Lưu trữ cho từ khóa: Price Analysis

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JUP, OCEAN, ATOM: Top cryptocurrencies to watch this week

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The global crypto market cap shed an additional $150 billion to close the week at $1.92 trillion. This marked the first time in a month the valuation dropped below $2 trillion.

Here are some of the leading cryptocurrencies to watch this week, following their significant price movements last week:

JUP battles at $0.70

Last week, Jupiter (JUP) recorded days of gains and losses, as it battled the $0.70 territory. However, bearish pressure prevailed amid a failing market, leading to a 6% weekly slump and closing at $0.6979. 

JUP 1D chart – Sept. 8 | Source: crypto.news

Currently, JUP trades between the lower and middle Bollinger Bands. The price sits above $0.6383 (lower band), which provides support. However, it remains below the 20-day moving average ($0.7752), indicating resistance overhead.

On the DMI, the +DI at 13.15 shows weak buying pressure, while the -DI at 24.86 highlights stronger selling pressure. 

Nonetheless, the +DI appears to be rising as Jupiter begins the new week bullish, with the -DI dropping. This suggests a potential shift toward buyers. The ADX at 21.71 shows a moderately strong trend but still lacks clear directional conviction.

This week, investors should watch for a decisive break above the middle band or below the lower band for clearer momentum in either direction.

OCEAN faces volatility

Ocean Protocol (OCEAN) had a volatile week. After gaining 9% on Sept. 1 and 2, it quickly reversed course, losing those gains in a sharp 8.82% drop on Sept. 3. It continued to decline, ending the week at $0.4609, a 6.1% weekly drop.

OCEAN 1D chart – Sept. 8 | Source: crypto.news

Currently, OCEAN trades below the Ichimoku Cloud, with resistance at $0.4935 (Senkou Span B). The cloud’s bearish structure suggests continued downward pressure. However, OCEAN is hovering near the flat Kijun-Sen ($0.4921) and Tenkan-Sen ($0.4740), indicating some potential consolidation.

OCEAN also begins the week on a bullish note. If the price breaks above the cloud, it may challenge higher levels, with $0.4935 acting as key resistance.

A break below the Kijun-Sen could signal further declines toward $0.46. 

ATOM collapses 18%

Cosmos (ATOM) struggled last week, experiencing an 18.8% drop and closing at $3.67. The persistent bearish momentum kept prices low.

ATOM 1D chart – Sept. 8 | Source: crypto.news

The Stoch RSI’s K line is at 2.49, while the D line has dropped to 0.83, signaling that ATOM is deeply oversold. This could indicate a potential rebound if buyers step in. However, the current trend remains bearish.

A CCI at -137.44 also confirms the oversold conditions. Readings below -100 suggest that the selling pressure is strong, but this can also hint at a possible reversal if the trend weakens.

ATOM may attempt to stabilize in the new week, but the oversold signals suggest a potential short-term rebound. If bearish sentiment persists, ATOM could test lower support levels around $3.50.

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Solana, Jasmy prices brace for rare risky chart patterns

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Solana, JasmyCoin, and other altcoins continued their strong sell-off this week as the crypto fear and greed index fell.

Solana and Jasmy are in a bear market

JasmyCoin (JASMY) dropped to a low of $0.01717, down by over 58% from its highest level this year, bringing its market cap to $908 million. 

Solana (SOL), the fifth biggest cryptocurrency, retreated to the support of $120, much lower than the year-to-date high of $209. 

This sell-off has mirrored the performance of Bitcoin, which has dropped from over $73,800 in March to $54,000.

Solana’s sell-off has happened as its ecosystem goes through some challenges. Pump.fun, its meme coin generator, is seeing stiff competition from the recently launched SunPump. Data shows that SunPump has collected over $25 million in fees a few weeks after launch while tokens in its ecosystem are valued at over $428 million.

Pump.fun tokens have over $487 million in market cap while its ecosystem has generated over $140 million in fees, nine months after launch. This means that Tron is catching up with it.

Tron has also passed Solana in terms of total value locked in the DeFi industry. It has over $7.69 billion in assets, higher than Solana’s $4.60 billion. Solana has over $3.6 billion in stablecoins while Tron has $60 billion. Most of Solana’s stablecoins are USD Coin (USDC).

Therefore, there are signs that Solana is losing momentum. Technically, the token has formed a triple-top chart pattern, a popular bearish sign.

Most notably, it is about to form a death cross chart pattern as the 200-day and 50-day moving averages are about to cross each other. 

The spread between the two moving averages has narrowed from 13% in August to just 3.70%. Such a pattern will likely lead to more downside, with the initial target being last month’s low of $110.

Solana price | chart by TradingView

Jasmy is also about to form a death cross

Jasmy, a Japanese cryptocurrency, retreated even after Mitsubishi UFJ, Mizuho, and SMBC announced their entry into the crypto industry by testing stablecoin transfers. 

In most periods, Jasmy rises when there is a major crypto-related news from Japan.

Like Solana, the spread between the 200-day and 50-day moving averages has narrowed, rising the formation of a death cross. 

Jasmy formed a golden cross — the opposite of a death cross — in November 2023, leading to a 788% rally. Therefore, if this death cross happens, there is a risk that the token will continue falling in the coming months.

A key risk for Solana, Jasmy, and other altcoins is that the industry may be moving into a crypto winter that can be prolonged. The last winter lasted between November 2021 to January 2023. 

Jasmy price chart | Source: Tradingview

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$295m liquidated, crypto outlook darkens as Bitcoin downtrend continues

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Crypto investors suffered the biggest liquidation in over a week as Bitcoin and most altcoins continued their downtrend. 

Bitcoin and altcoins liquidations rise

Data compiled by CoinGlass shows that total liquidations on Friday, Sep. 6, jumped to over $221 million, up from $72 million a day earlier. It was the biggest jump since Aug. 27 when liquidations soared to $281 million. 

  • Bitcoin (BTC), the biggest cryptocurrency, led the liquidations with over $114 million;
  • Ethereum (ETH), $72 million worth and
  • Solana (SOL), $14 million.

Bitcoin and other cryptocurrencies dropped as investors dumped risky assets and moved to safe havens. The tech-heavy Nasdaq 100 index dropped by over 500 points while the small-cap Russell 2000 index crashed by over 1.96%. 

This decline happened after the U.S. published mixed jobs reports, signaling that the Federal Reserve will deliver a 0.25% cut instead of the expected 0.50%. The numbers showed that the unemployment rate fell slightly to 4.2% while wage growth bounced back.

There is a risk that Bitcoin and other altcoins may continue falling in the coming weeks. For one, a sense of fear is spreading in the market as the fear and greed index has fallen to the fear area of 30. In most periods, cryptocurrencies retreat when investors are fearful.

Bitcoin and Ethereum are also seeing weak institutional demand as their ETFs have continued their outflows. Data shows that Bitcoin ETFs have shed assets in the past eight consecutive days while Ether funds have shed over $568 million since inception.

Additional data shows that the futures open interest continued falling and is hovering at its lowest point in over a month. Bitcoin’s open interest dropped to $28.4 billion, down from the year-to-date high of over $37 billion. 

Bitcoin price chart | Source: CoinGlass

Bitcoin price has weak technicals

Bitcoin price chart | Source: TradingView

Bitcoin Death Cross?

Technically, there is a risk that Bitcoin is about to form a death cross pattern as the spread between the 200-day and 50-day Exponential Moving Averages is narrowing.

The last time Bitcoin formed a death cross was in 2022. The event led to a 65% crash. 

Bitcoin has also moved below the 38.2% Fibonacci Retracement point, meaning that it could drop to the 50% level of $49,000, its lowest level last month. A drop below that point will lead to more downside. Other altcoins tend to crash when BTC is not doing well.

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Coinbase stock forms risky patterns as crypto outlook darkens

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Coinbase stock slipped for eight straight days, the longest losing streak since July, as cryptocurrencies continued falling.

Coinbase is facing major headwinds

Decentralized and centralized exchanges have come under pressure as cryptocurrency volume has dropped in the past few months.

Data from DeFi Llama shows that the volume traded in DEXs peaked at $260 billion in March and then retreated to $175 billion in August. More data shows that the volume traded on CEX platforms stood at $1.2 trillion in August, down from $2.48 trillion in March.

This volume has dropped due to the weak performance of Bitcoin (BTC) and other altcoins. Bitcoin remains in a bear market after falling by over 23% from its highest point this year. Similarly, Ethereum (ETH) has dropped by 41% from its year-to-date high, while Solana (SOL) is down by over 36%.

In most cases, the volume on crypto exchanges closely correlates with price movements. For example, Coinbase’s total volume in Q1 was over $300 billion as cryptocurrencies surged. Its volume dropped to $226 billion in Q2 as prices fell.

Coinbase stock’s retreat has also coincided with the sluggish performance of spot Ethereum and Bitcoin ETFs. Data from SoSoValue shows that spot Bitcoin ETFs have shed assets over the last seven consecutive days. Ethereum ETFs have also lost assets in six of the last seven weeks. ETF asset flows are important for Coinbase since it is the custodian of choice for most funds.

Meanwhile, Base, the company’s layer-2 network, has also lost assets in the last seven days. It has over $1.4 billion in assets, making it the sixth-biggest chain in the industry. The volume of coins traded in its DEX platforms fell by 10% to $3.06 billion, bringing its cumulative total to over $93 billion.

Coinbase stock has formed risky patterns

Coinbase stock price | chart by TradingView

Technically, Coinbase stock has formed several bearish patterns, signaling more downside. It formed a slanted double-top pattern, with its neckline at $195.40, its lowest swing on May 14. It dropped below this neckline last week.

The stock has also moved below the 50% Fibonacci retracement level and the 200-day Exponential Moving Average. Most notably, it fell below the crucial support level at $162, its lowest swing in August, invalidating the double-bottom pattern that was forming.

Therefore, the path of least resistance is downward, with the next reference level to watch at $137.70, the 61.8% retracement point, and 15% below the Sep. 6 level.

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Helium price flips crucial resistance, pointing to more upside

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Helium continued its strong rally this week, making it the best-performing major token in recent weeks.

HNT token crosses key resistance point

Helium (HNT) rose to a high of $8.35, its highest level since March 14, surging by over 182% from its lowest point in July. Helium has risen by 82.6% in the last 30 days, outperforming all coins in the top 100 by market cap.

Helium, a leading player in the decentralized physical infrastructure networks industry, has gained momentum recently after revealing that its network was being tested by two major telecommunication companies in the United States.

The tests involve the carrier offload program, where carriers redirect traffic to Helium’s network during congestion. The testing has reportedly attracted nearly 600,000 subscribers who have transferred over 13.1 terabytes of data.

Helium token also jumped after the network expanded to Puerto Rico and after Anchorage Digital added HNT to its self-custody wallet.

Meanwhile, the volume of Helium traded in exchanges continued rising, averaging over $25 million a day. The futures open interest jumped to a high of $10 million on Sep. 5, its highest point since January. This is notable since Binance delisted HNT’s futures earlier this year.

Helium crossed a key resistance

Helium price chart | Source: TradingView

Helium rose above the key resistance level at $7.9827 on Thursday as the bull run continued. This was an important level since it was the highest swing in August and the upper side of a potential double-top pattern, a popular reversal sign. 

Importantly, Helium formed a golden cross pattern on Aug. 13 as the 50-day and 200-day Exponential Moving Averages crossed each other. A golden cross often leads to substantial gains.

In Helium’s case, the previous golden cross happened in November 2023, leading to a 362% rally to $11. 

HNT also rose above the strong pivot reverse point of the Murrey Math Lines. Therefore, the next level to watch will be the ultimate resistance at $9.37, 15% above the current level.

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Bitcoin slips below $57k, fear and greed index points to more downside

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Bitcoin price continued its slow retreat after the weak US jobs report and as the crypto fear and greed index dropped to the fear zone.

Weak US jobs data

Bitcoin (BTC) dropped to a low of $56,800 after ADP published a weak private payrolls report. According to the company, the American economy created just 99,000 jobs in August, the lowest increase in over two years. The figure was much lower than the median estimate of 144k.

On Wednesday, Sep. 4, a separate report by the Bureau of Labor Statistics revealed that the number of job vacancies fell to 7.7 million in July, the lowest number since 2021. 

Therefore, there is a risk that the BLS will publish another weak nonfarm payroll report on Friday. Economists expect the numbers to show that the unemployment rate remained at 4.3% as the economy added 164k jobs.

These numbers suggest that the Federal Reserve will likely deliver a rate cut later this month. This serves to explain why the US dollar index has retreated to $101.18 while the yield curve has disinverted. 

In theory, these numbers should be bullish for Bitcoin and altcoins like Ethereum (ETH) and Solana (SOL). For example, stocks and cryptocurrencies rallied to record highs when the Federal Reserve started cutting in 2020.

Crypto fear and greed index slips

Bitcoin’s price retreat happened as a sense of fear spread in the crypto industry. The closely watched crypto fear and greed index dropped to the fear zone of 34, its lowest level in over a month.

A likely reason for this fear is the ongoing concern over a recession in the United States, following a series of weak economic numbers.

Additionally, Bitcoin demand among institutional investors has waned, with spot Bitcoin ETFs experiencing outflows for the past seven consecutive days. They have lost over $802 million in assets during this period, according to SoSoValue. Ethereum ETFs have also had net outflows of $562 million since inception.

Bitcoin’s weak technicals

Bitcoin price | Chart by TradingView

Bitcoin has also shown some weak technical indicators, and the situation may worsen. It has formed a series of lower highs at $73,800, $72,000, and $70,000. There are also signs that it will form a death cross as the 50-day and 200-day Exponential Moving Averages are about to cross each other.

Golden and death crosses are some of the most feared patterns in technical analysis. Bitcoin formed a golden cross in October 2023, leading to a 170% surge to a record high of $73,800. It also dropped by over 67% when it formed a death cross in January 2022.

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TON falls to 5-month lows, 86% of holders seeing losses

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The Toncoin price plunged below $5, marking a five-month low. The amount of holders at a loss has significantly increased. 

Toncoin (TON) dropped 4% in the past 24 hours and is trading at $4.6 at the time of writing. This price level has not been seen since late March. Following the price fall, TON’s market cap declined to $11.6 billion, putting it behind Cardano (ADA) as the 12th-largest cryptocurrency.

TON price – Sept. 5 | Source: crypto.news

The asset’s daily trading volume also decreased by 18% and is currently hovering at $300 million.

According to data provided by IntoTheBlock, 86% of TON holders, accounting for 45.4 million addresses, are currently facing increased losses. 8.3 million wallets accumulated the asset for an average price of $7.5.

TON holders’ profit/loss – Sept. 5 | Source: IntoTheBlock

At this price point, only 9.2% of the TON holders, around 4.9 million addresses, are still in profit despite the price fall, per data from ITB. The remaining holders are currently in a neutral zone with either a small profit or loss.

Data from ITB shows that the number of Toncoin’s daily active addresses increased by 5.3% over the past day, leading the chart with 3.19 million unique wallets. 

Toncoin witnessed a total of $27.24 million in net outflows from centralized exchanges over the past week. This shows that the number of investors accumulating the asset is still dominating short-term traders.

Notably, only 5% of TON addresses have been holding the asset for over a year, according to ITB data. 62% have accumulated the token less than one year ago and 33% are traders with a holding time of less than one month.

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Injective surges 10% as supply held by whales declines

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Injective gained bullish momentum on Wednesday, Sept. 4, after a set of consecutive declines over the past two weeks.

Injective (INJ) is up 10% in the past 24 hours and is trading at $17 at the time of writing. The asset’s market cap is currently hovering around the $1.6 billion mark, making it the 45th-largest cryptocurrency.

INJ price, RSI, supply held by whales and exchange flow – Sept. 5 | Source: Santiment

INJ’s daily trading volume surged 24%, surpassing the $100 million mark. 

Moreover, INJ briefly reached an intraday high of $17.58 amid increased selling pressure from whales.

According to data provided by Santiment, the amount of INJ supply held by whales declined from 94 million on Sept. 3 to 93 million at the reporting time. This movement shows that some whales have already sold their Injective holdings as the price was falling to $15.3.

Data from the market intelligence platform shows that the Injective exchange net inflows have also declined from 49,200 to 6,900 over the past day. The decreasing amount of exchange net flows could hint at lower selling pressure.

This could put the INJ price in the consolidation zone until it gains strong momentum. However, it’s important to note that the market dynamics can change due to numerous factors.

Injective’s Relative Strength Index is currently sitting at 45, per data from Santiment. The indicator shows that the asset is witnessing neutral movements from investors at this price point.

One of the bullish drivers of the INJ price was the company’s launch of a tokenized index that tracks BlackRock’s BUIDL fund’s supply.

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Here’s why the Ethervista, Uniswap, and AAVE are rising

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Cryptocurrency prices remained on edge on Wednesday, Sep. 4, as sentiment in the financial market worsened.

Bitcoin (BTC) dropped below $57,000, Ethereum (ETH) hovered below $2,500, while the crypto fear and greed index moved into the fear zone for the first time in weeks. The same situation unfolded in the stock market, where the Dow Jones, Nasdaq 100, and S&P 500 indices continued their downtrend.

Still, some cryptocurrencies performed relatively well. Ethervista (VISTA) rose by over 120%, reaching a high of $32.3, giving it a market cap of $27 million.

AAVE (AAVE), the popular lending protocol, rose by 8% to $135.56 while Uniswap (UNI) rose to $6.61, its highest point since Aug. 26.

Ethervista is gaining momentum popular

Ethervista is a recently launched platform that allows users to create meme coins on Ethereum’s network. It is relatively similar to Tron’s SunPump and Solana’s Pump.fun.

Data shows that the network is gaining momentum. According to DeFi Llama, Ethervista has already generated over $1.64 million in fees and accumulated over $5.3 million in assets.

Another report indicates that Ethervista ranked sixth in terms of ETH gas consumed on Wednesday. The platform has handled over 32,500 transfers and has accumulated over 5,700 users.

Historically, hyped tokens tend to do well initially before retreating. Recently, Sun Token soared to $0.0448 during the SunPump hype but has since crashed by almost 40% from its highest point last week.

Whale buys AAVE

AAVE’s price jumped to an intraday high of $135.56, its highest level since Aug. 25, after a large buyer continued accumulating the token. At its peak, AAVE was up by over 90% from its lowest point in July.

According to Nansen, some whales have continued to accumulate AAVE in recent days. One individual purchased AAVE tokens worth $538k and converted them into aETHAAVE, indicating a long-term hold strategy.

AAVE has become a popular token among whales in the past few weeks, likely because of its strong fundamentals. It has over $10.97 billion in assets and has made over $244 million in fees this year. 

Uniswap charged by the CFTC

Uniswap, the largest decentralized exchange in the industry, saw a rise after the Commodity Futures Trading Commission charged it with offering derivatives. The CFTC ordered Uniswap to pay a $175,000 fine and to cease and desist from violating the Commodity Exchange Act.

In a dissenting statement, Commissioner Summer Mersinger argued that the agency was implementing regulations through enforcement. He expressed concern that one of the targeted DeFi protocols might choose to litigate rather than settle, stating:

“Wielding the hammer of enforcement against these DeFi protocols may result in some short-term “wins,” but in the long-term, without more, it will only create problems.”

Uniswap remains the biggest player in the DEX industry by far. According to DeFi Llama it handled over $4.55 billion in assets in the last 7 days.

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