Lưu trữ cho từ khóa: Price Analysis

DeFi

Near token hits technical resistance as DeFi inflows rise

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Near token hits technical resistance as DeFi inflows rise

Near token pulled back for two consecutive days as the recent Nightshade 2.0 launch on mainnet and as traders position for the upcoming Nvidia earnings.

Near (NEAR) retreated to $4.83, down from last week’s high of $5.22. It remains slightly above the 50-day moving average and 57% above its lowest point this month.

Near DeFi inflows jump

A closer look at Near’s ecosystem reveals that most dApps in its Decentralized Finance ecosystem have experienced strong inflows in the past few weeks.

Burrow, a lending marketplace similar to AAVE (AAVE) saw its inflows jump by 23% over the last seven days, reaching $160 million.

Similarly, inflows into liquid staking apps like Linear Protocol, Meta Pool, Here Wallet, and AllStake have increased by over 25% in the same period.

Overall, the total value locked (TVL) in Near Protocol has soared to over $654 million, its highest level since July. In NEAR terms, the TVL has jumped to 47.6 million.

This rebound is likely due to the recent launch of the Nightshade 2.0 upgrade, which introduced stateless validation and enhanced scalability through advanced sharding.

Sharding is a process that slices blocks into smaller shards, increasing a network’s throughput. It is also expected to localize congestion, so gas price increases do not affect the entire network. The developers aim to position Near as the preferred blockchain for launching decentralized applications.

Nvidia earnings ahead

The Near token is also in the spotlight as traders await Nvidia’s earnings, scheduled for Aug. 28. These results are significant because Nvidia has become the leading AI company, pushing its market cap to over $3 trillion.

The earnings report will provide more insight into whether the AI industry is still growing. In its last financial results, Nvidia’s revenue jumped by over 240% to $26 billion, surpassing its earnings from the entire fiscal year 2021.

Analysts expect Nvidia’s quarterly revenues to come in at over $28.7 billion, higher than the $26.9 billion it made in 2022.

Near Protocol has positioned itself as a prime blockchain for AI developers by offering agentic frameworks, payments, compute tools, and decentralized storage solutions. It has been adopted by companies like Ringfence, Masa, and Cosmose AI.

With a market cap of $5.3 billion, Near is the largest AI-focused blockchain, according to CoinGecko.

Near token is still in a downtrend

Near price chart | Source: TradingView

The daily chart shows that the Near token is still in a downtrend even after rising by over 57% from its lowest point in August. It remains below the upper side of the descending channel that connects the highest swings since May 26. 

Near has also been forming a series of lower lows and lower highs, meaning that there is a risk that it may resume the downtrend and retest the support at $4. A bullish breakout will be confirmed if Near rises above the descending trendline.

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Sundog token surges, but history hints at limited gains ahead

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The new Sundog meme coin continued its strong surge as investors continued flocking to Justin Sun’s SunPump ecosystem. 

Sundog token price soars

Sundog (SUNDOG) rose to a record high of $0.3511 on Monday, Aug. 26, before paring back some of those gains to $0.300. It remains 3,335% higher than its lowest point on Friday, Aug. 16.

This rally has pushed its market cap to over $310 million, making it the 16th biggest meme coin in the industry. It has flipped other top meme coins like Memecoin (MEME), Ponke (PONKE), and Baby DogeCoin (BABYDOGE).

Other meme coins in the SunPump ecosystem have also jumped sharply in the past few days. Fwog (FWOG) has risen from a low of $0.0122 on Aug. 20 to $0.061, giving it a market cap of over $62 million.

Additional data shows that Tron’s (TRX) ecosystem has seen a surge in activity as these tokens have continued gaining traction among investors. Sun’s total value locked rose to over $826 million, while the 24-hour volume and fees climbed to $237 million and $20 million, respectively.

Tron has also become the sixth-biggest player in the DEX industry as its weekly volume rose by 454% to $1.47 billion. 

These meme coins are benefiting the Tron ecosystem as it collects fees while trading volumes increase. The SunPump network has collected almost $20 million in fees less than two weeks after its launch. In contrast, Pump.fun, Solana’s (SOL) token generator, has made almost $100 million in the last eight months.

Most meme coins pump then dump

Dogwifhat vs Book of Meme vs Bonk | Chart by TradingView

Sundog’s rally is also being fueled by a shift in sentiment among crypto investors after Federal Reserve Chair Jerome Powell hinted that the bank might start cutting interest rates in its September meeting. Bitcoin (BTC) rose to $64,000, while the total market cap of all cryptocurrencies jumped to $2.25 trillion.

Still, there is a risk that the surge in Sundog and other Tron meme coins may be short-lived. For example, Dogwifhat (WIF) token soared by over 2,000% between February and March and has now erased most of its gains. 

This pattern occurs as the initial hype among traders fades and as early buyers start taking profits, leaving most traders holding the bag.

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Polygon price retreats as NFT sales, DEX volume rises

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Polygon retreated for the first time in 10 days, even after seeing encouraging metrics on its non-fungible token and decentralized finance ecosystem.

DEX volume and NFT sales rise

Polygon (MATIC) retreated to a low of $0.53, down from last week’s high of $0.582. It remains 60% higher than its lowest point this month as the countdown to MATIC’s transition to POL on Sept. 4 continues.

Polygon’s pullback happened after the developers regained control of its X account after a recent hacking incident.

Third-party data shows that Polygon’s ecosystem is doing well. According to CryptoSlam, weekly NFT sales rose by 111% to over $12.7 million. The number of buyers jumped by 35% to 88,000 while sellers rose to 25,000. 

Polygon handled 356,700 transactions, while the wash volume fell by 12% to $9.2 million. It was the fourth-biggest player in the NFT market after Ethereum (ETH), Solana (SOL), and Bitcoin (BTC).

Polygon has also done well in the DEX industry, where its volume rose by 7.32% to $770 million. It was the seventh-biggest player after the likes of Ethereum, Solana, and Tron. Some of the most active DEX networks in the ecosystem were Uniswap, Quickswap, Woofi, Dodo, and Retro.

Additionally, Polygon’s total value locked in the DeFi ecosystem has risen by over 10% in the last seven days to $951 million. 

Still, the network is seeing substantial competition in the layer-2 industry from the likes of Arbitrum (ARB) and Base, which have accumulated over $2.82 billion and $1.6 billion in assets. Arbitrum has also become one of the most active DEX networks, handling over $3.7 billion in the last seven days. 

The next development in Polygon’s ecosystem will be the transition from MATIC to POL, which will introduce new capabilities in the network. It will be used to provide services to any chain in the Polygon network, including AggLayer.

It will also be the native gas and staking token for Polygon’s proof-of-stake network. Polygon could see more volatility towards the POL launch. 

Polygon remains above the 50EMA

Polygon price chart | Source: TradingView

Technically, Polygon has crossed the 50-day moving average and is hovering at the 23.6% Fibonacci Retracement point.

Previously, it failed to move above that retracement point in July this year.

The token has since formed a bearish engulfing candlestick pattern, pointing to a potential pullback, possibly to the 50 EMA level at $0.493.

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SOL, FET, RENDER: Top cryptocurrencies to watch this week

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A rebound from the broader cryptocurrency market triggered a $170-billion recovery in valuation, spiking the market cap 8% to $2.26 trillion.

Here are some of the most notable movers to watch this week.

Solana reclaims $160

Last week, Solana (SOL) surged 12%, reclaiming the $160 level and peaking at a two-week high of $162 on Aug. 24 despite setbacks in its ETF product. After closing the week strong, SOL has now pulled back to $157.17.

SOL 1D chart – Aug. 25 | Source: crypto.news

However, Solana remains above the 200-day EMA at $140.12, signaling ongoing bullish momentum. This week, SOL needs to hold above the 200-day EMA to sustain the ongoing upward trend. 

Meanwhile, the Chande Kroll Stop indicators place the Stop Long at $145.22 and the Stop Short at $153.18. Maintaining above $153.18 is key for further gains, as a breach could lead to a bearish reversal.

This week, investors should watch for a retest of the $160 and $162 resistance zones or a decline toward key support at $153.18.

FET spikes 50%

Fetch.ai (FET) closed last week as one of the top gainers, spiking 50% and reclaiming the $1 level. On Aug. 24, FET reached a monthly peak of $1.3 but has since retraced to $1.249.

FET 1D chart – Aug. 25 | Source: crypto.news

FET currently trades above the 50-day EMA ($1.108), signaling midterm bullish momentum. However, it remains below the 200-day EMA ($1.766), indicating lingering long-term bearish sentiment. 

FET’s immediate resistance points this week are at $1.447 and $1.565, with strong support at $1.063 and $0.945, with a pivot level of $1.255. A break above the resistance could target the 200-day EMA, while failing to hold support would lead to a drop below the 50-day EMA.

RENDER breaches upper Bollinger Band

Render (RENDER) saw a 37% rise last week, reclaiming the $6 level for the first time this month. 

RENDER 1D chart – Aug. 25 | Source: crypto.news

Currently trading at $6.153, RENDER is comfortably above the Upper Bollinger Band ($5.894), which often signals overbought conditions. This suggests a potential pullback or consolidation might be on the horizon.

However, the strong trend indicated by the ADX at 33.25 supports the idea of sustained upward momentum. The asset maintains a bullish bias with the +DI at 28.35 and -DI at 16.63. 

If the current momentum holds this week, Render could aim for higher targets around $6.5 and potentially $7.0.

Nonetheless, a dip below the Upper Band might lead to a retest of the 21-day moving average ($4.875).

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DADDY token rises as Andrew Tate’s Polymarket odds improve

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The Andrew Tate-themed cryptocurrency, DADDY Tate (DADDY), was among the top gainers on Aug. 23, as traders closely followed Tate’s ongoing legal issues in Romania.

DADDY Tate (DADDY) surged by over 26%, reaching a high of $0.0795, its highest point since Aug. 15, and marking a 55% increase from its lowest level this month.

This rebound occurred alongside a strong comeback in several Pump.fun coins like Michi (MICHI), Smoking Chicken Fish (SCF), and Fwog (FWOG), which have rallied by 23%, 57%, and 80% in the last seven days.

The primary catalyst for DADDY’s surge was Andrew Tate’s recent legal challenges in Romania. On Thursday, a Romanian court placed Tate under house arrest following fresh allegations of sexual and human trafficking. As a result, Tate is now restricted to his home for 30 days.

In an X post, Andrew Tate defended himself, claiming that all accusations were false and hinting at potential corruption in Romania.

Most social media users have expressed support for Tate and his brother, Tristan Tate, who also faces similar accusations. In a post, Valentina Gomez noted that Romanian investigators had carried out investigations for three years and “found nothing”

Therefore, the DADDY token rose because of the hype his arrest generated. Data by Google Trends shows that the search for the name Andrew Tate rose to the highest point since March this year. Most of this traffic was from Albania, UK, Ireland, and Romania. 

Andrew Tate Google Seach Trends | Source: Google

The token also rose after the prediction market estimated that Tate would not be found guilty of human trafficking this year. That probability rose to 37% on Aug. 21 and then retreated to 10% in Polymarket. 

DADDY token gains could be short-lived

DADDY price chart | Source: TradingView

DADDY price was trading at $0.075 on Friday, a few points above the 50-period Exponential Moving Average. 

That price was an important resistance level that it failed to move above since Aug.14. Its volume has remained in a downward trend after peaking on Aug. 15. 

Therefore, the most likely scenario is where it pulls back in the next few days as Tate’s arrest news fade. If this happens, it will drop to $0.0655, its lowest swing on Aug. 11 and Aug. 16.

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Will DOGE’s rare price pattern lead to a big breakout?

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Dogecoin price remained in a bear market after falling by over 55% from its highest level this year. 

Dogecoin (DOGE), the biggest meme coin in crypto, was trading at the important support level of $0.10 on Aug. 20, just above the lowest level this month.

This performance has occurred as the meme coin industry undergoes significant changes. Demand for traditional coins like DOGE and Shiba Inu (SHIB) has fallen as traders have focused on new and viral tokens like Dogwifhat (WIF) and Pepe (PEPE).

Data shows that Dogecoin, with a market cap of over $14.7 billion, had a 24-hour trading volume of $741 million. In contrast, Pepe, with a valuation of $3.2 billion, had a volume of over $1 billion.

Dogecoin’s demand has also declined in the futures market, where its open interest of almost $500 million is much lower than the year-to-date high of $2.2 billion.

Dogecoin open interest | Source: CoinGlass

Still, on the positive side, DOGE’s hash rate has continued rising and was at a record high of 1.2580 PH/s, up from January’s 818 TH/s. The mining difficulty has also jumped to an all-time high of 23.12 million. 

DOGE price has formed a falling wedge

Dogecoin price chart | Source: TradingView

On the weekly chart, Dogecoin has been in a consolidation phase for over 13 months, with a strong bullish breakout that peaked at $0.2274 in March as Bitcoin and other coins soared.

On the positive side, the accumulation/distribution indicator has risen and is hovering at its highest point since April 2022, even as the coin fell by over 50% from the year-to-date high.

Additionally, DOGE has formed a rare falling wedge pattern, which occurs when two trendlines converge. Typically, this pattern signals a bullish breakout when the two lines converge, which is about to happen.

Therefore, this pattern suggests that the coin may soon experience a bullish breakout. If this occurs, DOGE could rise to the key resistance point at $0.1587, its highest swing in October 2022. This price target is about 56% above the Aug. 20 level.

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WLD’s 40% dive in 30 days puts 92% of holders at loss

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Worldcoin has been struggling over the past month with an increased number of holders at a loss, but new addresses seem to be growing.

Worldcoin (WLD) has recorded a 40% plunge over the last 30 days and dived to an 11-month-low of $1.36 on Aug. 5, per data from crypto.news. While the broader cryptocurrency market recovered some of its losses, WLD continues to struggle.

WLD price and network activity – Aug. 21 | Source: Santiment

WLD declined by 2.7% in the past 24 hours and is trading at $1.53 at the time of writing. Following the monthly decline, the asset lost its seat among the leading 100 cryptocurrencies and is currently sitting at the 103rd spot with a total market cap of $560 million.

According to data provided by Santiment, the number of Worldcoin daily active addresses increased by 19.2% over the past day — currently at over 330,000. Moreover, the number of new WLD addresses created per day has also increased by 133% since Aug. 18 — rising from 4,900 to 11,500, showing increased interest from new users despite the asset’s price fall in a month.

WLD addresses in profit and at loss – Aug. 21 | Source: IntoTheBlock

The data also shows that the number of whales holding between 1 million and 10 million WLD tokens surged from 14 to 18 over the past month. With the latest price dynamic, over 92% of the WLD holders are currently at a loss, per data from IntoTheBlock.

More than 4,000 addresses have accumulated the asset between $7.9 and $10.6, according to ITB. At this point, only 2% of the WLD holders are in profit and the remaining addresses are in a neutral zone.

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Bitcoin

Bitcoin reaches $61k, old coins enter chain

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Bitcoin has finally breached the $61,000 mark again after a week of bearish consolidations. 

Bitcoin (BTC) is up by 4% in the past 24 hours and is trading at $61,050 at the time of writing, with its market cap surpassing the $1.2 trillion mark for the first time in the past week.

BTC price, whale activity, RSI and dormant circulation – Aug. 20 | Source: Santiment

Moreover, Bitcoin’s daily trading volume increased by 49%, reaching $29 billion. Following the price surge, old BTC holders have started making movements. According to data provided by Santiment, Bitcoin’s five-year dormant rose from 117 BTC to 728 BTC over the past day.

Additionally, the asset’s one-year dormant circulation increased from 1,806 BTC to 6,759 BTC in the same timeframe, showing that long-term Bitcoin holders might be looking for potential profits at this price point.

Data from the market intelligence platform shows that the number of whale transactions consisting of at least $100,000 worth of BTC rose from 5,041 to 7,565 unique transactions over the past 24 hours. Short-term profit-taking is usually expected in similar conditions due to the increased whale activity, trading volume and old BTC movements.

On the other hand, the Bitcoin Relative Strength Index remains below the 50 mark, indicating that the flagship cryptocurrency is not overbought despite the price surge. 

Bitcoin’s bullish momentum has triggered a market-wide surge. Per data from CoinGecko, the global cryptocurrency market capitalization increased by 2.8% over the past 24 hours and is currently sitting at $2.24 trillion.

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Whales keep accumulating Aave as prices hit overbought levels

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Whales have been accumulating Aave as its price started to rise over the past week, though the token has now entered the overbought zone.

According to data provided by IntoTheBlock, whales holding over 1% of Aave’s (AAVE) circulating supply have accumulated a total of 9.74 million tokens, accounting for over 60% of the AAVE total supply.

AAVE’s large holders’ inflow also increased over the past 24 hours, reaching 291,000 tokens, per ITB data, showing increased interest from whales as the AAVE price recorded an impressive 44% run in the last 30 days.

Data also shows an increased large Aave holders’ outflow, reaching 271,000. However, due to the rising price, the movement cannot be attributed to whales’ selling pressure. Instead, the indicator might show heightened withdrawals from exchanges.

According to Santiment, the number of whale transactions consisting of at least $100,000 worth of AAVE increased by over six times since Aug. 18, reaching 153 unique transactions in the past 24 hours alone.

AAVE price, RSI and whale activity – Aug. 21 | Source: Santiment

As the AAVE price and whale accumulation surge, its Relative Strength Index enters the 70 mark, per Santiment data. The indicator shows that the asset is currently overbought and short-term profit-taking could be natural from both small and large token holders.

AAVE is up 7% in the past 24 hours and is trading at $137.2 at the time of writing. Despite the current price rally, AAVE is still short by 79% from its all-time high of $666 in May 2021. The native token of the Aave protocol is currently the 44th-largest cryptocurrency with a market cap of over $2 billion. 

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