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Solana Loses 17% Of Value As SOL Crawls Back From $35 Slide

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Solana

Solana bears are dominating the market and thus, SOL is expected to plummet further in the coming days. The crypto support is prominent at $37.7 and resistance is strong at $45.

Meanwhile, the bears are gaining traction and could overpower the market. SOL price has recently dwindled down from $42 to $38 and is getting quite comfortable with that range.

Negative movement is remarkable specifically at the $39 zone as SOL remains bearish. Solana has dipped by 5.52% overnight and is currently trading at $38.7 with a trading volume of $1,324,152,085. As of press time, SOL has a market capitalization of $13,403,122,727 and is currently ranked as the 9th largest coin in terms of market cap.

Suggested Reading | Bitcoin Retreats Over Last 6 Sessions As BTC Bulls Chart Their Next Move

Solana Inches Back Towards Support Line

Solana price just like Bitcoin and Ethereum has demonstrated a downward movement. More so, the cryptocurrency appears to be less volatile. Consequently, the SOL/USD price is crawling towards the support line implying a reversal that can potentially breach the pair’s bearish movement.

SOL price has swerved into a bullish momentum seen in the past few days. However, as the volatility seems to simmer down, the SOL value exhibited minimal change.

The SOL/USD pair is crossing below the Moving Average curve showing a bearish streak. On the flip side, the market now looks to be swerving downwards as it shifts to a negative movement.

The RSI value appears stable at 49. On the other hand, the RSI score is also showing a downward trend which implies a decline in market dynamics. Moreover, the drop in the RSI score shows that the selling activity has grown stronger compared to the buying activity.

Looks like the bears are dominating the market. SOL price shows bearish action with a strong tendency of price sliding further down in the coming days. So, if the bulls do not retaliate soon, the bears will snow under the market for an extended period of time.

SOL total market cap at $12.8 billion on the daily chart | Source: TradingView.com

Can SOL Breach $42?

The only chance here to overpower the bears is for the price to break the support. And that would be the time that the bulls will command the market dynamics. SOL has no doubt created an impressive streak last week which is an advantage for day traders mostly.

Now, if SOL price bottoms out, there is a possibility of a 16% rally shooting for the price zone of $44. However, if the bulls can’t grapple on the support at the 21-day SMA then the uptrend can be a precarious scene.

As of press time, conditions are neutral. If SOL can breach $42, then the bulls can rally and target $60 which can potentially induce a 66% boost in Solana price.

Suggested Reading | Cardano (ADA) Spikes 8%, Overtakes XRP In Last 24 Hours

Featured image from Exodus Wallet, chart from TradingView.com
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XRP Price Could Rise If It Clears This Price Barrier

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Xrp Price

XRP Price has witnessed consolidation between the $0.30 and $0.37 mark for a considerable number of trading sessions. Over the last 24 hours, the altcoin has managed to hover around the same price mark without losing its market value. In the past week, XRP price has lost 2% of its value.

Lateral trading had caused buying strength of the coin to be be affected. For the bulls to take charge, it is important for XRP to break past its sideways trading. XRP had formed higher highs and higher lows at the end of July. The bulls don’t seem to be able to push past the $0.37 mark.

This could be pointed towards the lack of demand for XRP. The $0.37 mark has been a propelling point for the altcoin’s price, however, the bulls could not hold on to the momentum even then. With Bitcoin receding on its chart, many altcoins have also followed the same sentiment on their respective charts. Demand and broader market strength remain crucial for XRP.

XRP Price Analysis: Four Hour Chart

XRP was priced at $0.37 on the four hour chart | Source: XRPUSD on TradingView

The altcoin at the time of writing was trading for $0.37. XRP had witnessed sharp resistance at the $0.39 price ceiling. Incase XRP price manages to topple over the $0.39 level, there could be a possibility for a rally. Additional resistance mark for the coin was at $0.40.

The local support for XRP rested at $0.34. A fall below the $0.34 level will cause XRP to trade at $0.31. Amount of XRP traded over the last session had increased as the sellers were dominating the price action.

Technical Analysis

Xrp Price
XRP registered fall in buying strength on the four hour chart | Source: XRPUSD on TradingView

A continued sideways trading with XRP price oscillating between $0.30 and $0.37 has pushed buyers out of the market slowly. The technical indicator for the coin displayed that.

The Relative Strength Index was below the zero-line because sellers were more compared to buyers in the market. It was a sign of bearishness.

XRP price was pictured below the 20-SMA line which again is a sign of the bears resurfacing as the sellers were driving the price momentum in the market.

Xrp Price
XRP displayed sell signal on the four hour chart | Source: XRPUSD on TradingView

The fall in buying strength gave rise to sell signal for the altcoin at the time of writing. The indication of the sell signal meant that the bearishness was still prevailing. The Moving Average Convergence Divergence tells the price momentum with possibility of reversals.

MACD witnessed bearish crossover and formed the red histograms which are related to the sell signal. Bollinger Bands indicate the price volatility, thereby, pointing towards chance of price fluctuation. The bands became broader which meant that XRP price could witness upcoming price volatility.

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Bitcoin Price Topside Bias Vulnerable Unless It Surges Past $24.5K

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Bitcoin

Bitcoin is struggling below $24,500 against the US Dollar. BTC could continue to move down below the $23,650 and $23,500 support levels.

  • Bitcoin is slowly moving lower and trading well below the $25,000 level.
  • The price is now trading below the $24,200 level and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $24,020 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend losses below the $23,650 and $23,500 support levels in the near term.

Bitcoin Price Turns Red

Bitcoin price started a slow and steady decline from the $25,000 resistance zone. BTC declined below the $24,650 and $24,500 levels to move into a short-term bearish zone.

There was a break below the $24,000 level and the 100 hourly simple moving average. The price traded as low as $23,673 and is currently consolidating losses. On the upside, an immediate resistance is near the $24,000 level. It is near the 23.6% Fib retracement level of the recent drop from the $25,200 swing high to $23,673 low.

There is also a key bearish trend line forming with resistance near $24,020 on the hourly chart of the BTC/USD pair. The first major resistance on the upside sits near the $24,250 level and the 100 hourly simple moving average.

The next key resistance is near the $24,450 zone. It is near the 50% Fib retracement level of the recent drop from the $25,200 swing high to $23,673 low. A close above the $24,450 and $24,500 resistance levels might start another increase.

Source: BTCUSD on TradingView.com

In the stated case, the price may perhaps climb towards the $25,000 resistance. Any more gains might send the price towards the $25,800 level.

More Losses in BTC?

If bitcoin fails to clear the $24,450 resistance zone, it could continue to move down. An immediate support on the downside is near the $23,675 level.

The next major support now sits near the $23,450 level. A downside break and close below the $23,450 level might put a lot of pressure on the bulls. In the stated case, the price might decline towards the $22,750 level.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $23,650, followed by $23,500.

Major Resistance Levels – $24,020, $24,450 and $24,500.

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Bitcoin Poised For Recovery, Relief Summer still In Play?

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Bitcoin Poised For Recovery, Relief Summer Still In Play?

Bitcoin has been able to make a resurgence in recent weeks. The 25,000 USD barrier was recaptured by Bitcoin prices just two days ago, marking the first time since June 13th.

Bitcoin Poised For New Rally

In June, Bitcoin had its largest monthly decline since 2011, falling over 37.3% to a final value of $19,925. Since then, it has partially recovered its value and today saw its first test of $25,000.

Bitcoin continues to rule the charts despite being down 46.5% from its previous high, but its dominance has decreased to slightly under 40% as opposed to more than 50% a few months ago.

BTC/USD trades slightly below $24k. Source: TradingView

However, Bitcoin has been relatively peacefully fluctuating horizontally over the past two weeks between $22,500 and $24,500. At the same time, recent weeks have seen a significant recovery in both commodities prices and stock markets. As a result, the overall financial markets are experiencing the anticipated summer rally.

Since attitude had reached a severe panic state in the middle of June as a result of the financial markets’ steep, month-long decline, perception among participants has greatly improved during the course of the most recent rebound. This in and of itself is a well-known bear market pattern. However, it won’t be known whether and how the bears will return until around mid-September.

Over the previous four weeks, the Crypto Fear & Greed Index has made remarkable progress. The sentiment is still largely scared, though. Fear still permeates the cryptocurrency industry seven months after the devastating sell-off.

1660703779 954 Bitcoin Poised For Recovery Relief Summer Still In Play

Crypto Fear & Greed Index, as of August 11th, 2022. Source: Lookintobitcoin

The feeling of being defeated permeates the wider picture as well. There are several excellent contrarian opportunities in this setting.

Overall, there is still a contrarian buy signal due to the scared mindset.

Sharp declines in the financial markets would be extremely detrimental to retain the current administration in office given the midterm elections on November 8th in the US. As a result, only a slight decline in the financial markets in September would be more likely. The markets could then rise from those lows until the American election.

Since November 2021, the equity and cryptocurrency markets have been under intense pressure for months, but a broad rebound has now been going on for little over four weeks. The Nasdaq Composite, which is heavily weighted toward technology, has increased by over 20% from its low on June 16th as a result of this procedure, adding over $420 billion to its market value. This would imply that the bear market is officially over.

Related Reading: Bitcoin Price Trades A Little Over $24,000, Can It Target $27,000?

Featured image from Getty Images, chart from TradingView, and Lookintobitcoin
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Ethereum Price Rejected At The $2,000 Level, Will It Retrace To $1,700 Soon?

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Ethereum Price

Ethereum price has retraced over the past few days, in the last 24 hours the coin depreciated 2%. The current price action pointed towards consolidation. In the past trading sessions, ETH has retraced beneath the $1,900 price mark.

Continued consolidation for Ethereum has now pushed Ethereum price close to $1,800. In case the king altcoin is unable to break past the $1,800 level, it would be targeting the next support level for the coin.

Technical outlook had turned bearish as the coin was mainly consolidating causing a loss of value. Buying strength witnessed a fall on its chart which made ETH turn bearish at press time. If Ethereum needs to cross above the $1,900 price level, the buying strength needs to recover considerably on its chart.

The global cryptocurrency market cap today is $1.18 Trillion, with a 1.6% negative change in the last 24 hours. Market movers were also dipping on their respective charts, this had an effect on the coin’s overall price movement.

Ethereum Price Analysis: Four Hour Chart

Ethereum was priced at $1,880 on the four hour chart | Source: ETHUSD on TradingView

ETH was trading at $1,880 at the time of writing. The coin had witnessed rejection at the $2,000 price mark multiple times. At the moment Ethereum price witnessed a correction after it attempted to trade near the $2,000 price level.

Overhead resistance for the coin was at $1,900 and a jump beyond the mentioned price level will push ETH to touch the $2,000 mark.

Local support for the coin was at $1,700 but consistent lateral movement might end up pushing Ethereum price to $1,500.

Amount of Ethereum traded depicted an increase in selling pressure indicating that sellers were starting to drive control in the market.

Technical Analysis

Ethereum Price
Ethereum depicted low buying strength on the four hour chart | Source: ETHUSD on TradingView

The altcoin’s lateral trading had taken a toll on its buying strength. The indicator on the four hour chart reflected the same. The Relative Strength Index was under the half-line which indicated that buyers are lesser than sellers in the market.

This fall in buying strength could cause Ethereum price to revisit $1,745 where the altcoin might again witness demand. Ethereum price was above 20-SMA line and pointed towards buyers driving the price momentum in the market.

Ethereum Price
Ethereum pictured sell signal on the four hour chart | Source: ETHUSD on TradingView

ETH’s price movement has also indicated that the coin registered sell signal on its chart pointing towards bearishness.

The Moving Average Convergence Divergence underwent a bearish crossover and formed red histograms under the zero-line.

These formations are related to sell signal for Ethereum. Parabolic SAR which depicts the price direction of the coin was also negative.

The dotted lines of the indicator above the candlesticks indicated that the price direction of Ethereum was heading south proving that the bears were stronger than the bulls on the four hour chart.

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Polygon Seen Breaching $1 This Week – Can MATIC Start An Uptrend?

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Polygon

Polygon (MATIC) seems to have its vigor back with it potentially breaching $1 in the coming days.

  • Polygon price is seen to generate massive gains at 108%
  • MATIC price shoots close to a critical level that bulls are eyeing to test
  • Set your eye on this critical level to catch the uptrend

MATIC price is moving extremely bullish and could squeeze pushing the price above $1 setting the stage for a huge uptrend that could potentially double the coin’s price to $2.

With that being said, MATIC is set to make as much as 100% of gains in the next couple of months.

The token’s price open this week close to a key level as Sunday’s price rally allows the coin to hover close to the $1 range which is pivotal in the next trading sessions.

MATIC To Breach The $1 Mark?

The $1.1 mark is crucial once the bulls start to trade in that level or breach the 200-day SMA. Once that is broken, this will indicate the end of crypto winter and that the bulls can rally further toggling on a longer-term upswing.

For that to happen, MATIC price will have to breach above the 200-day SMA and swerve past a rejection spotted at a monthly resistance level of $1.14.

If the bulls manage to steer clear of that and end the week at a range above the key resistance of $1.14, then that would be the day.

They can can avoid and close the week above $1.14, then this signals a looming uptrend that is considered as a huge bearish event, especially with the Fed rate decision still a month away.

If they manage to play by the book then that would mean 108% in total gains.

Polygon Bears Pushing Back Price To $0.44

According to CoinMarketCap, MATIC is down by 1.40% or currently trading at $0.9525 as of this writing. And it seems now the bears are regaining traction.

With the elements in order, a rejection may be nearby and hint a next crypto winter cycle. The rejection is seen to be at $0.80 below the 55-day SMA.

Should bears regain power, MATIC price is at risk of losses at 55% and the price pushed back to $0.44.

MATIC was able to peak at $2.9 in December 2021. But, when the crypto winter starts rolling, MATIC was among the first ones to crash hard and has even lost as much as 88% or a plunge to $0.34.

When the crypto market kickstarts its recovery phase, MATIC soars by a whopping 200% in a matter of two months reaching $1.

The next critical price to target is now $2 which can happen if MATIC manages to jump over the resistance set at $1.35 and $1.8.

MATIC total market cap at $7.4 billion on the daily chart | Source: TradingView.com

Featured image from CoinCu News, chart from TradingView.com
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Why This New NFT Integration May Be What Cardano Needs To Break $0.6

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Cardano

Cardano has been making its mark in the NFT space long before smart contracts capability was available on the network. Collections have also found a reasonable level of success, given that non-fungible tokens remain relatively young for the blockchain. Nevertheless, developers continue to push for broader adoption when it comes to Cardano NFTs, and a new partnership is allowing the onboarding of a broader range of investors.

Pay For NFTs With Fiat

One of the things that continue to hold back NFTs is the fact that they are only purchasable using cryptocurrency. This means that, unlike cryptos which investors can just buy directly with fiat, there is now an extra layer and an added step that users have to go through to own these NFTs. However, this is starting to change with the introduction of fiat currency payments for NFTs directly in a marketplace.

IOG, the developer behind the Cardano network, has announced a new partnership that will be able to allow investors to purchase Cardano NFTs using fiat currency. NMKR is a Web3 protocol that is helping to accelerate the adoption of this new sector. In this new partnership, the NFT minting and payment infrastructure will provide two things to further the adoption of NFTs on Cardano.

The first of these two things is providing an easy minting app for anyone to be able to engage and mint NFTs on the network easily. Next is the most important one, which is allowing users to be able to pay for their NFTs with both cryptocurrencies and fiat currencies.

“This is an important step for IOG and our mission to build a better tomorrow for everyone through technology,” said Charles Hoskinson, founder of Cardano. “We are excited to be working with NMKR as they develop an entire minting and payment infrastructure ecosystem, making NFTs accessible for everyone.”

The Drive For Cardano Price

Like the rest of the crypto market, Cardano had been a victim of the bear trend. This further fueled the decline that had begun since the digital asset had hit its new all-time high of $3.10 back in September of 2021. Presently, the price of ADA is trending at $0.5, a price point that it has found difficult to beat.

ADA price trending at $0.5 | Source: ADAUSD on TradingView.com

However, like with any other asset, the price of ADA responds to important developments in the network. This is why news like the partnership between IOG and NMKR is essential. With users being able to purchase NFTs directly with fiat currencies, it is expected to trigger more interest in the Cardano network, contributing to a recovery in price.

Pair this with the Vasil hard fork that is expected to happen sometime this month, and Cardano is brewing the perfect powder keg for an explosion in price. The anticipation around these two developments could be what the price of ADA needs to break above the critical technical level of $0.6 finally. Beyond this point, the next major resistance lies at $0.8. If ADA is able to test $0.8 before the Merge, anticipation around Ethereum will also help push up the price of ADA, providing the catalyst for breaking above $1. 

Featured image from Investopedia, chart from TradingView.com

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