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Zcash spikes 80% in a month, can the bulls sustain the uptrend?

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Zcash spikes 80% in a month, can the bulls sustain the uptrend?

Zcash has recorded an impressive price run over the past month amid a rebound, but mixed signals from the daily and weekly charts question the asset’s next price direction.

Zcash (ZEC) surged 80% in the past 30 days, making it one of the largest gainers in this timeframe. The significant rally comes after a recovery from the low of $15.78 on July 5. 

This recovery came on the back of a broader market rebound. As ZEC gains momentum, traders question whether this uptrend can be maintained or if it has reached its peak as technical indicators send mixed signals.

Zcash eyes double-bottom

On the weekly chart, ZEC is on the brink of forming a double-bottom pattern. This pattern is typically a bullish signal, indicating that a further price surge might be on the horizon if confirmed. 

ZEC 1W chart – Aug. 8 | Source: Trading View

The first bottom occurred in April 2024, when ZEC dropped to a low of $17.94. Meanwhile, the second bottom formed on July 5 amid the crash to $15.78. This double bottom formation would be confirmed if ZEC closes above the neckline at $33.5.

Such a breakout could propel Zcash toward the next significant resistance levels, between $38 and $45. However, the confirmation is still pending, making this a crucial area to watch.

Growing bearish divergence

Meanwhile, the daily chart displays a potential bearish divergence, which could signal an impending pullback. The Relative Strength Index has been forming lower highs since July 26, despite ZEC’s price reaching higher highs. 

ZEC price and RSI – Aug. 8 | Source: crypto.news

The RSI, currently at 62.30, suggests that the bullish momentum might be fading away. Divergences often precede price reversals, confirming that this pattern could indicate potential downward pressure. Despite a recent uptick, a break below the 60 level for the RSI could deepen the bearish momentum.

On the daily chart, ZEC’s Fibonacci Pivot Points provide data on crucial support and resistance levels. The pivot point at $27.73 acts as a critical support level. Should ZEC drop below this level, the next support levels would be at $20.84, $16.59, and $9.71. 

Conversely, resistance levels are set at $34.61, $38.86, and $45.75. Currently, ZEC is trading just below the first resistance. A successful break above this level would target the second and third resistance zones, aligning with the potential continuation of the bullish trend indicated by the weekly double-bottom pattern.

ZEC MACD shows mixed signals

The daily MACD also shows a mixed signal. The MACD line is at 1.50, slightly above the signal line at 1.76, indicating bullish momentum. However, the histogram’s recent red bars suggest that the momentum might be weakening. The MACD crossing below the signal line could confirm a bearish trend reversal. 

ZEC price and MACD – Aug. 8 | Source: crypto.news

Overall, Zcash is in a critical position at this price point. The weekly double-bottom pattern shows a bullish outlook if ZEC can close above $33.44. However, the bearish divergence on the daily RSI and the mixed signals from the MACD highlight the risk of a potential pullback. 

It is important to pay close attention to the key support and resistance levels provided by the Fibonacci Pivot Points. Breaking above $34.61 could reignite the bullish momentum, while a drop below $27.73 might signal a deeper correction, leading to increased FUD.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Công nghệ

DePIN early-stage fundraising has grown 296% YoY: Messari

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The decentralized physical infrastructure network market continues to see significant growth, with funding for earliest-stage projects increasing 296% year-over-year.

According to details shared by crypto market intelligence platform Messari on X, early-stage DePIN projects had raised more than $246 million across 70 deals by Aug. 1, 2024. IoTeX (IOTX) is the platform that has so far registered one of the biggest funding rounds in this ecosystem.

In terms of volume, the figure represents a 296% year-over-year jump, Messari noted. Comparatively, the total market cap of the top DePIN projects grew 400% within the past year to currently put the sector at $20 billion.

DePIN sector seeing growth

The growth in the decentralized physical infrastructure network market has seen a number of new projects attracting the most attention from venture capital firms and other investors.

These emerging projects are also likely to challenge top artificial intelligence and DePIN platforms such as Filecoin (FIL), Helium (HNT) and The Graph (GRT). Some of the new players are in decentralized gaming infrastructure, AI data layer, and robotics.

Biggest DePIN funding deals so far

According to Messari, two of the top three largest deals for DePIN in 2024 as of Aug. 1 are investments into L1 projects IoTeX and peaq.

IoTeX is a modular infrastructure platform that raised $50 million in a strategic funding round in April. Investors included Borderless Capital, Amber Group, and Foresight Ventures among other VC firms. Meanwhile, peaq is a DePIN and machine real-world assets platform that has raised $30 million in a strategic funding round led by Borderless Capital and Generative Ventures.

Revenue still low

Despite the significant spike in funding and overall market cap growth, the DePIN sector has not recorded a substantial increase in revenue.

Only four of the industry’s largest DePIN-focused projects rank in the top eight protocols by revenue.

“The overall lackluster revenue growth reflects the DePIN sector continuing to be primarily demand-constrained,” Messari analysts wrote.

A lot of this is down to centralized platforms that have a bigger chunk of the market thanks to their widely integrated solutions.

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Theo Crypto News

DeFi

Is Donald Trump Jr.’s ‘huge’ announcement a RWA project?

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Donald Trump Jr. and Eric Trump, former U.S. president Donald Trump’s sons, have teased an impending ‘huge” announcement and an analyst says it could be in the real-world assets market.

Both Trump Jr. and Eric hinted at a new development for the decentralized finance space, and their posts come days after Trump strengthened his crypto-friendly stance with an appearance at Bitcoin (BTC) 2024.
Trump also promised never to sell the U.S. government’s Bitcoin, instead pledging to support efforts to establish a U.S. Bitcoin reserve.

The Republican presidential nominee also unveiled limited-edition Bitcoin sneakers.

What have Trump’s sons said?

In a post on X, Donald Trump Jr. said crypto should be ready for an announcement that will “shake up” the ecosystem. Meanwhile, Eric noted he had “truly fallen in love with crypto/DeFi” and that a big development around this was coming.

Remember the launch of the Donald Trump coin with the DJT ticker symbol? It had no links to Trump, but it was a debacle. It’s likely why some commentators on X replied to Trump Jr.’s post by noting that the big move or bombshell better not be another meme coin.

Others have provided caution, stating that it may be unwise to “cook up” crypto projects before Trump helps reform the U.S. Securities and Exchange Commission.

Is it a real world assets project?

The crypto community continues to speculate and one of the rabbit holes is from Steven ‘aka Dogetoshi’. According to the researcher and Dogecoin investor, connecting dots suggests the Trump’s big DeFi announcement could be related to a real-world asset project.

A real estate tycoon and trademarks

Steven posits that real estate magnate and Trump ally Steve Witkoff shared a message that included the same hashtag as Donald Trump Jr. Here’s Witkoff’s post on X.

Apart from Eric and Trump Jr., Witkoff also follows Chase Hero, a crypto influencer whose X profile says is a builder of tech that connects the real world to the digital world.

 “My running theory is they’re gonna work this Chase dude to launch some RWA tokenized project to allow people to buy tokenized shares of Trumps’ buildings or something,” Steven noted.

More than that, Hero is linked to Subify, an OnlyFans rival that also has connections to AMG Software Solutions.

According to The Block, Subify and AMG share a home address, while the latter is the company that recently filed trademark applications that relate to the hashtags used in Trump Jr., and Witkoff’s posts on X.

The trademark applications are for the words “World Liberty”, “Be DeFiant” and “World Liberty Financial.”

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Altcoin

Jump Trading moves $277m in Ethereum to exchanges amid market recovery

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Jump Trading has shifted significant amounts of Ethereum and wrapped staked Ethereum, raising speculation about its intentions.

The Chicago-based trading giant has been actively moving its crypto assets, with notable transactions taking place over the past two weeks.

In the most recent development, Jump Trading unstaked 11,500 Ethereum (ETH), valued at approximately $29 million, from Lido Finance. This amount was moved to an address known as “0xf58,” which the company frequently uses to deposit ETH into centralized exchanges. 

The transfer has led to widespread speculation that Jump Trading may be preparing to liquidate its holdings.

According to blockchain data tracker Spot On Chain, Jump Trading has also converted 16,210 wrapped staked Ethereum into 19,049 staked Ethereum (stETH) within a short span.

However, despite those movements, the firm reportedly still holds 21,394 wstETH, valued at $63.6 million, and 16,292 ETH, worth $41.3 million, in its wallets. Additionally, according to Spot on Chain, it has another 19,049 stETH currently undergoing the unstaking process from Lido.

Earlier updates from the blockchain sleuth revealed that Jump Trading transferred 17,576 ETH, worth $46.78 million, to various CEXs within 24 hours. This transfer came exclusively from its existing ETH holdings, leaving the firm’s total crypto assets under unstaking and in wallets significant but reduced.

Over the past ten days, the company has deposited a staggering $231 million worth of ETH into several major exchanges, including Binance, OKX, Bybit, Coinbase, and Gate.io. 

The firm’s activity has seen the redemption of 83,091 wstETH, valued at $341 million, into 97,600 stETH and the subsequent unstaking of 86,059 stETH, worth $274 million, from Lido Finance. It has resulted in a net deposit of 72,213 ETH, valued at $231 million, into these exchanges.

These substantial movements coincide with Ethereum’s recent market recovery, with the price of ETH oscillating between a low of $2,423 and a high of $2,546 in the last 24 hours.

This recovery follows a period of significant volatility for the second-largest cryptocurrency by market capitalization.

However, Jump Trading’s large-scale liquidations have created an atmosphere of uncertainty, with some speculating that the company’s activities could lead to further market fluctuations. 

The substantial unstaking and transfer of Ethereum to exchanges suggest that the firm might be preparing for further strategic moves, potentially impacting the cryptocurrency’s market performance in the near future.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Phân tích

Popcat secures top gainer spot with 33% surge in 24 hours

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Solana-based meme coin Popcat champions the ongoing market recovery effort emerging as the largest gainer among the top 100 cryptocurrencies. 

The latest rebound follows a dramatic drop to a two-month low of $0.2580 on Aug. 5, where the token lost 20% in a day as the broader market collapsed. However, Popcat (POPCAT) has rebounded by 128% from its recent low and is trading at $0.5961 at the time of writing. 

POPCAT 1D chart – Aug. 7 | Source: crypto.news

Notably, Popcat’s current price position is above the lower Bollinger Band,$0.3648, but significantly below the upper band, $1.0792, and the middle band, $0.7220. This setup is rather unprecedented, considering the sharp price increase.

However, with the price significantly underneath the upper Bollinger Band, this indicates that while there has been a significant recovery, POPCAT has not yet reached an overbought condition. The gap between the current price and the upper band suggests there could be room for further growth before resistance.

Meanwhile, on the Directional Movement Index, the +DI line, which measures the strength of the upward movement, stands at 17.1423, while the -DI line, indicating the strength of the downward movement, is at 26.4183. 

The Average Directional Index, which shows the strength of the overall trend, is at 25.84. With the ADX above 25, the current trend is considered moderately strong, although the higher value of the -DI compared to the +DI suggests that bearish pressure could be mounting.

Popcat RSI suggests cautious outlook

The Relative Strength Index further supports a cautious outlook. With an RSI value of 48.07, POPCAT is neither overbought nor oversold. This neutral reading means there’s no immediate risk of a sharp reversal due to overvaluation.

POPCAT price and RSI – Aug. 7 | Source: crypto.news

However, the current RSI reading also does not signal a strong continuation of the uptrend. The current position indicates the potential for the price to move in either direction without being overstretched.

The recent surge in POPCAT’s price has been accompanied by increased trading volume, suggesting strong buying interest. However, if the volume starts to decline while the price remains high, it could indicate weakening momentum, potentially leading to a pullback.

It is important to watch for changes in trading volume and the DMI lines closely. A significant drop in volume or a crossover where the -DI surpasses the +DI could signal an impending correction. 

Conversely, sustained high volume and a strengthening +DI could support further gains. While the current rally has been remarkable, mixed signals from technical indicators suggest vigilance for signs of a potential reversal, indicating that the rally might not be fully exhausted yet, but caution is advised.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Altcoin

Decentralized crypto exchange Nexera halts trading following $1.5m exploit

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Multi-chain decentralized trading platform Nexera has suffered a $1.5 million exploit, forcing it to stop all trading operations.

Decentralized crypto exchange Nexera — also known as AllianceBlock Nexera — has fallen victim to a hacker attack, resulting in a loss of $1.5 million worth of liquidity. The breach was first reported by blockchain forensic firm Cyvers through a post on X, which flagged a “suspicious transaction” involving Nexera’s proxy contract.

According to Cyvers, the attacker managed to gain control over Nexera’s proxy contract, subsequently upgrading it with new permissions. This allowed the hacker to utilize the withdraw admin function to transfer all NXRA tokens. Cyvers says the hacker is actively selling all the exchange’s liquidity for Ethereum (ETH), and some of the funds “have already been bridged to the BNB chain.”

Shortly following the attack, the Nexera team confirmed the exploit in a separate X post, saying the team is “investigating an exploit involving smart contracts containing NXRA tokens.” While the exact nature of the hack remains unclear, the NXRA token contract has been paused, with trading halted as the exchange’s team is still finalizing its “findings.”

“We continue to investigate the exploit now and will come back here ASAP with follow-up steps. Thank you for your understanding and patience while we sort this out with the utmost priority.”

Nexera

Nexera, established in 2018 by Rachid Ajaja and Matthijs de Vries, facilitates trading between the Ethereum network and the Arbitrum layer-2 solution. The platform’s native token, NXRA, is used for various functions including transaction fees and rewards within the ecosystem. Following the news of the exploit, the value of NXRA plummeted by over 40%, now trading at $0.037, per data from crypto.news.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Bitcoin

Bitcoin whales accumulate $23b in BTC amid market uncertainty

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Bitcoin whales are on a buying spree, accumulating $23 billion worth of BTC in just 30 days.

Bitcoin (BTC) has experienced a notable shift in market dynamics over the past month, with whales—large-scale holders of the cryptocurrency—accumulating significant amounts of BTC.

According to on-chain data, nearly 404,448 BTC, worth approximately $23 billion, have moved into “permanent holder addresses,” signaling a clear accumulation phase. This trend has been observed amid global market uncertainties and fears of further declines.

Ki Young Ju, the founder and CEO of CryptoQuant, highlighted this phenomenon in a series of posts on X. He expressed confidence in potential behind-the-scenes development, noting that the substantial inflow of Bitcoin into these permanent addresses suggests a strategic accumulation by institutional entities, companies, or even governments.

 “We’ll know within a year,” Ju stated, hinting at possible future announcements from these entities regarding their Q3 2024 Bitcoin acquisitions.

The accumulation appears to have gained momentum following a market dip on Aug. 5, where Bitcoin’s price fell to $49,800. Since then, the asset has rebounded by nearly 14%, reaching around $57,000 at the time of going to press.

BTC price chart, May 15 – Aug. 7 | Source: crypto.news

Despite this recovery, the market sentiment remains cautious, as indicated by the Bitcoin ‘Fear and Greed’ index, which has only slightly improved from ‘extreme fear’ to a level of 29.

Moreover, on Aug. 6 on-chain analyst Ali Martinez revealed that whales had acquired over 30,000 BTC, valued at approximately $1.62 billion in just 48 hours. 

This accumulation was reflected in the increased outflows from exchanges and a corresponding decrease in the supply of BTC held on trading platforms.

Interestingly, the recent inflows are not linked to ETF wallets but are primarily housed in custodial wallets with no outgoing transactions, further underscoring the strong holding behavior among these large investors.

As Bitcoin hovers around the $57,000 mark, market watchers are keenly observing whether it will break out of its current consolidation range. Ju previously suggested that if the Bitcoin price manages to stay above the $45,000 level, it could push the cryptocurrency to a new all-time high in the next 12 months.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Bitcoin

Dogwifhat soars 20% amid Bitcoin’s rebound to $57k

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Solana-based meme coin dogwifhat has jumped 20% over the last day as Bitcoin recovered back to $57,000 levels.

At the time of writing, dogwifhat (WIF) was still up 18%, trading at $1.71 per price data from CoinGecko. The crypto asset’s daily trading volume was hovering around $935 million while its market cap had risen to $1.69 billion.

WIF 24-hour price chat – Aug. 7 | Source: crypto.news

Following the latest price increase, the dog-themed meme coin has taken 49th place among the cryptocurrencies by market cap. However, WIF is still down 26.5% over the last 30 days and 64.8% from its all-time high of $44.85 reached on March 31.

The price surge in WIF also led to an increase in its Relative Strength Index (RSI), which rose from 26 (indicating it was oversold) to 42 (the neutral zone) within the past day.

This surge in WIF follows a 3% increase in Bitcoin’s (BTC) price over the same period, with the crypto asset crossing the $57,000 mark before settling at $56,874. The latest surge follows after the digital asset opened the week on a bearish note.

BTC 24-hour price chat – Aug. 7 | Source: crypto.news

As a result, the total cryptocurrency market capitalization increased by approximately 1.5% to $2.01 trillion on Wednesday during the early European trading session.

Bitcoin’s recent price recovery coincided with the fear and greed index going up to 43% signaling a neutral sentiment in the market. Nonetheless, on-chain data indicates that long-term Bitcoin investors have been buying despite the price fluctuations.

Data from Santiment shows that Bitcoin whales have purchased more than 30,000 BTC in the past two days, worth about $1.62 billion. Consequently, the supply of Bitcoin on centralized exchanges has decreased in recent days.

Meanwhile, US spot Bitcoin ETFs have underperformed compared to Ethereum’s ETFs over the past three days. On Tuesday, Aug. 6, U.S. spot Bitcoin ETFs saw a net outflow of around $148 million, primarily led by Fidelity’s FBTC and Grayscale’s GBTC.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Phân tích

Bitcoin holding close to $57k, 9.8m holders still at loss

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Bitcoin has been moving close to the $57,000 mark as the market-wide fear cools down, but a huge number of addresses are still at a loss.

Bitcoin (BTC) quickly recovered from the $50,000 mark on Aug. 5 as the uncertainty around geopolitical and recession tension slowly cooled down. The leading cryptocurrency briefly touched a local high of $57,220 earlier today and has been consolidating between $55,000 and $57,000 over the past 24 hours.

BTC price – Aug. 7 | Source: crypto.news

BTC gained 1.7% in the past 24 hours and is trading at $56,900 at the time of writing. Following the price surge, Bitcoin’s market cap surpassed the $1.1 trillion mark with a daily trading volume of $47.4 billion.

According to data provided by ITB, 9.87 million Bitcoin addresses are still at a loss, with most of them, 6.88 million wallets, having acquired the asset at an average price of $66,441. Moreover, 2.99 million holders bought BTC at an average price of $59,978.

BTC holders’ profitability map – Aug. 7 | Source: IntoTheBlock

These addresses have a total trading volume of 4.53 million Bitcoins.

At this price point, 1.27 million addresses that are holding 907,070 BTC tokens are either at a small loss or profit. They purchased Bitcoin at an average price of $55,776.

On the other hand, 42.24 million addresses are seeing notable profits on their Bitcoin holdings. 

Data from ITB shows that 37.84 million addresses have been holding Bitcoin for over one year while only 2.66 million addresses belong to short-term traders.

At this point, lower selling pressure would be expected from the addresses that are still at a loss, resulting in lower price volatility and even a potential price hike. 

According to a crypto.news report, CryptoQuant CEO Ki Young Ju expects a new all-time high for the Bitcoin price if it stays above the $45,000 mark. 

He also pointed out that BTC whales have accumulated 404,448 coins, worth roughly $23 billion, over the past 30 days. This movement shows increased accumulation while the market was wandering in FUD.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News