surged to a high of $2,800. Although it failed to flip this key level, current trading actions point to another failed attempt.

    The altcoin briefly peaked above $2.8k a few hours ago but is now below the mark. Nonetheless, it is trading at its fourteen-day high, which is currently serving support. It is important to maintain this price level, as a slip will see the coin resume it previous trend below $2,700

    BNB/USD

    BNB is currently printing a red candle for the first time in over four days. The latest action comes after it edged close to $600 but failed to flip it. The coin started trading at $583 during the previous intraday session and peaked at $598.

    The altcoin has recently shown notable increases and is encountering resistance as it continues to rise. The asset has experienced a significant shift in price trajectory as it tries to recover with moderate success. It has slowly climbed since the start of the week. 

    The latest trend is a significant improvement from the previous week’s performance. Last week, Binance coin tested $550 but retraced to $547. Although the coin briefly flipped its pivot point on Saturday when it opened trading at $530, it failed to maintain the trend on Sunday, resulting in nearly a 2% loss. 

    Starting the present seven-day session with gains exceeding 4%, the coin is up by over 8%. It is worth noting that it saw a significant improvement in trading since the surge started. The increase indicates improved traders’ sentiment, which may be the trigger for the uptrend.

    News of the largest exchange reentering India also sparked notable bullish action as more traders have the freedom to trade the asset.

    The coin is currently trading above its pivot point, and it’s crucial for the bulls to sustain the recent trend, as the pivot point may act as vital support in the near future. Furthermore, the MACD has shown bullish divergence over the past seven days despite the relatively low volatility of the altcoin.

    RSI is also on the rise in reaction to the most recent change in market sentiment. The metric peaked at 63 but is arched downwards due to the small drop.

    SOL/USD

    Last week, Solana displayed a bullish performance with an initial gain of over 3%, starting trading at $141 and peaking at $151 before retracting to $146. On Wednesday, it retested the $150 mark after opening at $146, briefly reaching a high of $152 before closing at $143, incurring losses exceeding 2%. The decline continued over the following days, leading SOL to hit a low of $136.

    Despite attempts at recovery, Solana failed to exhibit significant price improvements over the week, culminating in a doji as the session ended. The cryptocurrency has not experienced a clear upward trend, despite several bullish fundamentals, including increased revenue generation within the ecosystem amidst the gradual launch of meme coins.

    However, trading actions in the last 48 hours show a huge improvement. The altcoin started the previous intraday session trading at $143 and surged as the rest of the crypto market did. It broke its ten-day high as it flipped $150. It peaked at $154 and closed with gains of over 7%.

    The uptrend is ongoing and SOL briefly flipped $160, peaking at $162. The coin is up by over 11% on the weekly scale in reaction to the latest price improvements.

    Solana faced rejection at a tough resistance. Previous price actions suggest that the bulls must sustain the ongoing trend or risk a drop below $150.

    XRP/USD

    XRP has seen a significant increase in its daily price movement, with a notable surge from $0.56 to a peak of $0.61, although it has retraced and is currently trading below a key resistance level. 

    Despite this, the cryptocurrency is up by more than 6%. The moving average convergence divergence indicator has responded to these price fluctuations, with the 12-day EMA approaching its counterpart. Sustaining the current trend will be important for the bulls to ensure continued divergence.

  • Crypto Analysis 23/8: BTC, TON, DOGE, ADA, TRX

    Crypto Analysis 23/8: BTC, TON, DOGE, ADA, TRX

    The crypto market is seeing fresh influx of investors due to BTC ETFs. While new investors are trooping in, others in the space are seeking to improve profitability by using other platforms that could guarantee ease.

    Tron is undergoing a significant change in its ecosystem as it moves to allow the launch of memecoins. The asset saw a significant increase in its revenue during the previous intraday session, and its profit exceeded that of Solana.

    The global cryptocurrency market cap is seeing small increases as several cryptocurrencies are gradually surging. With the assets registering notable increases, let’s see how they performed since the start of the week.

    BTC/USD

    Bitcoin just broke its fourteen-day high at the time of writing. It comes after several attempts at the mark with limited success. Nonetheless, it approached $62k more than once in the last three days, showing small increases in buying volume.

    The asset was on its way to $62k when it stopped at $61,424 on Tuesday. It experienced a short squeeze that fizzled out a few hours after it started. Nevertheless, it surged higher the next day and closed at $59k.

    BTC peaked at $61,838 on Wednesday and closed with gains of over 3%. It also ended the previous intraday session down by a few percent. The news of CZ getting closer to its release date did not generate the expected reaction. convergence divergence is on the uptrend, with the 12-day EMA continuing its surge. The metric is unaffected by the most recent slight decline.

    Bitcoin is seeing its biggest surge in the last fourteen days. It started the day $60,383 and started a surge that saw it crush the $62k resistance. It approached $64k but hated its advances due to small rejections at $63,856.

    Nonetheless, it is trading close to the peak and has been up over 5% in the last 24 hours. The RSI suggests a massive increase in buying pressure as the reason for the surge.

    TON/USD

    Toncoin gradually trended downwards over the first three days of the week. The bulls were exhausted after a 7% surge on Sunday, which resulted in the asset flipping several important levels. Since briefly rising above $7, the cryptocurrency did not make any significant attempts to continue this trend.

    On Monday, the asset struggled to maintain a price above $7 but was unsuccessful. It reached its lowest point this week during the previous intraday session, dropping by more than 2% to a low of $6.48. TON has erased all gains from Sunday in the last three days and is currently at a critical support level.

    Toncoin retraced to a low of $6.43 but then rebounded, creating a doji on Thursday. Many feared further decline as the current low represents the coin’s lowest point in seven days. The last time prices dropped below this level, the asset retested $6. It also previously acted as a launchpad at the $7 resistance level on several occasions.

    The cryptocurrency is reacting positively to the growing sentiment in the market. It is up by 4% at the time of writing and shows no signs of stopping. Indicators have remained bullish in response to the current trend.

    Nonetheless, the asset is approaching $7 but is facing small rejections at $6.75. It is the main hurdle before as it has lost momentum around this mark in recent times.

    DOGE/USD

    Dogecoin saw a massive increase in active wallets, leading to increased transactions that have impacted prices. It gained over 7% during the first three days of the week, with one notable hike happening on Wednesday.

    The coin saw gains exceeding 3% as it approached its two-week high. However, it faced strong resistance at $0.107 and stopped its upward movement at $0.11.

    The previous intraday session saw DOGE print a red candlestick, suggesting that bullish momentum is waning and signaling a possible end to the three-day uptrend. Although the price remains relatively stable at the moment, if the decline persists, it could drop as low as $0.10.

    However, current price actions suggest the previous assertions were false. The cryptocurrency crossed $0.11 and peaked at $0.112, gaining over 7% in the last 24 hours.

    Since breaking the fourteen-day high, the apex memecoin has been at a crossroads. Continuing the surge will result in the asset flipping $0.12, which is strong support. However, the current price is also strong resistance, and DOGE may face corrections.

    ADA/USD

    Cardano has been on the uptrend since the start of the week. The asset is up by over 16% on a weekly scale as its investors add more to their portfolios. Coinmarketcap shows that a massive increase in trading volume, the majority of which is from bullish traders, caused the latest surge.

    It had one of its biggest single-day surges on Wednesday, starting trading at $0.34 but surged to a high of $0.37. Although it faced small retracements, it ended the day with a gain exceeding 7%.

    The same trend is playing out at the time of writing as the asset approaches its highest level since the start of the month. It edges close to $0.40 but grapples with sellers’ congestion at $0.39. Nonetheless, the cryptocurrency is up by over 3%.

    The relative strength index also points to room for more uptrends, as it’s at 61.

    TRX/USD

    Trondao is currently a significant player in the crypto space. The recent launch of the first memecoin called Sunpump has attracted a lot of attention, prompting more traders to join the trend. This surge in interest has led to increased trading volume and subsequently, price hikes.

    The platform is now encouraging developers to create their own memecoins on Tron. As a result, the native token has experienced significant growth, increasing by more than 15% since the beginning of the week.

    Tuesday marked the most bullish day for the asset, with substantial gains. It began trading at $0.14 and reached a peak of $0.16, the highest it has been in over three years. The surge continued until the end of the day, resulting in a gain of over 12%.

    Conversely, Wednesday was one of the most bearish this week. After hitting a peak of $0.166, the token experienced a retraction, closing with losses of over 5%. The drop can be attributed to the relative strength index, which surged above 70 on Monday and remained elevated on Tuesday. The recent decline is a response to the asset being overbought.

    Currently trading at $0.158 following a doji yesterday. Although not up by a huge margin, the latest small push is in reaction to the bullish sentiment across the market

    The cryptocurrency’s inability to continue its surge can be attributed to the asset still being overbought, indicated by the RSI at 71. This may signal a further decrease in price in the coming hours. Nonetheless, the bulls must defend the price above the 50% Fibonacci retracement level at $0.145.

  • Top Five Cryptocurrencies to Watch This Week (Aug 20)

    Top Five Cryptocurrencies to Watch This Week (Aug 20)

    The crypto market saw a notable increase in the last 48 hours. The new week is looking promising for altcoins, as some are up by a huge margin, reclaiming lost levels. The global cryptocurrency market cap is up by almost 2% in reaction to this trend.

    BTT leads the top gainers as it surged by over 17% in with trading volume tripling over the last 24 hours. TRX reclaimed the tenth spot in the top 10 crypto market ranking as it registered gains exceeding 10%. The asset also surged to its highest in the last three years.

    Market sentiment is gradually changing as crypto products saw a significant inflow last week. Inflows amounted to $30 million as ETFs and other products took center stage. Such a shift in sentiment may also be reflected in prices. Will it happen this week?

    Top Five Cryptocurrencies to Watch

    1. Bitcoin (BTC)

    Bitcoin attempted to reach $62k but failed to surpass it, peaking at $61,424 before retracing. After dropping to a low of $58,553, the coin rebounded and is currently trading at its opening price. Despite this, Bitcoin was unable to continue its upward trend.

    Various speculations exist about the cause of the recent price increase. One possibility is the surge in the price of gold, which reached a new all-time high a few hours ago. Although Bitcoin’s price didn’t sustain the surge, it has generated attention from traders.

    The latest attempt by Bitcoin buyers has resulted in some promising indicators. The moving average convergence divergence is showing buy signals and completed a positive crossover in the previous intraday session. The MACD’s 12-day EMA continues to support the current price trend.

    The relative strength index has also shown some minor variations in response to price actions in the last 48 hours. With a value of 47 indicating mounting buying pressure, it signifies a gradual increase in buying volume.

    If the buyers resume their activity, Bitcoin could surpass $62k in the next five days. Sustaining trading above this level will be crucial, as it will serve as a potential launchpad for an attempt at $64k.

    2. XRP

    XRP’s downward trend stopped after news of Ripple reaching a settlement with the court, resulting in a $125 million fine and ending a legal battle that lasted over three years. The SEC was satisfied with the verdict and did not appeal.

    However, the asset is struggling to maintain its price above a key level. It has held on to its pivot point at $0.55 since August 7 and is expected to continue this trend this week.

    In the previous intraday session, XRP had significant price fluctuations, starting trading at $0.26, briefly reaching $0.60, and then retracting. It closed with gains exceeding 6% but failed to surpass $0.62. It’s currently showing a red candle, raising concerns about a potential trend reversal.

    Despite this, indicators provide reasons to alleviate these concerns. For instance, the moving average convergence divergence showed a bullish divergence during the previous intraday session.

    Considering the bullish signal, XRP may test $0.62 and potentially break it. This could lead to a retest of its fourteen-day high at $0.64 and then possibly reach $0.65.

    3. Tron (TRX)

    During the previous intraday session, the asset showed significant increases. It started the day at $0.135, briefly retraced to $0.133, and then rebounded, surging to a high of $0.144. Despite failing to break through $0.145, it still recorded a gain of over 6%.

    It is worth noting that the introduction of Trondao has had a positive impact on TRX. Various sources have reported a significant increase in activity within the ecosystem due to the surge of one of the memecoins.

    The current trend indicates an ongoing uptrend as TRX continues to print large bullish candles. It has peaked at $0.16, surpassing several crucial levels, including the second pivot resistance at $0.15.

    The MACD’s 12-day EMA is the highest it has been in almost a month, and the 26-day EMA follows this upward pattern. The growing histogram suggests the possibility of further price increases.

    However, the relative strength indexes are sounding a cautionary note. The RSI has crossed 70 and is currently at 81, which indicates that the asset may be overbought. Corrections may be expected within the next 24 hours.

    The latest candle indicates that the asset peaked at $0.16 but encountered significant resistance. It remains to be seen if the uptrend will continue, and it is uncertain whether the asset will exceed $0.165.

    On the other hand, the bulls will aim to consolidate their gains. The R2 level suggests a small demand concentration and the $0.15 support level is not particularly strong. A slight dip in TRX’s value could potentially see it fall as low as $0.14.

    4. Brett (BRETT)

    Brett got a fresh listing from the South Korean exchange Upbit. The token has since experienced a massive explosion in trading volume. The buying and selling volume increased by over 376% in the last 24 hours as the cryptocurrency received the much-needed introduction to the Asian market.

    Binance also announced that it is listing the BRETTUSDT trading pair for perpetual future trading. The new exposure also adds to its performance as it is closely behind the largest gainer over the last 24 hours.

    The candle representing the day’s trading action suggests that traders are taking profit already. It started trading at $0.077 but shot to a high of $0.116, which represented a more than 50% increase at the time. However, it retraced as is exchanging $0.089, representing a more than 14% gain.

    The moving average convergence divergence hints at a further uptrend. The 12-day EMA is slightly above the 26-day EMA in reaction to the latest surge. Nonetheless, with the bullish convergence over, the divergence will continue, which may mean further price increases.

    The bulls will look to continue to the uptrend and retest $0.10. It remains to be seen if it’ll happen this week.

    5. Arweave (AR)

    Arweave is the fourth largest top gainer over the last 24 hours. It saw massive increase in trading volume, doubling during this period.

    Prices also reacted to the increases. It started trading at $21.4 but surged to a high of $23.7 representing a more than 10% increase. The asset has since traded close to its peak, which may indicate an ongoing buyback.

    MACD suggests that the buyback may continue as it continues printing buy signals. The Relative Strength Index also agrees with this reading. It is above 50, indicating that the asset is seeing moderate buying pressure.

    The next price target is $25. The cryptocurrency will flip it if trading conditions remain the same.

  • Crypto Analysis 10/8: BTC, ETH, BNB, SOL

    Crypto Analysis 10/8: BTC, ETH, BNB, SOL

    Bitcoin led the market recovery in the last three days. However, these attempts at reclaiming lost levels have not been as smooth as many expect, as the apex coin continues to struggle to hold critical levels. The same trend spread across several cryptocurrencies as they are yet to reclaim all lost levels.

    Nonetheless, the global cryptocurrency market cap has significantly changed in the last four days. Valuations are almost $2 trillion, as they gained over 7% in the previous 24 hours, and altcoins buoyed the hike. APT is at the forefront, as it gained over 10% within the duration.

    News of the Kamala Haris edging in the presidential race has received mixed reactions from the crypto market. It saw notable declines at the initial stages of the event but is holding up despite the odds. According to Polymarket, the current vice president has a 53% chance of winning compared to Donald Trump’s 46%.

    Ripple settled its case with the United States SEC and will pay $125 million in fines. XRP saw notable price changes in response. Let’s examine how other assets performed.

    BTC/USD

    Bitcoin had one of its most significant declines on Monday as it dipped to a low of $48,577 after starting the day at $58,137. The asset saw buyback, closed at $54,014, and registered losses of over 7%. Indicators dropped to critical levels in response.

    The apex coin has since started to recover from that drop with insignificant success. For example, it surged by almost 4% during the following intraday session. However, it had one of its most significant surges two days ago.

    It started trading at $51,132 but registered a massive buying volume, resulting in a notable price surge. It peaked at $62,729  but closed slightly lower and registered losses of over 11%. Indicators are flipping bullish in response.

    One such is the moving average convergence divergence, which has an ongoing bullish convergence. The 12-day EMA saw notable improvement and is on an uptrend. The 26-day EMA is still on the downtrend, which may indicate that the apex coin is still negative in the longer timeframe. Nonetheless, the complete interception will result in the improvement of the latter metric.

    The relative strength index was below 30 a few days ago but recovered and peaked at 49. The asset has since struggled to keep the buying pressure as it appears the bulls are getting exhausted. Nonetheless, trading actions in the last 48 hours suggest that the coin will be holding the $59,800 support.

    ETH/USD

    Ethereum was one of the worst hit by the massive price decline. On Monday, it retraced from $2,688 to a low of $2,116. It started recovery but failed to reverse the losses as the bulls caused a rebound that saw it close at $2,402, with losses of almost 10%.

    Attempts at recovery failed the next day after it surged to $2,420 but closed at almost the opening price. August 6 offered another go at reclaiming lost levels as the buyer staged a comeback. Trading started at $2,342 and peaked at $2,725. A minor correction saw it close slightly lower but register gains of over 14%.

    The coin has since struggled to hold trading above $2,500. One of the most extensive tests happened during the previous intraday session when it dropped to a low of $2,533 and closed with losses of over 3%. Nonetheless, the previous 48-hour price interaction opens $2,500 as a level with notable demand concentration.

    RSI stopped trending below 30 as the August 6 surge saw it peak at 38. The change in readings shows that ETH is no longer oversold and has enormous potential for more surges. The same positive trend is also present in MACD’s 12-day EMA. The metric has since trended parallel since halting its decline.

    The coin has also reclaimed the second pivot support and is trading close to the first pivot support.

    BNB/USD

    Binance coin has seen notable changes in its placement on the global cryptocurrency market cap ranking. It is facing stiff competition for the third spot from Solana and has since dropped down the rank and reclaimed.

    One reason for the constant change is Monday’s dip. The asset started trading at $497 but dropped as other cryptocurrencies. It retraced and tested $400 support but failed to flip it as it rebounded and closed at $464, which meant a more than 6% loss.

    The recovery continued into the next intraday session as it attempted to reclaim all lost levels but failed after it failed to break the $500 as it retraced after peaking at $494. August 8 offered more in terms of price increases. It broke the $500 and peaked at $521 but experienced notable corrections and closed with gains of almost 9%.

    BNB is seeing more price increases at the time of writing. It started the day at $509 and is exchanging at $525, indicating that the coin is up by almost 3%. Nonetheless, cryptocurrency is creating a notable gap in a critical support structure.

    The Fibonacci retracement level indicates that Binance coin recently surged above the 38% fib level. It also points to $314 as a level with notable demand, and the bulls must defend it to avoid further price decline.

    SOL/USD

    Solana has been in a downtrend over the last 48 hours. It has since lost over 5% as the bulls appear to be exhausted. Nonetheless, it is up by over 37% from Monday’s low, when it faced massive declines after starting trading at $138. It soon retraced and lost the $120 support. It rebounded $110 and closed at $129 with losses of over 6%.

    Recovery continued during the previous intraday session as it saw notable price surges. It edged to flip $150 but failed as it hit a brick wall at $149. It ended the session with gains of over 11%. August 8 saw the continuation of the uptrend after a surge to $155 the previous day.

    The altcoin flipped $160 and closed with gains exceeding 12%. Nonetheless, trading held up above the $150 support amidst the notable declines in the last 48 hours. The bulls must continue defending $150 as the asset risks dropping below $140 if they fail.

    SOL is trading above the 38% Fib level at $139. If it slips below $150, it may be the next level.

    Indicators like MACD are still bullish amidst the notable declines. The 12-day EMA is still on the uptrend, and the 26-day EMA is seeing an opposing trend. With the asset undergoing a bullish convergence, the downtrend may alter this trend if it continues.

  • Crypto Price Analysis 30/7: BTC, ETH, TON, ADA, TRX

    Crypto Price Analysis 30/7: BTC, ETH, TON, ADA, TRX

    TON is seeing notable buying pressure as the bulls struggle to revive the uptrend after several weeks of consistent price declines. Its price has increased considerably following the announcement of its partnership with Trust Wallet. The latest integration opens the coin to traders.

    However, the global cryptocurrency market cap is yet to recover from its downward trajectory. It is currently on the third day of consecutive declines, dropping as low as $2.37 trillion at the time of writing.

    News of another escalation in Middle East is spreading like wildfire and causing panic in various sector including the crypto market. Let’s see how some assets performed

    BTC/USD

    Bitcoin is currently experiencing a notable decline. It retraced to a low of $63,500 after beginning the day at $66,170. Although there has been a rebound, the losses have not been fully recovered, with Bitcoin down by over 2%.

    The latest drop took many by surprise, as a change in price trajectory was expected after Bitcoin nearly erased all of the previous day’s losses. While various factors have been blamed for the current state, one piece of on-chain data suggests a probable cause.

    Mt. Gox recently moved over $3 billion in BTC a few hours ago. Initially, the market seemed to disregard the large movement but eventually reacted negatively as the news spread. Bitcoin lost the $65k support following the announcement and has since traded below it.

    This dip occurs amidst growing tension in the Middle East, with Israel and Iran threatening to escalate conflicts.

    The moving average convergence divergence has fully completed its bearish convergence, with both EMAs touching. With a divergence imminent, further declines are likely in the coming days.

    Additionally, selling pressure continues to mount as the relative strength index has dipped to 49, its lowest point in the last fourteen days.

  • Crypto Analysis 30/7: BTC, ETH, SOL, BNB

    Crypto Analysis 30/7: BTC, ETH, SOL, BNB

    ETH continues to see further price declines in the last seven days. Since the ETF launch, the coin has not seen any significant improvement as outflows mount.

    Following promises by Donald Trump to make a United States Bitcoin reserve if elected, the current administration’s latest move of $2 billion worth of Bitcoin is viewed as against this promise. Crypto proponents further accused the government of trying to sabotage the bid. Nonetheless, there has been no indication it is planning to dump the transferred funds.

    However, the crypto market has yet to register any table improvements since the start of the week. Let’s see how some assets in the top 10 are performing.

    BTC/USD

    Bitcoin has not registered any price improvement since the start of the week. It is currently on the second day of consistent decline. The previous day’s action left many in shock as it retraced after looking so promising.

    During the previous intraday session, it surged to a high of $70k for the first time in almost three months. The hike sparked speculation of the asset’s return to its all-time high. Others called for a new ATH of around $74k. All speculation failed, as the coin saw massive declines. As a result, it closed at $666,65 and registered losses of more than 2%.

    Bitcoin’s downtrend is ongoing, with the coin seeing almost a 2% drop. It recently flipped the $66k support and is trading at $65k. Nonetheless, the bills are staging a buyback as the current candle shows a notable wick following its rebound at $65,302.

    However, indicators are still bearish despite the small efforts. The moving average convergence divergence is very close to completing a bearish convergence. Both the 12-day EMA and 26-day EMA are very close to interception, which may happen in the next 24 hours if the price improvement stops.

    Nonetheless, the relative strength index is yet to respond to the ongoing attempt at buyback. The metric is 54 and shows no signs of recovery. The trend may indicate lingering selling pressure amidst bullish efforts.

    ETH/USD

    Ethereum is seeing a small decline at the time of writing. Although not notable, the apex altcoin retested $3,200 but rebounded at $3,232. The latest decline marks another failed recovery attempt, as the asset failed to continue its climb after peaking at $3,365.

    The latest price trend closely mimics that of the previous day. ETH touched $3,400 but faced massive rejection and retraced. It dropped to a close at $3,317 and closed with gains of less than 2%. As a result of the latest trend, the asset is printing a doji on the weekly scale.

    Nonetheless, the latest price brings the apex altcoin closer to the first pivot support at $3,147. Indicators are also pointing to a possible retest. One such is MACD, which is printing sell signals. The metric showed a bearish divergence during the previous week and has since showed no signs of recovery.

    ETH continues to see massive resistance at the 50-day exponential moving average, which explains its recent failure to surge above $3,400. Amidst the failure, the coin continues to see less buying pressure pointed out by the accumulation and distribution chart.

    SOL/USD

    As of the time of writing, Solana is seeing positive fundamentals. A few hours before press, the United States Securities and Exchange Commission recently announced its withdrawal from a case that could define the asset under review as a security if won. The regulators stated that they want to amend their policies to accommodate cryptocurrency and other assets.

    However, it appears that the market ignored this bullish announcement and failed to react accordingly. As a result, it has continued its price decline, with an almost 2% drop in the last 24 hours. Nonetheless, the wick sticking out of the current candle suggests attempts at buyback. It rebounded at $175 and is exchanging at $179.

    Indicators have yet to react to the latest bullish actions, as the moving average convergence divergence continues to print sell signals. The 12-day EMA is heading for an interception with the 26-day EMA. This event may happen in the next 24 hours.

    The relative strength index is also on the decline amidst growing buying pressure. It is at 59 having been overbought last week.

    The bulls must defend prices above $180, as the sellers are likely to stage a decline below $170. Nonetheless, the asset may see notable demand concentration at the 23% fib level.

  • Crypto Analysis 27/7: BTC, ETH

    Crypto Analysis 27/7: BTC, ETH

    Most cryptocurrencies are seeing notable declines at the time of writing. The retracement started after the crypto market saw small increase, sparking the speculation of some major assets hitting previous highs.

    Fundamentals have been largely bullish, as several events happened in the last seven days. One is the official launch of the ETH ETF. Although its performance on the day of launch was below expectations, it has since recovered and seen more inflow.

    The inflow in ETFs also explains the latest price surge across the market. Nonetheless, Donald Trump continues to make the rounds as a pro-crypto presidential aspirant and is garnering considerable support from the space.

    He recently announced that he received over $4 million in crypto donations. Memecoins pegged to his name have also seen tremendous gains since launch.

    Amidst the general overview of how the market performed, let’s see how some assets performed over the last seven days

    BTC/USD

    Bitcoin showed huge volatility in the last seven days. It hit deeper lows and surged to its highest in more than a month. However, the week started with the coin seeing notable downtrends and losing over 6% in the first two days.

    The apex coin has seen significant moves at recovery over the last 48 hours. It gained over 3% during the previous intraday session after halting Thursday’s decline. It surged from $65,794 and broke above $68k peaking at $68,14.

    Indicators are flipping bullish following trading action is in the last three days. One such is the accumulation and distribution chart. The metric has been on the rise since as trading volume continues to soar. The relative strength index shows a considerable amount of the trading volume are inflows, which also translates to price surges.

    The moving average convergence divergence is seeing notable surges following the bullish divergence a few weeks back. With trend indicators pointing to the bullish sentiment surrounding the asset.

    Currently trading at $68,00, it is exchanging above the 23% Fibonacci retracement level. The fib level which lies at $67,900 may serve as key support in further attempts at resistance or halt downtrends.

    ETH/USD

    Ethereum was on the front pages during the first two days of the week. The coin has since struggled with consistent price declines. With more funds leaving the ETFs, the ETH price is taking a hit. It is down by over 7% on the weekly scale.

    However, it saw a small recovery on Tuesday while the rest of the crypto market saw significant losses. Although the price change wasn’t notable, it enjoyed the exchange-traded funds effect. The effects ended on Wednesday, as the cryptocurrency lost over 4%, with a repeat the next day.

    The last 48 hours has been some of the best for the asset as the coin sees considerable increases. For example, it gained over 3% during the previous intraday session. It has also registered notable increase during the current session.

    The indicators are flipping bearish amidst the recovery. One such indicator is MACD, which is printing bearish signals at the time of writing. The metric had a bearish divergence two days ago.

    Although trading above $3,200, the bulls must defend this critical mark, as a slip could send the apex altcoin as low as $3k.

  • Top five Cryptocurrencies to Watch This Week (July 23)

    Top five Cryptocurrencies to Watch This Week (July 23)

    The long-awaited ETH EFT is finally here. Several reports estimate the open-day trading volume to be above $1 billion.

    However, the crypto market has failed to react positively to this trend, as it is down by over 2% in the last 24 hours. Additionally, all cryptocurrencies in the top 10 are down by a few percent except Ether as it’s in the green but with no notable price change.

    Amidst the small price decline across the crypto market, Ethereum products are seeing significant increases. Other assets like HNT and MEW are up by over 5%.

    With the underwhelming market reaction, how will it perform in the next five days?

    Top Five Cryptocurrencies

    BTC/USD

    Bitcoin is off to a bad start this week. It has failed to register any notable price increases due to consistent price decline over the last 48 hours. It stopped in its tracks after failing to hold prices above $68k.

    A contributing factor to the most recent change is the latest BTC move from one wallet to another by MT. Gox. The move sparked a lot of panic across the crypto market.

  • Crypto Analysis 21/07: BTC, ETH, BNB, SOL, XRP, DOGE

    Crypto Analysis 21/07: BTC, ETH, BNB, SOL, XRP, DOGE

    The overall condition of the crypto market shifted dramatically with the increased likelihood of Donald Trump becoming the next US President. His pro-crypto stance has made him highly appealing within the crypto community, garnering substantial support from prominent crypto influencers and key figures.

    The latest market surge is linked to another significant event affecting the upcoming November election. In recent weeks, Joe Biden’s chances of continuing his campaign as the Democratic candidate have dwindled due to health concerns and other issues.

    Biden recently announced his withdrawal and endorsed his Vice President, Kamala Harris. With Biden out of the race, Donald Trump’s chances of returning to the White House have risen. As with previous significant events, the crypto market has responded positively, marked by green candles.

  • Top Five Cryptocurrencies to Watch This Week (July 16)

    Top Five Cryptocurrencies to Watch This Week (July 16)

    The cryptocurrency WLD has experienced a significant surge of over 21% in the past 24 hours, attributed to a boost in fundamentals from its parent firm. Market analysts anticipate that WLD and other assets will continue to see gains over the next five days.

    Furthermore, the global cryptocurrency market cap has surpassed $2.30 trillion, rebounding from its decline two weeks ago. This upturn, with a growth of over 2% in the last 48 hours, is driven by the upward movement of various assets that have reclaimed essential levels.

    One notable performer is PEPE, which has surged by more than 13% in the past 24 hours, reaching above $0.000012 and marking a remarkable 30% increase over the previous seven days.

    In other news, the German government has divested all of its BTC holdings, alleviating concerns among traders. This development has contributed to an improvement in market sentiment, as evidenced by the fear and greed index rising to 57, a substantial increase from the previous week’s value of 37.

    Given these bullish indicators, many are curious about the market’s anticipated performance in the upcoming days.

    Top Five Cryptocurrencies to Watch

    Bitcoin (BTC)

    Bitcoin is currently facing challenges in maintaining prices above $64,000. After reaching a high above $65,000, it dropped to as low as $62,000. Although it has rebounded to $64,418, the present candlestick pattern indicates a bearish trend, a deviation from the previous four days.

    Despite its climb above the pivot point, Bitcoin has struggled to maintain stability. Concerns relating to the potential impact of Mt. Gox on creditor reimbursement have contributed to recent volatility in the market. However, bullish indicators, such as the moving average convergence divergence, suggest that the cryptocurrency has displayed a bullish divergence and is on an upward trajectory. The 12-day EMA is approaching as trading conditions improve.

    In the immediate future, Bitcoin’s price may consolidate within a narrow range before a potential breakout. A drop from the current price could result in a decline to as low as $62,000. However, if trading conditions continue to improve, Bitcoin may achieve stability above $66,000.

    Ethereum (ETH)

    The much-anticipated ETH ETF is set to be launched next week. This has caused a lot of buzz within the trading community, with the asset being a hot topic of discussion on crypto-related platforms. The price of ETH has been steadily climbing since Friday amidst increasing speculation about the likelihood of Donald Trump becoming the next US president.

    Yesterday, ETH saw a significant surge in value, starting trading at $3,246 and coming close to hitting the $3,500 resistance level before retracting slightly. However, the day ended with the asset gaining over 7%. There are signs of a bullish trend emerging, and it seems that the cryptocurrency might be gearing up for another substantial increase in value.

    It’s important to note that there’s a significant amount of selling pressure around the current price. The Fibonacci retracement levels indicate a balanced struggle between buyers and sellers, as ETH remains above the 23% Fib level.

    Given the concentration of demand at the current price, ether may trade within a horizontal channel before making a final push past $3,500.

    The upcoming ETF launch might drive the price to attempt reaching $4,000, but it’s also likely to stabilize above $3,500. However, if selling pressure increases, it could lead to a drop to $3,200, especially if the 23% Fib level is breached.

    Solana (SOL)

    Solana experienced a significant resurgence, reaching a high of $162 after being absent from the market for over a month. Its return to $160 has sparked speculation about potential further bullish actions.

    These predictions are supported by the coin’s consistent rise over the last five days. A notable event was when it surpassed its pivot point two days ago, starting at $141 and climbing to $148, briefly surpassing the highlighted mark.

    The decisive breakthrough occurred during the previous intraday session, reaching $160. The 12-day EMA is also rising in response to the asset’s recent surges. As indicative of potential further increases, Solana is currently contending with flipping a short-term resistance. Historically, $163 has acted as a barrier to small hikes, but has broken after several attempts.

    A decisive breakthrough of $160 would ensure a rise above the 23% Fibonacci level, presenting another level for the bulls to defend. This breakthrough could occur within the next five days.

    On the other hand, the bears may seize control of the coin, staging selloffs that will see the coin retrace below critical levels. One such is $150. The bulls must defend this mark, as a slip will see the altcoin retrace below $140.