Lưu trữ cho từ khóa: Price Analysis

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Helium enters correction as crypto fear and greed index declines

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Helium enters correction as crypto fear and greed index declines

Helium token suffered a reversal on Aug. 15 amid profit-taking and worsening sentiment in the crypto industry.

The Helium (HNT) crypto price retreated to $6.50, down by over 13% from its highest point this week, indicating it has moved into a local correction.

HNT is up by 126% from August low

Despite its pullback, HNT remains one of the best-performing cryptocurrencies since Aug. 5, when most tokens retreated. It has surged by over 126% from its lowest point this month, pushing its market cap to over $1 billion.

Helium’s retreat coincided with the crypto fear and greed index dropping from this month’s high of 57 to 43. If the decline continues, the index could move into the fear zone, below 40.

The decline also occurred as Bitcoin (BTC), Ethereum (ETH), and other altcoins retreated. Bitcoin fell from this week’s high of over $60,000 to $58,000 while Ether, Solana (SOL), and Binance Coin (BNB) were down by over 4% in the past 24 hours. 

Helium has solid fundamentals

Helium has become one of the top-performing cryptocurrencies in recent months, bolstered by its ecosystem growth.

The network is reportedly in talks with two major U.S. carriers, who are conducting tests to offload their traffic onto the MOBILE network. Carrier 1 has over 185,000 subscribers, while Carrier 2 has over 122,000 users participating in the trial.

If successful, the carriers could save money and offer better coverage, while Helium would benefit from increased traffic and funds, which would flow to hotspot providers.

According to its stats page, Helium MOBILE has almost 20,000 active hotspots, while its IoT solution has 360,000 locations, and these numbers are rising.

HNT formed a golden cross

Helium price chart | Source: TradingView

Technicals suggest that the HNT token could resume its upside as it recently formed a golden cross pattern, with the 200-day and 50-day Exponential Moving Averages making a bullish crossover.

In most cases, this pattern leads to further upside. For example, the last time HNT formed this cross in November 2023, the Helium token soared by over 370%.

Helium has also formed a rounded bottom, another bullish pattern. A cross above this week’s high of $7.45 could signal more upside as buyers target the year-to-date high of $11.05, 70% above its Aug. 15 level.

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Theo Crypto News

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Ethereum looks bullish, whale activity declines

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On-chain indicators look bullish for Ethereum as the whale activity around the asset declines.

Ethereum (ETH) declined by 3.8% in the past 24 hours and is trading at $2,620 at the time of writing. The asset’s market cap is currently sitting at $315 billion. ETH’s daily trading volume, however, increased by 3%, reaching $15.6 billion.

ETH price, funding rate, open interest, RSI and whale activity – Aug. 15 | Source: Santiment

According to data provided by Santiment, the Ethereum total open interest decreased from $5.28 billion on Aug. 12 to $5.05 billion at the reporting time. Usually, lower price volatility would be expected with the decline in an asset’s open interest due to a lower amount of liquidations.

Data from the market intelligence platform shows that the total funding rates aggregated by ETH plunged below the zero market for the first time since October 2023 — currently sitting at negative 0.0002%.

Historically, a negative funding rate has triggered a short-term bullish momentum for Ethereum despite traders expecting a price fall.

Per Santiment, the number of whale transactions consisting of at least $100,000 worth of ETH has been constantly decreasing over the past three days — falling from 5,371 on Aug. 12 to 4,346 unique transactions over the past day.

Moreover, the Ethereum Relative Strength Index is also showing that the asset is slightly oversold — currently hovering at the 42 mark. It’s important to note that a further selloff could trigger FUD and take the ETH price further below.

One of the main reasons behind the recent decline in the ETH price is the Jump Trading selloff. The company has already accumulated over $64 million ETH tokens from different platforms and looks ready for sale. 

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Ethereum rises despite Jump Trading sell-off, ETF inflows, death cross

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Ethereum price continued its recovery even as Jump Trading resumed offloading its tokens this week.

Ethereum (ETH) rose to a high of $2,753 on Wednesday, its highest point since Aug. 4 and 30% above its lowest point this month.

Jump Trading is selling Ether

This rebound coincided with that of other coins. Bitcoin (BTC), which sets the tone in the crypto industry, rose to $61,000 while the combined market cap of all coins increased to $2.15 trillion.

Ethereum rallied even after Jump Trading resumed selling its Ether holdings. According to LookOnChain, the company claimed 17,049 Ether tokens worth $46.4 million from Lido and sold them.

Jump Trading has been selling its tokens over the past few weeks, which partially explains why Ethereum’s drop during the crypto Black Monday was worse than that of Bitcoin and other coins.

Data from Arkham shows that the company still holds 24,919 Ether tokens, 28,735 stETH tokens, and 675 wETH coins. In total, Jump Trading holds assets worth over $423 million.

A likely reason for Ethereum’s price rebound is that investors have started moving back to spot Ethereum ETFs. Data from SoSoValue showed that spot Ether ETFs recorded net inflows of over $24.3 million.

Most of these inflows were directed to BlackRock’s Ethereum ETF, which saw $49.1 million in assets, bringing the total assets under management to $843 million. If this trend continues, the fund is likely to hit the $1 billion mark in the coming months.

Fidelity’s FETH fund also had $5.4 million in assets, while Invesco’s QETH held $813,000. Other ETFs from companies like Bitwise, VanEck, and Franklin Templeton had no inflows on Tuesday, while Grayscale’s Ethereum Trust saw over $31 million in outflows. Its mini trust has accumulated over $981 million in assets, thanks to its lower fees.

Ethereum price death cross is a risk

Ethereum price | chart by TradingView

Still, Ethereum is at risk of further downside because it has formed a death cross pattern on the daily chart. The 50-day and 200-day Simple Moving Averages crossed each other on Aug. 7. In most cases, this pattern leads to more downside.

Therefore, Ethereum’s upside will be confirmed if the coin flips the important resistance at $2,833 into a support level. This is a crucial level since it was its lowest swing in April, May, and July, and the neckline of the slanted triple-top pattern.

On the flip side, a drop below last week’s low of $2,114 would indicate more downside, signaling that bears have prevailed.

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Theo Crypto News

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Bitcoin price risks falling to $44k if key support breaks

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As the recent Bitcoin price recovery stalls, there is a risk that the coin could drop by 25% in the coming weeks.

Bitcoin (BTC) recovered by 27% from its lowest point on Aug. 5 but faced strong resistance at $62,000. It has recently lost key support at $60,000 and was trading at $59,000 on Aug. 13.

Data from CoinGlass shows that Bitcoin’s 24-hour volume in the spot market has stabilized at $34 billion. However, open interest in the futures market has moved sideways in recent days, standing at $28 billion, down from last month’s high of over $37 billion.

One likely reason for the low open interest is that many Bitcoin investors suffered substantial liquidations as the coin dropped to $49,000 and then quickly rebounded to $62,000.

There are also concerns about the U.S. presidential election, with most polls indicating a close race between candidates. Polymarket odds have tilted towards Harris, showing her leading in key states like Michigan and Pennsylvania.

Donald Trump has endorsed Bitcoin and insisted that his administration will not sell the vast coins it holds. He has also stated that he would fire Gary Gensler, the Securities and Exchange Commission chair who has focused on lawsuits during his tenure.

Bitcoin price chart | Source: TradingView

Technically, Bitcoin faces substantial risks. It has already formed the highly-feared death cross pattern as the 50-day and 200-day Simple Moving Averages have crossed each other. Additionally, the two lines of the MACD indicator have slipped below the neutral point.

At the same time, as shown above, Bitcoin has formed a series of lower lows and lower highs, indicating a downtrend.

Therefore, a drop below this month’s low of $49,000 will be a sign that bears have prevailed and that the falling broadening wedge pattern has been invalidated. Such a move could lead to a further decline to the 50% Fibonacci Retracement point at $44,900, which is 25% below the Aug. 13 level.

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Theo Crypto News

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SATS recovers 104%, but double top formation threatens steep correction

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The latest Ordinals rebound leads to the potential formation of a bearish double top, a pattern that could signal the start of a steep retracement journey for the cryptocurrency.

SATS (SATS) has staged an impressive recovery since hitting a one-month low of $0.000001540 during the Black Monday event on Aug. 5. 

The digital asset has recorded double-digit intraday gains on three occasions since the sharp dip. The most significant rally occurred on Aug. 12, when SATS surged by 24.79%, lifting its price to a new monthly peak of $0.000003232. 

SATS double-top indicator – Aug. 13 | Source: Trading View

Despite a 2% drop this morning, SATS has defended the support around the $0.0000031 psychological mark. The asset is trading at $0.000003148 at the time of writing, representing an impressive 104% gain from the Aug. 5 floor price.

However, the bullish push appears to be running into resistance. The potential formation of a double-top pattern on the daily chart adds to this bearish outlook. Ordinals formed the first top when it surged to $0.000003418 on July 26. The second top formed amid the recent spike to $0.000003232.

The double top formation would be confirmed if the asset’s recent drop persists toward the neckline at the $0.00000154 support. SATS would have to fervently defend the $0.000001988 territory to hedge against any drops to this neckline.

SATS 1D chart – Aug. 13 | Source: crypto.news

Meanwhile, the Stochastic RSI indicator is currently in overbought territory. The %K line stands at 87.95, while the %D line is at 77.87. Both lines being above and near 80 typically indicate that the asset is overbought and could be due for a price correction. 

In addition, the Ichimoku Cloud indicates that the conversion line (blue) is below the baseline (red), a bearish signal that indicates the possibility of a downward trend. 

Despite this, the latest upsurge has kept SATS above the cloud, confirming the prevalence of bullish momentum. Amid the ongoing drop, the bulls need to hold above $0.000002880 to sustain the bullish trend.

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Buy signal emerges for Optimism following 9% price drop

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The recent price drop in the Optimism price has helped a strong buy signal resurface with long-term holders at record low levels.

Optimism (OP) plunged by 9.6% in the past 24 hours and is trading at $1.33 at the time of writing. Notably, the asset has been constantly declining from its all-time high of $4.85 on March 6.

OP price, RSI, dormant circulation and funding rate – Aug. 12 | Source: Santiment

OP’s market cap is currently sitting at $1.57 billion, making it the 48th-largest cryptocurrency. On the other hand, the token’s daily trading volume increased by 23%, reaching $145 million.

According to data provided by Santiment, the OP Relative Strength Index is hovering at 41 at the reporting time. The indicator shows that Optimism is slightly oversold at this price point.

Data from the market intelligence platform shows that long-term OP holders have remained motionless despite the recent price fall. Per Santiment, the Optimism one-year dormant circulation plunged from 132,510 to 14,701 tokens — marking a one-month low — over the past 24 hours. 

According to Santiment, the OP daily active addresses divergence is standing at 114% at the reporting time. The indicator shows a strong buy signal for OP while the heightened trading volume hints at high price volatility. 

Moreover, the total funding rate aggregated by Optimism rose from negative 0.003% to 0.002% over the past day. At this point, traders are also bullish on the OP price surge.

However, macroeconomic events could have a strong impact on financial markets, including cryptocurrencies, despite bullish indicators. On Aug. 9, analysts at Coinbase Research believe that macro pressure could potentially put the crypto ecosystem in tension over the next few weeks.

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Sui surges 83% in 7 day trading, short traders expect downfall

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Sui recorded an impressive bullish run last week as the broader crypto market saw a rebound. But traders now expect a price correction for the asset.

Sui (SUI) registered an 83% price surge over the past seven days — rising from $0.50 on Aug. 5 to a two-month high of $0.95 earlier today. The asset is up by 5.8% in the past 24 hours and is trading at $0.94 at the time of writing.

SUI price – Aug. 12 | Source: crypto.news

Notably, SUI is currently the only cryptocurrency among the leading 100 to record bullish gains over the past day.

Following the price hike, SUI’s market cap surpassed the $2.4 billion mark — making it the 30th-largest crypto asset — with a daily trading volume of roughly $400 million. 

One of the main reasons behind SUI’s price surge could be the launch of the Grayscale investment trust for the asset on Aug. 7. Another could be the market-wide rebound as the global crypto market capitalization surged from $1.9 trillion to $2.07 trillion on Aug. 6.

According to data provided by Santiment, the SUI total open interest dropped from $360 million to $341 million over the past 24 hours. The decline came after SUI saw $4.25 million in liquidations in a day.

SUI price, open interest and funding rate – Aug. 12 | Source: Santiment

Following the impressive price surge, data from the market intelligence platform shows that the total funding rates aggregated by SUI have plunged to negative 0.0048%. The indicator shows that the amount of short-position holders is currently dominating long-position holders. 

At this point, the majority of the traders are betting on SUI’s price fall.

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Theo Crypto News

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BEAM plummet to December lows triggers whale accumulation

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After Beam fell to its December 2023 lows, whales showed increased interest in the asset and started accumulating it.

Beam (BEAM) plunged to $0.0106 on Aug. 5 for the first time since December 2023. Following the market-wide recovery, the native token of the Beam network emerged as the top gainer with a 12.2% surge in the past 24 hours.

BEAM price and RSI – Aug. 11 | Source: crypto.news

Beam is trading at $0.014 with a $700 million market cap at the time of writing. The asset’s daily trading volume recorded a 130% rally, surpassing the $23 million mark. 

According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of BEAM tokens increased from 15 to 27 unique transactions over the past day. 

BEAM price, active addresses, exchange activity and whale activity – Aug. 11 | Source: Santiment

The heightened whale activity around the Beam token started on Aug. 5 when its price was at a local bottom.

Data from the market intelligence platform shows that the BEAM accumulation from exchanges has also surged following the asset’s price recovery. Per Santiment, over 162.6 million BEAM tokens have left exchanges in the past 24 hours.

The number of BEAM tokens entering crypto exchanges is currently sitting at 147 million.

According to Santiment, the number of Beam daily active addresses has consistently declined over the past week — from 647 on Aug. 5 to 290 active wallets at the reporting time.

Due to the increased whale activity, the Beam Relative Strength Index also surged to 72. The indicator shows that BEAM is overbought, and a price correction would be expected.

When whale activity around an asset suddenly increases, on-chain data would usually show overheated conditions since the price could be potentially manipulated by large token holders. 

In addition, investors would have to take heed of macroeconomic events, since they could suddenly change the cryptocurrency and stock market conditions fast.

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Chart of the week: Сloser look at SUI’s price action

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Sui has surged by 38.57% since last Friday due to positive market developments and major news. Grayscale Investments launched two new crypto investment trusts, one including Sui, which boosted investor interest.

Additionally, macroeconomic factors, such as the market’s recovery from a recent Yen rate hike and a selling spree by Jump Trading, contributed to Sui’s rise (SUI). These factors have led to a strong rally, raising the question of whether Sui can sustain this momentum or if a pullback might occur.

Supply dynamics

Sui has a high inflation rate, with its supply rising rapidly. This is particularly relevant as token unlocks can lead to downward pressure on the price. Fortunately, the upcoming unlock, which accounts for 2% of the total supply, is still 22 days away. Traders planning to exit before this event may not need to worry about its immediate impact.

Downtrend and parallel channel

Since late March, Sui has been stuck in a pronounced downtrend, shedding over 61% of its value. From mid-April, the price action formed a parallel channel, which has acted as both support and resistance, containing the price movement within its bounds. At present, Sui is trading near the upper boundary of this channel, where it encounters resistance. A critical support level to watch lies around $0.60, where the midline of the channel coincides with previous historical support.

Fibonacci retracements

Applying Fibonacci retracement from the March high to the August low, we pinpoint a key resistance level at $0.8681. The level also coincides with the upper boundary of the parallel channel and has historically acted as both support and resistance.

Additionally, a convergence of two macro Fibonacci retracements occurs at $0.75: the 78.6% retracement from Sui’s October 2023 low to its March 2024 high and the 23.6% retracement from its initial trading price in May 2023 to August 2024 low. Moreover, the $1 level, which has proven to be a major resistance and volatility zone, aligns with a golden pocket from the latter Fibonacci retracement.

Strategic considerations

Bullish scenario. Should SUI break out above the $0.8681 resistance level and hold above it on a retest, this could trigger a long entry. Key profit-taking targets would then be at $0.9271 and $1.00, where the next major resistance lies.

Bearish scenario: Despite the recent bounce in the market, the current rally may be overextended, which suggests a potential pullback. The unresolved yen carry trade situation and historically bearish seasonality in August add downside risk. If SUI fails to clear the $0.8681 resistance and instead faces rejection at this level, this would be a signal to short. Targets are $0.75 and $0.60.

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Theo Crypto News