Lưu trữ cho từ khóa: Price Analysis

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SOL, LINK, TAO: Top cryptocurrencies to watch this week

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The global crypto market built on the recovery push from two weeks back, recouping an additional $100 billion to close the week at $2.2 trillion. 

Bitcoin (BTC) led the charge, as it briefly reclaimed the $64,000 territory. The bullish momentum led to substantial gains for most altcoins.

Here are some of the most noteworthy performers from last week:

Solana breaches 20-day SMA

Solana (SOL) experienced a sharp 4.21% decline at the start of the week. However, following a period of consolidation, it rebounded strongly, spiking 13.01% from Sept. 18 to 21.

SOL 1D chart – Sept. 22 | Source: crypto.news

This was largely due to the crypto market’s positive reaction to the Federal Reserve’s 50 basis point rate cut, coinciding with the unveiling of Solana’s new phone — Solana Seeker.

Solana ended the week with an 8.76% gain at $149.41.

The asset broke above the 20-day simple moving average, or SMA, on Sept. 19. It has remained above it since. However, volume has declined since a 4.493 million SOL peak on Sept. 20. This indicates that the rally may be losing steam.

If the volume remains low, it could suggest weakening buying interest, which might lead to a reversal. Key areas to watch this week are the support around $135 (the 20-day SMA) and resistance near $150.

Solana was created by Anatoly Yakovenko, a former Qualcomm engineer. He founded Solana Labs in 2017, along with co-founder and fellow Qualcomm colleague Greg Fitzgerald.

Raj Gokal and a team of developers also helped launch Solana’s blockchain in March 2020.

Chainlink targets $12

Chainlink (LINK) started the week by dipping with the broader market, but quickly recovered to hit a monthly high of $11.74 on Sept. 20. 

LINK 1D chart – Sept. 22 | Source: crypto.news

LINK saw a slight pullback from this week, but managed to close with a modest 1.76% gain. The token was one of the underperformers of the week despite a partnership with Fireblocks for stablecoin issuance.

Currently, LINK trades above the middle Bollinger Band ($10.70) and is close to retesting the upper band ($11.74). A breach of the resistance at the upper band could grant the bulls enough strength to reclaim $12. 

This week, traders should watch for a breakout above $11.74, which could signal a further upward move. However, a drop below the middle band at $10.70 would bring the support at the lower band ($9.65) into play.

Sergey Nazarov and Steve Ellis created Chainlink in 2017. The crypto was originally envisioned as a decentralized oracle network that connects smart contracts with real-world data.

Bittensor rallies 43%

Bittensor (TAO) emerged as one of the top gainers last week. The decentralized, open-source protocol surged by 43%.

The rally pushed TAO to retest $480 for the first time since May, although it faced resistance at this level. Despite a slight drop, TAO is trading at a four-month high.

TAO 1D chart – Sept. 22 | Source: crypto.news

In the Donchian Channels, TAO is above the basis line ($350.1) and lower line ($219.6) but just shy of breaking the upper line ($480.5) This suggests that while bullish momentum is strong, further gains may be limited unless TAO breaches $480.5.

Additionally, the Commodity Channel Index has surged to 212.28, its highest since January, indicating that TAO may be overbought. This could lead to a short-term pullback unless strong buying pressure continues.

Bittensor aims to create a marketplace for artificial intelligence (AI) and machine learning models. The platform, created by Shen-Juan Ting and Kei Kreutler, is designed to allow AI models to interact, share data and incentivize through TAO tokens.

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Loom Network, Ontology, Simon’s Cat lead as Bitcoin stalls

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Cryptocurrencies held steady on Saturday as the recent momentum among risky assets waned.

Bitcoin (BTC) retreated to $63,000 from this week’s high of $64,000 while the total market cap of all coins remained at $2.2 trillion. 

Other risk assets wavered, with the Dow Jones rising by 27 points and the S&P 500 and Nasdaq 100 indices falling by 0.25% and 0.29%, respectively. As we wrote on Friday, this price action was likely because of the triple-witching event, where options worth over $5.1 trillion expired. 

Loom Network led gains as open interest rose

Loom Network (LOOM), recently delisted from Binance, was one of the best-performing altcoins as it jumped to $0.0668, its highest swing since July 22 and up by 61% from its lowest point this year.

Loom soared as its 24-hour volume jumped to over $174 million, higher than its market cap of $80 million. Its open interest in the futures market jumped to over $27 million, its highest level since March 27, and higher than this month’s low of $4.7 million.

Ontology Gas (ONG) was also one of the top tokens on Saturday. It soared for five consecutive days, reaching its July high of $0.387 with its market cap reaching $142 million. Like Loom Network, ONT’s open interest rose to $15.7 million, the highest level since June 7.

Fundamentally, Ontology’s ecosystem has not done well in the past few years as the total value locked in its DeFi ecosystem has dropped to $7.1 million from a record high of $374 million in 2021.

Simon’s Cat jumps to a record high

Simon’s Cat (CAT) was the other top-performing token, surging to a record high of $0.000040. According to Nansen, the token’s market cap has soared to over $297 million while its exchange volume rose to $168 million, its highest level since Sep. 12. 

Simon’s Cat price and volume | Source: Nansen

Simon’s Cat also jumped as the number of token holders rose to 217,680 in the last 24 hours while the number of tokens in exchanges dropped to 1.85 trillion from last week’s 1.87 trillion. A drop in the number of tokens in exchanges is a positive thing since it means that more people are storing them in wallets. 

The other top-performing cryptocurrencies were ARK, which rose by 23%; Powerledger, and Theta Fuel, which rose by 20% and 8%, respectively.

Mother Iggy, Neiro on ETH, Billy, and Cat In A Dogs World were the most notable laggards.

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Tron price rises as SunPump meme coins dive

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Tron price held steady on Saturday, Sep. 21 as most SunPump tokens retreated.

Tron (TRX) rose to $0.1520, a few points above this week’s low of $0.1467, and 11% below its highest point this year.

SunPump tokens crash

Data by CoinGecko shows that most SunPump meme coins have retreated in the past few days.

  • Sundog (SUNDOG), the biggest coin in its ecosystem, has dropped by 11.1% in the past seven days to $0.30, bringing its market cap to $305 million.
  • Tron Bull retreated by 8%
  • Muncat, 35%,
  • SunWukong, 10%,
  • Suncat tokens, 37% in the same period.

Altogether, the total market cap of all meme coins in Tron’s ecosystem has dropped from over $560 million to $514 million.

This performance has affected Tron’s DEX volume, which has dropped by 10% in the last seven days to $453.6 million. Other chains like Solana (SOL), Binance Chain, and Sui have seen their DEX volumes jump by 11%, 22%, and 70% in this period. 

On the positive side, the number of transactions in Tron has risen, according to Nansen. These transactions rose to over 8.2 million on Saturday, its highest point since Aug. 27 and much higher than this month’s low of 6.14 million.

Tron transactions and gas fees | Source: Nansen

Tron is also one of the most profitable networks in the crypto industry.

Data by TokenTerminal shows that its network fees this year stand at over $1.2 billion, second only to Ethereum’s $1.86 billion.

SunPump tokens have generated over $44.8 million in fees since inception.

Another positive is that Tron’s staking yield has bounced back to 4.97%, higher than last month’s low of 4.35%. This rebound happened as the volume of Tron burn and gas fees rose during the month.

Tron’s technicals are supportive

Tron price chart | Source: TradingView

Technically, Tron has some encouraging metrics. It formed a double-bottom pattern at $0.1466 between August and September. This bottom was a few points above the key support at $0.1455, its highest swing in February this year.

Tron has also held steady above the 50-day moving average while the Relative Strength Index has risen above 50. That is a sign that it may continue rising as bulls target the year-to-date high of $0.1690.

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Bitcoin may suffer a harsh reversal unless it clears key hurdle

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Bitcoin price rose to a key resistance level as investors embraced a risk-on sentiment after the dovish interest rate decision.

Bullish catalysts for Bitcoin

Bitcoin (BTC) jumped to the important point at $64,000 for the first time since Aug. 9. It has moved into a technical bull run after soaring by over 20% from its lowest point this month.

This price action is mostly because of Wednesday’s Fed decision in which it slashed rates by 50 basis points and hinted that it may deliver more cuts later this year.

It accelerated after the Bank of Japan left interest rates unchanged even as the country’s inflation rate remained at an elevated rate. A BoJ rate cut would have led to fears of a Japanese yen carry trade unwind, which pushed most assets downwards in August. 

Meanwhile, institutional investors and countries have continued buying Bitcoin and ETFs. The net Bitcoin ETFs in the last five trading days stood at over $567 million. 

MicroStrategy has continued buying coins, bringing its total holdings to over 252,000. Its Bitcoin holdings have made it an unrealized profit of over $5.95 billion.

El Salvador’s government currently holds 5,800 coins and continued accumulating this week while Bhutan has coins worth over $800 million, a substantial amount for a country with a GDP of $3 billion.

Bitcoin also rose as the fear and greed index moved from the fear zone to the neutral area of 46. Cryptocurrencies often do well when the index is rising.

Bitcoin hits a key resistance

Bitcoin price chart | Source: TradingView

On the daily chart, Bitcoin has risen to an important resistance level at $64,000. This price coincided with the descending trendline that connects the highest swings since June 7. It found substantial resistance in its past attempts to cross that level in July and August. 

Therefore, there is a risk that the coin will suffer a sharp reversal if bulls don’t push it above that level. A likely catalyst for the pullback will be the Triple Witching event in Wall Street that will see options worth over $5.1 trillion expire on Sep. 20. Historically, stocks often drop in the week following this witching event. A strong pullback in the stock market will likely lead to a similar price action in Bitcoin. 

On the flip side, a strong rebound above this resistance will raise the possibility of Bitcoin rising to $70,000, a psychological level and its highest point in July. A complete bullish breakout will only be confirmed if it pushes above its all-time high.

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3 reasons why Sui price has gone parabolic

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Sui, a popular layer 1 network, has become one of the best-performing cryptocurrencies since August, soaring to a five-month high.

Sui (SUI) token has risen for three consecutive weeks and is up by over 240% from its lowest level in August, giving it a market cap of over $4.17 billion. 

1. DeFi ecosystem is growing

    Sui, often seen as a Solana (SOL) rival, has performed well due to its growing popularity among users and developers. Third-party data shows that the total value locked in its decentralized finance ecosystem has jumped to a record high of $860 million, up from $383 million in August.

    Some of the most notable Sui dApps that have seen a jump in assets are Suilend, Scallop Lend, and Cetus, which have accumulated assets worth over $137 million. 

    Sui has also attracted stablecoins worth $378 million, a number that will likely rise now that it has activated Circle’s USD Coin. 

    Additionally, Sui’s decentralized exchanges are seeing increased activity, mostly due to their low fees. Its volume rose by 50% in the last seven days to $428 million, making it the 9th biggest chain in the industry. It has overtaken some popular blockchains like Tron (TRX) and Avalanche (AVAX).

    This ecosystem growth has led to more transactions in the network. According to Suiscan, the number of transactions has grown to over 548,000, the highest level since May. Its six-month transactions have risen by 21% to 1.91 billion.

    2. Sui is becoming a big player in gaming

    Meanwhile, Sui is positioning itself as a major player in the blockchain gaming industry, which is often seen as a key use case for blockchain technology.

    The developers have launched several gaming tools like zkLogin, which helps onboard gamers easily. It also features a kiosk that lets developers set custom trading policies. Other top features include closed-loop tokens and parallel transaction processing.

    Most notably, the developers are taking pre-orders for a gaming console that will have some blockchain features. During the pre-order process, users will create a new wallet that will hold a unique NFT upon delivery of the device.

    Further, Sui has seen a surge in futures open interest, which soared to a record high of $453 million on Sept. 20.

    Sui futures open interest | Source: CoinGlass

    3. Sui has strong technicals

    Solana price chart | Source: TradingView

    Sui has also jumped due to its strong technicals. The comeback started on Aug. 5, with the formation of a small hammer candlestick—a popular reversal sign in price action analysis.

    Sui has crossed the 50-day and 200-day moving averages, which are about to form a golden cross, often a bullish indicator. The Average Directional Index has risen to 30, and the Relative Strength Index has moved to 83.

    These indicators suggest that Sui has a bullish momentum, meaning it may continue rising in the near term. If this happens, the next potential level to watch will be at $2.17, its highest swing in March and 40% above the current level.

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    FET price rises as CEX inflows rise ahead of Cudos merger vote

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    The Artificial Superintelligence Alliance token rose for the third consecutive day, reaching its highest point since June 27. 

    Artificial Superintelligence Alliance coin (FET) jumped to a high of $1.5768 on Sept. 19, 127% above its lowest point this month. This rally mirrored the performance of most cryptocurrencies, which surged after the Federal Reserve slashed interest rates.

    FET also spiked as data from Nansen showed it had over $7.8 million in centralized exchange inflows in the last 24 hours, representing a 127x jump from the previous average. A big increase in exchange inflows often signals that some holders are starting to sell.

    Meanwhile, the number of FET tokens held by smart money wallets continued to rise, reaching a year-to-date high of 5.9 million. These smart money wallets increased to 25, up from last month’s low of 21.

    Data also revealed that the volume of FET traded across exchanges surged to over $623 million, its highest point since March this year. According to CoinGlass, FET’s futures open interest rose to over $92 million, its highest level since June 9.

    The Artificial Superintelligence Alliance token also gained momentum following several significant AI-related news developments. In China, Alibaba unveiled a series of AI tools, including over 100 open-source AI models.

    Meanwhile, OpenAI is reportedly raising funds at a $150 billion valuation, solidifying its position as the biggest player in the AI industry. The company also partnered with T-Mobile, a move that the company believes will boost its earnings by over $39 billion in the long term.

    The coin also rose ahead of an important vote in which alliance members will determine whether Cudos will become the next part of the alliance. The current three members of the alliance are Fetch, Ocean Protocol, and SingularityNET. 

    Cudos, the potential new member, bridges the gap between blockchain and cloud computing by providing decentralized storage solutions. Its token was up by 13%, giving it a market cap of over $68 million.

    FET, the biggest AI cryptocurrency, does well when there are good news about the industry. Other AI tokens like Bittensor (TAO) and Akash Network (AKT) have also jumped by double digits in the past few days.

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    Sea of green in crypto as Reef, First Neiro on ETH, Solar lead

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    It was a sea of green in the cryptocurrency industry after the jumbo interest rate cut by the Federal Reserve.

    Bitcoin (BTC) led the gains, cruising above the important resistance point at $63,000 for the first time since Aug. 27. 

    Reef, First Neiro on ETH, and Solar (SXP) lead

    Most of the large gains occurred among smaller altcoins. Reef (REEF) went parabolic, soaring to a high of $0.0048, its highest point since March 12. It has been one of the best-performing altcoins this month, jumping by over 670% from its lowest point and bringing its market cap to over $102 million.

    Reef, which stands for reliable, extensible, efficient, and fast, surged a month after Binance delisted it from its exchange. This indicates that it is likely going through a short squeeze, with most of its trading happening on Gate.io and WhiteBIT.

    First Neiro on ETH (NEIRO) has also been one of the best-performing coins this month. It rose to a record high of $0.00098, up by over 3,865% from its lowest level in September. 

    Other top performers in this crypto comeback were coins like Solar (SXP) and Billy (BILLY), which rose by over 50%.

    This price action coincided with the performance of other assets. In the stock market, popular indices like the Dow Jones and Nasdaq 100 rose by over 1%, continuing the bull market that has been ongoing over the past few months.

    Fed’s jumbo rate cut

    The surge happened after the Federal Reserve decided to slash interest rates by 0.50%, in line with most analysts’ expectations. The Fed also hinted that it would deliver more cuts if the labor market continued to weaken.

    Most crypto analysts believe that the ongoing rally has legs. In a note, Ki Young Ju, wrote that the crypto bull run was still underway. In another X post, Ju, who is the founder of CryptoQuant noted that institutional investors were no longer shorting Bitcoin.

    Additionally, spot Bitcoin ETFs have seen inflows for five consecutive days, indicating that institutions likely bought the dip. According to Santiment, crypto sentiment has continued rising, which is a positive catalyst for the industry.

    And as crypto.news reported earlier, the crypto fear and greed index has moved from the fear zone and risen to its highest point in weeks. In most periods, altcoins do well when the index is in an uptrend.

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    Bitcoin mining stocks jump as crypto fear and greed index rises

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    Bitcoin mining stocks jumped by over 5% in the pre-market session as the crypto fear and greed index exited the fear zone.

    Mara Holdings, the largest miner by market cap, rose by almost 6%, reaching a high of $16.7. Similarly, Riot Platforms’ stock jumped by 5.3%, while Argo Blockchain climbed by 5%. Other companies like CleanSpark, TeraWulf, and Core Scientific saw similar price action.

    This recovery occurred as sentiment in the crypto industry improved. The closely watched crypto fear and greed index rose to the neutral point of 44, its highest level in nearly two weeks.

    Most cryptocurrencies were in the green. Bitcoin (BTC) rose to over $63,000 while Ethereum (ETH) moved to $2,500. The two coins have risen by over 8% and 4%, respectively, in the last seven days.

    This price action coincided with a strong stock market comeback. The Dow Jones futures jumped by 1.33%, while the tech-heavy Nasdaq 100 index rose by 417 points. Government bond yields and the U.S. dollar index retreated.

    Federal Reserve slashed interest rates

    The Federal Reserve decided to slash interest rates by 50 bps on Wednesday as it seeks to engineer a soft landing. It also hinted that more cuts were on the horizon, especially if the U.S. continues to publish weak job numbers.

    Other central banks have also started cutting rates. The European Central Bank has delivered two cuts, while the Bank of England hinted that it will resume cuts in the final two meetings of the year.

    This marks a new phase for global central banks, which raised interest rates to multi-decade highs as inflation surged after the pandemic. Risky assets often perform well when the Fed and other central banks adopt a dovish tone, as funds tend to move away from low-yielding government bonds.

    Still, it is too early to predict whether the gains in Bitcoin mining stocks will hold. Their price action will depend on how Bitcoin trades in the coming months.

    Bitcoin price chart | Source: TradingView

    On the positive side, Bitcoin has avoided forming a death cross chart pattern. Instead, the price has moved above the 200-day and 50-day moving averages, a positive sign for the coin. It has also formed the three white soldiers candlestick pattern, which occurs when there are three consecutive bullish candles.

    Bitcoin is also approaching the upper side of the descending channel. A break above that level would signal more upside, which could be bullish for mining stocks.

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    Popcat records 22% spike, can bulls target the $1 mark?

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    Popcat, a meme coin on the Solana blockchain, recorded an impressive run, making it the top gainer among the top 100 crypto assets over the past day. 

    The recent 50-basis-point rate cut by the U.S. Federal Reserve has triggered bullish sentiment across the crypto market, which Popcat (POPCAT) has leveraged, recording a 22% rise in price in the past 24 hours. 

    Popcat is trading at $0.8738 at the time of writing, extending its gains with a 39.03% surge in the last seven days. Its market cap now stands at $856.4 million, with a $135 million daily-hour volume signaling surging investor interest.

    POPCAT 1D chart – Sept. 19 | Source: crypto.news

    A pattern contributing to the surge was the rounded bottom formation on the daily chart, which often indicates a potential bullish reversal. Most of the rally occurred in the last trading session, with Popcat gaining nearly 19% yesterday, its largest intraday gain in a month.

    The Fibonacci pivot points suggest resistance at various levels, starting at $0.88 and moving higher to the all-time high at $1.09. As the bulls look to again surpass the $1 price level, the $0.88 resistance threshold presents a formidable roadblock.

    On the downside, immediate support lies at $0.75, with lower supports at $0.54 and $0.32. The price recently pushed above the critical $0.46 level, which was highlighted by analysts as a key indicator for a bullish breakout. 

    According to an X post by the pseudonymous analyst Impulsive Dom, this breach signals a solid upward momentum, with the possibility of Popcat targeting the $2 to $3 range on a third Elliott Wave push, provided the momentum continues.

    Additionally, the Williams %R indicator, which currently stands at -2.93, points to an overbought condition. Readings closer to zero indicate that the asset might be nearing a short-term top, and the market could face selling pressure soon. A pullback from this level is possible, given the recent sharp rise.

    Looking ahead, if Popcat maintains its momentum, the $1 target could come into play. However, caution is advised, as failure to hold above $0.75 could lead to a retest of lower support levels near $0.54 and $0.32.

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