Lưu trữ cho từ khóa: Price Analysis

Bitcoin

Cardano sees highest positive sentiment in 2024 despite 47% slump in five months

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Cardano records a resurgence of bullish sentiments despite persistently underperforming in comparison to the broader market.

This uptick in sentiment is particularly notable given the broader market context. The crypto market is showing signs of recovery, with Bitcoin (BTC) reclaiming the $61,000 price mark, which has bolstered optimism across major cryptocurrencies. 

Despite recently dropping out of the top 10 list of largest assets, Cardano (ADA) is one of the biggest beneficiaries of this optimism. Per Santiment, Cardano’s weighted sentiment score is at an impressive 1.69, surpassing other major assets like BTC and Ethereum (ETH).

Data confirms that Cardano’s current bullish sentiments represent the highest level in 2024. The increased sentiments come at a time when ADA is shouldering a significant 47% slump over the past five months. 

The rise in positive sentiment around Cardano despite its continued price struggles represents a contrast in market trends. However, the optimism could be linked to the upcoming Chang hard fork, which would introduce Voltaire, Cardano’s last era, and a shift in governance.

Nonetheless, it appears the market has yet to translate this optimism into significant price recovery, leaving ADA still hovering at one of its lowest points in recent months.

In contrast, other assets like Bitcoin and Binance Coin (BNB) have shown more direct correlations between sentiment and price movement. Bitcoin, with a sentiment score of 0.54, has managed to sustain its recovery above $61,000, while BNB, with a sentiment of 0.77, is up 9% over the past week.

ADA 1D chart – Aug. 20 | Source: crypto.news

Meanwhile, Cardano is trading at $0.3438, up 2.1% this morning. The asset currently faces stiff resistance at $0.3872. Above this level, further roadblocks lie at $0.4409 and $0.4741. On the downside, Cardano has strong support at $0.3336 and $0.3004, which could act as a cushion if the price retraces.

The Aroon indicator, which tracks the strength of the trend, shows that Aroon Up is at 35.71%, indicating a moderate uptrend. However, Aroon Down is at 0.00%, suggesting that there is little downward momentum at present.

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Theo Crypto News

Phân tích

Sun Token and BitTorrent soar as Justin Sun’s cryptos jump

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Justin Sun’s cryptocurrencies, such as Sun Token and BitTorrent, were some of the best performers on Aug. 21, as investors cheered the ecosystem’s growth. 

Sun Token and BitTorrent tokens are soaring

Sun Token (SUN) rose by over 50% to a high of $0.0196, its highest level since 2022, and 143% above its lowest point this month. This rally has pushed its market cap to over $182 million. 

BitTorrent (BTT) jumped by over 25%, reaching a high of $0.0000010, its highest point since June. Other top tokens in the ecosystem, like Tron (TRX) and Just (JST), rose by double digits. 

The rally happened as the ecosystem continued receiving positive news. Last week, Justin Sun launched the SunPump platform, which has led to the creation of many meme coins already. Data by DefiLlama shows that SunPump has already accumulated over $1.5 million in assets. 

If the platform succeeds, Justin Sun will likely make millions. Pump.fun, the pioneer meme coin generator, has already generated almost $100 million in revenues. 

Just, Sun Token and BitTorrent prices | Source: crypto.news

Tron has become a major part of the blockchain industry

Tron has also become one of the most successful blockchains in the industry. Data shows it has over 2.36 million active addresses, higher than Ethereum’s 335,000 and Solana’s 1.23 million. 

Tron also has a market cap of over $59.54 billion for stablecoins. Because of their stability, stablecoins have become essential in global transactions. Data by Tronscan shows that Tron has over 49 million stablecoin holders and handled a trading volume of over $46 billion on Aug. 21. Tron has also reportedly generated over $1.05 billion in fees this year.

Sun Token also jumped because of its ecosystem growth. Its platform has a total value locked of $750 million, its highest point since 2022. In TRX terms, the TVL jumped to over $4.6 billion. 

BitTorrent’s ecosystem is similarly thriving. The number of BitTorrent File System weekly miners rose to over 8 million. At the same time, the total storage contracts jumped to 168 million, making the BTFS one of the most prominent storage solutions in the blockchain industry.

SUN and BTT tokens rallied even as Bitcoin and other cryptocurrencies wavered. Bitcoin has been stuck at $59,000 in the past two weeks while the total crypto market cap dropped by 2.6% to $2.19 trillion. 

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Theo Crypto News

Phân tích

TRON revenue hits new ATH, price falls despite market-wide rally

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TRON’s daily revenue reached a new all-time high while its price witnessed a quick correction after touching its 40-month-high.

On Aug. 21, TRON (TRX) reached $0.165, a level not seen since April 2021. The rally was majorly triggered by the SunPump meme coin hype as investors jumped on the Pump.fun competitor.

However, TRX quickly faced increased selling pressure as both long-term and short-term holders aimed at profit-taking. TRON declined 5% in the past 24 hours and is trading at $0.151 at the time of writing.

TRX price and RSI – Aug. 22 | Source: crypto.news

The TRX market cap is currently sitting at $13.16 billion, losing the 10th spot to Cardano (ADA). Notably, the global crypto market cap increased by 0.7% over the past day, reaching $2.23 trillion. While TRX witnessed a bearish correction, Bitcoin (BTC) surpassed the $60,000 mark. 

According to an X post by TRON founder Justin Sun, the daily revenue on the network reached $5.33 million on Aug. 21, marking a new all-time high. Sun claims that TRON’s revenue surpassed all other blockchains with the latest rise. 

Despite the pullback, only 0.48% of TRX holders are currently at a loss, according to data from IntoTheBlock. Roughly 12% of the TRX holders are close to their investment — either at a minor loss or little gains. The remaining holders enjoy major profits on their TRX holdings, per ITB.

TRX token summary – Aug. 22 | Source: IntoTheBlock

Data shows that the majority of TRX addresses, around 62%, have been holding on to their investments for over a year. 33% of them have accumulated the tokens between one and 12 months. The remaining 5% are traders as their assets are younger than a month.

Per data from crypto.news price page, the TRX Relative Strength Index cooled down from 85 to 38 over the past 24 hours. The indicator shows that the token is oversold at this price point. If the selling pressure continues its decline, a price surge would be expected for TRX.

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DeFi

FTM leads crypto rally with 17% surge, eyes further gains

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Fantom experienced a 17% increase in value, positioning it as the leading performer in the cryptocurrency market.

Fantom (FTM), a blockchain platform optimized for decentralized finance applications, soared 17% in value on the morning of Aug. 22, exchanging hands at $0.461 per price data from crypto.news. The crypto asset’s daily trading volume jumped more than double from the past day, hovering around $284 million, while its market cap stood at $1.29 billion, ranking it 62nd among the top largest cryptocurrencies.

FTM 24-hour price chart– Aug. 22 | Source: crypto.news

The token’s price has jumped by 67% since its drop to $0.276 on Aug. 5, when the crypto and stock markets crashed, leading to over $1 billion in liquidations. Despite the latest price surge, FTM is still down 86.6% from its all-time high of $3.46 recorded in October 2021.

Fantom‘s current price at $0.4621 positions it above the upper Bollinger Band at $0.4520, signaling a potential breakout from typical volatility levels. This position above both the middle band at $0.3655 and the upper band suggests an unusual upward momentum in the market, indicative of a strong bullish sentiment.

FTM Bollinger Band and RSI – Aug. 22 | Source: crypto.news

Given that FTM price exceeds the upper Bollinger Band, there could be concerns about the asset becoming overbought, but the Relative Strength Index at 61.93, while elevated, still does not firmly categorize the asset as overbought, which would typically be indicated by an RSI over 70. This suggests that while the buying momentum is strong, there may still be room for upward movement before the asset enters potentially overbought territory.

The scenario reflects a market that has possibly reacted to positive stimuli, propelling the price above usual resistance levels but not yet to a point of reversal based on overbuying. This can attract further interest from traders looking to capitalize on the momentum, potentially pushing the price even higher in the short term.

However, traders should also be cautious of any rapid changes that could lead to a quick retracement if the price adjusts back into the normal range of the Bollinger Bands.

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Theo Crypto News

Phân tích

VELO price prediction: big moves expected as DEX volumes drop

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Velodrome Finance’s token consolidation continued, reflecting the broader price action seen in Bitcoin and other altcoins.

Velodrome (VELO) was trading at $0.065, a level it has maintained since Aug. 6, giving it a market cap of over $90 million. At its peak in March, Velodrome had a valuation of over $200 million.

Velodrome, the third-largest decentralized exchange on the Optimism (OP) network, has faced significant challenges in recent months. Data shows that the total value locked in its ecosystem has dropped from $322 million in April 2023 to $85 million. Additionlly, according to DeFi Llama, its total volume in the past seven days has decreased by over 34% to $197 million.

This decline in volume aligns with trends seen across other DEX protocols, which have experienced reduced activity following the crypto Black Monday on Aug. 5. The total volume handled by DEX protocols in August was $111 billion, down from $190 billion in July.

Typically, DEX and centralized platforms see increased volume when cryptocurrencies are rising, as rallies attract more investors and traders. For instance, Coinbase’s revenue surged by 72% in Q1, reaching $1.6 billion as Bitcoin hit record highs.

VELO price forecast

VELO price chart | Source: TradingView

The price of Velodrome Finance’s token has seen a sharp decline in recent months. After peaking at $0.3945 in March, it has dropped by over 83% to $0.065, meaning that a $10,000 investment would now be worth just $1,647.

VELO found strong support at $0.048, where it formed a double-bottom chart pattern. The token has remained below the 50-day moving average indicator.

It has also moved below the descending trendline that connects the highest swings since April 21. As a result, it has formed a descending triangle pattern, which often leads to a bearish breakout. This triangle is nearing its confluence, suggesting that significant price movements could be imminent.

The accumulation/distribution and smart money index indicators have also pointed downward. Additionally, the average true range (ATR), a popular measure of volatility, has retreated to its February lows.

Therefore, the path of least resistance for the token appears to be downward, with the next level to watch being $0.048. A break below this level could lead to further downside. An alternative scenario could see the token bounce back if Bitcoin (BTC) bounces back. 

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Theo Crypto News

Phân tích

Pump.fun token crash leaves investors stuck holding the bag

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Most Pump.fun tokens have plummeted sharply in recent weeks, costing investors millions of dollars.

Data shows that most of these meme coins have declined by over 20% in the past seven days and more than 50% from their highest points this year. Their combined market cap has now fallen to $391 million.

Most Pump.fun tokens have crashed

Michi (MICHI), the largest part of the ecosystem, has dropped from $0.49 in May to $0.10, with its market cap shrinking from $187 million to $58 million.

Daddy Tate (DADDY), themed after Andrew Tate, has plunged from $0.52 to $0.072, with its valuation slipping to $43 million.

Similarly, Rapper Iggy Azalea’s (MOTHER) token has tumbled from an all-time high of $0.22 to $0.0300, bringing its valuation to just over $38 million. Other top Pump.fun tokens that have faced significant declines include Billy, Smoking Chicken Fish, Aura, and Waffles.

Not everyone has suffered big losses, though. Data from DeFi Llama shows that Pump.fun’s developers have raked in nearly $100 million in cumulative fees since the platform’s launch, with July being the best month yet. It generated over $28 million in July, following $20 million in June. Pump.fun’s revenue has already surpassed $15 million in August.

Another key beneficiary of the Pump.fun craze is Sahil Aora, believed to be the mastermind behind some of this year’s most popular celebrity-backed tokens. He is estimated to have made over $30 million.

Justin Sun launches Sunpump

Pump.fun’s meme coins have also benefited Solana (SOL), which has seen more activity across its decentralized exchanges like Raydium and Orca. Data shows Solana handled over $6.5 billion in transactions in the last 7 days.

Pump.fun has emerged as a popular platform for generating meme coins. Over the past eight months, users have created more than 1.8 million tokens, some of which have gone viral. Its technology leverages Solana, a blockchain known for low fees and fast transaction speeds.

The success of Pump.fun has inspired the creation of other meme coin generators. Last week, Justin Sun unveiled SunPump, which is quickly gaining traction among users.

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Theo Crypto News

Phân tích

Bitcoin price stuck in range as 2 charts signal big breakout

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Bitcoin’s price remained in a tight range on Aug. 19, continuing a consolidation phase that has persisted for almost two weeks.

Trading at $58,000, Bitcoin (BTC) contributed to a 2.2% decline in the global crypto market cap, bringing it down to $2.06 trillion.

BTC consolidation continues

This uneventful price action occurred as volumes in both the spot and futures markets stagnated. Bitcoin’s open interest slightly increased on Monday to $30 billion but remained lower than this month’s peak of $36 billion.

Spot market volume for Bitcoin dropped to $17 billion on Monday, a significant decrease from the Aug. 6 high of over $120 billion. Typically, Bitcoin and other cryptocurrencies experience low volumes when they are not in an uptrend. The volume in Solana (SOL), Ethereum (ETH), and Base Decentralized Exchange platforms has dropped by over 20% in the last seven days. 

Meanwhile, some large Bitcoin holders seem to be exiting their positions. According to a post on X by Lookonchain, Ceffu, a company offering custody and liquidity solutions to institutions, moved coins worth $211 million to Binance since July 31.

Despite these developments, there are some positive signs for Bitcoin. For one, Bitcoin has remained stable even amid the ongoing Mt. Gox movements. Data shows that the Bitcoin held in Mt. Gox wallets decreased from 141,686 coins on January 1 to 46,164, indicating that the market has absorbed these sales without a significant drop.

Another positive is the increasing number of large institutions holding spot Bitcoin ETFs, signaling that the asset is gaining mainstream acceptance. Notable companies include Goldman Sachs, HSBC, and Barclays.

Bitcoin price weekly chart

BTC price chart | Source: TradingView

Longer-term charts also suggest that Bitcoin is holding up well. On the weekly chart, Bitcoin has consistently stayed above the 100-week Exponential Moving Average since October last year.

Bitcoin has also formed a falling broadening wedge chart pattern, often leading to a bullish breakout. This pattern, characterized by connecting the lower lows and lower highs, typically sees a significant breakout when the price moves above the lower side of the wedge.

Additionally, Bitcoin has formed a cup and handle pattern, with the upper boundary at $68,830. The wedge pattern is part of this handle, and the accumulation and distribution indicator has reached its highest level in years.

BTC price monthly chart

Bitcoin price monthly chart | Source: TradingView

The monthly chart also points to potential upside for Bitcoin. Similar to the weekly chart, it shows a cup and handle pattern, with the accumulation and distribution indicator near its all-time high. Bitcoin has remained above the 50-month moving average.

Bitcoin is also forming a hammer candlestick pattern, characterized by a long lower shadow, a small body, and little to no upper shadow. For this pattern to fully form, Bitcoin needs to close the month slightly below $64,000. If this occurs, it could signal further upside.

In the long run, a Bitcoin rally will be confirmed if it breaks above the year-to-date high of $73,902.

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Theo Crypto News

Phân tích

dYdX price rebounds, but sell cluster threatens breakout rally

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dYdX has embarked on a recovery push amid growth in buying pressure, but a cluster of sell orders threatens its potential for further rise.

dYdX has increased by 4% over the past 24 hours, emerging as the top gainer among the top 100 cryptocurrencies. The upward momentum marks its third consecutive day of intraday gains after it witnessed sustained consolidation on the back of the broader market’s bearish trajectory. 

DYDX 1D chart – Aug. 19 | Source: Trading View

The previous collapse commenced with a sharp 7% drop on July 23, following reports confirming that the exchange’s website had been compromised. dYdX currently trades for $1.127, up 2.07% this morning.

Data from the daily chart confirms that since July 26, dYdX has been carving out a rounding bottom pattern, a favorable reversal signal indicating a potential shift in market sentiment. 

This formation suggests that the prolonged downtrend might be nearing its end, with buyers gradually gaining control. However, dYdX is now approaching a multi-week descending trendline that has acted as a formidable resistance. 

dYdX must close above the psychologically significant level of $1.60 to confirm a breakout and signal a more substantial bullish reversal.

Adding to the bullish outlook, the Moving Average Convergence Divergence (MACD) indicator on the daily chart shows signs of strengthening momentum. The MACD line (-0.043) has crossed above the signal line (-0.066).

dYdX faces sell order cluster

The road ahead is not without challenges, as indicated by the asset’s market depth, according to data from IntoTheBlock. While the average bid price is $1.04, the average ask price is higher at $1.11, indicating that sellers are willing to offload their positions at a premium. 

dYdX order books – Aug. 19 | Source: IntoTheBlock

There is substantial resistance above the current price. Sell orders accumulate significantly as the price approaches and surpasses $1.20, with a particularly dense cluster at $1.30 and beyond.

Market depth data also reveals that at levels 10% and 20% above the current price, sell orders dominate, with volumes of 4.08 million dYdX and 4.97 million dYdX, respectively. 

This suggests that even if dYdX breaches the $1.20 mark, it could face increased selling pressure, potentially capping further gains unless strong buying interest emerges.

On the downside, dYdX is supported by significant buy orders below the $1.10 level, with notable volumes at $1.00 and $0.90, where large bids could prevent a steep decline. The safety net could provide the necessary support for dYdX to consolidate before attempting another push higher.

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Phân tích

94% of TRX holders in profit amid quick price recovery

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The majority of TRON holders are currently in profit but mixed social and on-chain signals have been dominating the asset.

TRON (TRX) is up by 2.2% in the past 24 hours and is trading at $0.136 at the time of writing, while its market cap is currently sitting at $11.8 billion with a daily trading volume of almost $300 million, per data from crypto.news.

TRX price, open interest, funding rate and sentiment – Aug. 19 | Source: Santiment

Santiment metrics reveal that TRX’s price surge from $0.126 has led to a significant increase in total open interest over the past week, climbing from $47 million on August 12 to $71 million at the time of reporting, reaching a five-month high.

A sudden surge in TRX’s open interest could potentially mean higher liquidations that can cause high price fluctuations.

Data from the market intelligence platform shows that the total funding rates aggregated by TRX rose to 0.012% after falling to the negative zone on Aug. 18. Historically, TRX faces a price correction despite traders’ bullish stance on the asset. Quite similarly, the weighted sentiment around TRON remains mostly bullish, per Santiment.

TRON’s high concentration raises volatility risks

According to data provided by IntoTheBlock, roughly 94% of TRX holders are currently in profit despite the price being 55% down from its all-time high of $0.30 in January 2018. Only 3% of TRX addresses have accumulated the asset between $0.136 and $0.166 and the remaining tokens are neither in profit nor at loss.

When the amount of holders in profit reaches a very high level, some addresses could potentially take profits before the price declines.

It wouldn’t be surprising if TRX faces high price volatility due to its token concentration. Per ITB data, over 56% of Tron tokens are sitting in whale wallets and 34% belong to retail investors. While on-chain indicators show the possibility of a price downturn, TRX could still hike due to increased positive sentiment on social platforms.

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