Lưu trữ cho từ khóa: Market Sentiment

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Solana enters the $150 zone while traders bet on price fall

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Solana has been moving strong after the market-wide bearish momentum on Aug. 5. The fifth-largest cryptocurrency entered the $150 zone again.

Solana (SOL) is up 12% in the past 24 hours and is trading at $154 at the time of writing. The asset’s market cap is sitting at $71.8 billion with a daily trading volume of $5.5 billion. 

SOL price, open interest, funding rate and social volume – Aug. 7 | Source: Santiment

So far, SOL has registered a 40% price rally from its local bottom of $110 on Aug. 5 and strengthened its position after retesting the $140 mark. 

The asset’s price surge comes as discussions about Solana heat up. According to data provided by Santiment, the social volume around SOL increased by 30% over the past two days, making it the top trending token on social media platforms.

Data shows that the majority of the social volume comes from X and Telegram.

Per data from the market intelligence platform, the total open interest in Solana increased by 18% over the past 24 hours — rising from $1.44 billion to $1.69 billion. This shows increased trader interest in Solana as the price rebounds.

Data shows that the total funding rate aggregated by SOL plunged into the negative zone again — dropping from 0.0007% to negative 0.002% over the past 24 hours. This shows that the number of trades betting on Solana’s price fall is slightly dominating long positions.

Historically, Solana witnessed a quick rebound after its funding rates dropped below zero.

According to crypto.news data, the Solana Relative Strength Index is currently hovering at the 65 mark. The indicator shows that SOL is slightly overbought at this price point.

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

Solana is currently vulnerable to high price volatility due to its increased open interest, which could ultimately trigger liquidations, and heightened RSI. 

It’s important to note that macroeconomic and political events could have a sudden impact on financial markets, including cryptocurrencies, despite bullish technical indicators.

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

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AVAX price at a decisive juncture, threatening bearish July close

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The native cryptocurrency of the Avalanche blockchain is currently trading at a critical juncture amid trader indecision, as downward forces threaten to trigger a bearish close to July. 

Avalanche (AVAX) is currently trading at a decisive juncture, changing hands at $26.99, down more than 6% over the past 24-hours and over 11% this week. 

AVAX has been experiencing significant price volatility over the past four months, with notable trends evident in both the daily and weekly charts. On the daily chart, we can see a pronounced correction from the asset’s peak near $65.39 in March 2024. 

AVAX daily chart, Feb. – July 2024 | Source: Trading View

This peak was followed by a steep decline, reaching a low of $21.8 in April. Before the collapse to this mark, AVAX bulls mounted robust defense a few days into the end of March. This defense came on the back of increased adoption news for Avalanche after the project announced participation in a partnership between a banking group and Chainlink Labs.

The drop below the $22 mark pushed AVAX below Toncoin (TON) on the list of largest assets and created a critical support level, as the price found some stability and began a mild recovery. Moreover, the Bollinger Bands indicate periods of consolidation, particularly between $29.24 and $41.80, suggesting a range-bound market during this phase.

Notably, the recent movement has shown AVAX hovering around the $27 mark, with a slight rebound noted from the June low. However, the price remains below key Fibonacci retracement levels, particularly the 0.236 level at $32.03. 

This resistance level, combined with the proximity to the lower Bollinger Band, suggests cautious trading sentiment. The Klinger Oscillator indicates mixed signals. A stronger positive divergence would be required to confirm a more sustained bullish reversal.

AVAX forms symmetrical triangle on weekly chart

Meanwhile, on the weekly chart, Avalanche has witnessed the formation of a long-term symmetrical triangle. This pattern usually indicates a potential breakout direction. The resistance line, sloping downward from the March high, intersects with a rising support line from the historical lows of around $8.72 in September 2023. 

AVAX weekly chart, 2021-2024 | Source: Trading View

The current price position near the apex of this triangle suggests an imminent breakout, though the direction remains uncertain. AVAX is also witnessing decreasing volume, indicating a period of market indecision. Meanwhile, Avalanche’s native cyptocurrency is on the verge of closing July with a 7% drop.

However, the reduction in volume often precedes a significant price movement as traders await confirmation of the breakout direction. The critical levels to watch would be the local high of $41.8 for a bullish breakout and the support zone near $21.80 for a bearish breakdown.

Data from IntoTheBlock on the volume of large buys and sells confirms the indecision in the market. Notably, bulls have purchased 25.82 million AVAX over the past week, while bears have sold 25.64 million tokens during this period.

A break above the $40 mark could signal a bullish continuation, potentially targeting $55.85, which aligns with the 78.6% Fibonacci level. Conversely, a drop below the $21.80 support could trigger further declines, possibly revisiting previous lows.

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

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Bitcoin dips below $67k as US moves seized BTC

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Bitcoin, the leading cryptocurrency by market cap, has pulled back from its six-week high, dipping below the $67,000 mark on Tuesday morning.

The drop in Bitcoin (BTC) comes after news on Monday, July 29, that the United States government moved $2 billion worth of seized Bitcoin, raising investor concerns about the potential sale of these assets. This movement came just two days after presidential hopeful Donald Trump announced his intention to start accumulating BTC, which pushed up to the $70,000 mark yesterday for the first time since mid-May.

Data from Arkham Intelligence indicates that the government moved 29.8k BTC worth $2.02 billion out of its total holdings of 183,439 BTC to an unknown address, generating a fresh wave of fear in the markets.

As news spread, tweets suggesting the U.S. government’s intention to sell these Bitcoins caused panic, leading Bitcoin’s price to drop to $66,500.

At the time of writing, Bitcoin was trading around $66,800, down about 4% over the last 24 hours. Bitcoin’s 24-hour low was $65,997, while its high was $69,932, according to data from crypto.news.

BTC 2-hour price chart, July 29-30| Source: crypto.news

Directly following Trump’s speech on Saturday, Wyoming Senator Cynthia Lummis presented new legislation for the U.S national Bitcoin reserve, which includes a proposal that the U.S. Treasury should acquire an additional one million BTC.

Bitcoin SV surges amid legal victory

Meanwhile, amid the drop in Bitcoin, Bitcoin SV (BSV) had surged 9% in the last 24 hours, making it the leading gainer among the top 100 cryptocurrencies by market cap on Tuesday morning.

The surge follows renewed optimism amongst BSV holders following last week’s news that the United Kingdom’s Competition Appeals Tribunal approved a £10 billion lawsuit initiated by BSV Claims Limited against four crypto exchanges that delisted the token in 2019.

The case was initially filed in August 2022, representing 240,000 UK investors in the controversial Bitcoin Cash hardfork. The lawsuit claims that crypto exchanges Binance, Bittylicious, Kraken and Shapeshift engaged in anti-competitive behaviour by delisting the cryptocurrency.

Bitcoin SV was delisted on multiple major global exchanges following years of controversy and claims from Craig Wright that he was Satoshi Nakamoto, the anonymous creator of Bitcoin. Wright has been a vocal advocate for BSV and has even claimed that is is the real Bitcoin.

However, a recent court ruling stated that Wright “lied to the Court” and “forged documents” relevant to the case to back his claims.

BSV has also been delisted from exchange giants like Coinbase, which halted trading of the asset earlier this year. Other exchanges, like Robinhood, have also taken similar measures.

At the time of writing, BSV was exchanging hands at $56.96. The crypto asset’s daily trading volume hovered over $100 million, per data from crypto.news.

BSV 1-hour price chart, July 29-30 | Source: crypto.news

Moreover, the cryptocurrency’s market cap stood at over $1.2 billion, making it the 77th largest crypto asset. Despite the recent price rise, the token is still down 89% from its all-time high of $490, reached on April 16, 2021.

Meanwhile, other popular altcoins, including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP) and Solana (SOL), experienced significant drops ranging between 1 to 5% over the last 24 hours. The overall crypto Market Fear & Greed Index stood at 67 (Greed) out of 100, according to data from Alternative.

At the time of writing, the global crypto market cap of all cryptocurrencies stands at $2.51 trillion, reflecting a 24-hour drop of 3.2%.

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

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Mantra (OM) price forecast: on the cusp of a bearish breakout

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The price of Mantra (OM) has suffered a harsh reversal this week, joining other altcoins like Ethereum, Solana, and Cardano.

OM slumped to a low of .8160 on Friday, down by over 25% from its highest point this week.

Added to a new RWA fund

Mantra’s OM token plunged even after some good ecosystem news. In a statement, the developers said the token had just been added to Swissborg’s Real World Asset (RWA) thematic basket.

The basket includes other tokens in the RWA industry, such as Synthetix Network, VeChain, Chainlink, Maker, and Polymesh Network. 

This is notable because Swissborg is one of the biggest players in the crypto industry, with almost 800,000 users and over .26 billion in assets. Its token has a market cap of over 7 million in assets.

Meanwhile, Mantra’s assets have jumped sharply in the past few weeks. It now has over .3 million in assets, higher than the million it started the year at. It also recently expanded to the UAE.

Mantra TVL

With a market cap of over 0 million, Mantra is one of the biggest players in the tokenization industry. Its platform enables the seamless fractionalization and tokenization of real-world assets (RWA), an industry expected to grow to over trillion in the next few years.

Mantra price forecast

Mantra’s OM token peaked at .0960 earlier this month and has now crashed by over 25% as the altcoin sell-off intensified. It has dropped below the important support level at , its highest swing on June 5.

The token has also moved below the 50-day and 100-day moving averages, a sign that bears are taking control. It was trading at .8095 but has failed to move below that level since June 3. This level is also important because it was the highest swing in April and May.

Therefore, a drop below that level will point to more downside since it will signify that bears have prevailed. If this happens, it could drop to .7620.

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