As a seasoned cryptocurrency analyst with years of experience under my belt, I’ve seen my fair share of market fluctuations, and this weekend’s performance by TON has left me scratching my head. The significant selling pressure on Saturday and Sunday caused TON to plummet, dipping below the 200-day SMA – a level that usually acts as a cushion in such scenarios.
On Wednesday evening, Bitcoin momentarily dropped below $58,000 to a low of $57,974, but soon regained its footing. Since then, its movements have been subtle, trading slightly above $59,000. Over the last 24 hours, Bitcoin has decreased by 0.80%.
Currently, Ethereum (ETH) has surpassed the $2,500 threshold after a nearly 2% rise, now trading approximately $2,524. Despite Bitcoin (BTC) dipping below $60,000, suggesting short-term vulnerability, long-term investors maintain a positive stance and are actively withdrawing BTC from exchanges. This action indicates a generally optimistic view for the future.
Long-Term Investors Accumulating BTC, ETH
Bitcoin (BTC) is presently trading within a broad band, fluctuating between approximately $55,000 and $73,000. Predicting the direction of a breakout from this range is tough at the moment, but long-term investors maintain a bullish outlook. Data from CryptoQuant reveals that about 45,000 BTC were withdrawn from significant crypto exchanges on August 27, marking one of the highest outflows ever recorded. Meanwhile, long-term investors are also gathering Ethereum (ETH), even though its price movement has been relatively calm. A well-known analyst has pointed out that a single ETH whale increased their holdings by around 200,000 ETH, equivalent to roughly $540 million, over the past four days.
In the past 96 hours, Ethereum’s large investors (often referred to as “whales”) have amassed more than 200,000 Ether, which equates to around $540 million being added to their existing holdings.
Peter Brandt Shares Thoughts On ETH Price Action
Veteran trader Peter Brandt recently spoke about Ethereum’s price action, catching the crypto community’s attention. Brandt stated he sees trading opportunities and highlighted the importance of having a well-defined risk point in any trade.
“When considering a trade, I focus on identifying clear risk levels at which I can admit error and limit my losses. The Ethereum trade appears to be clearly defined for shorting, as beyond approximately 2830, the trade becomes invalid.”
According to Brandt’s analysis, trading ETH as a short position is clearly defined, and it stays valid as long as Ether’s price remains under $2,830. If, on the other hand, Ether’s price surpasses this level, Brandt suggests that the trade would be incorrect, and the wise move would be to close the position.
Donald Trump Launches 4th NFT Collection
Previously elected U.S. President Donald Trump has unveiled a fresh batch of 4 NFT collections, which now includes the fourth one. This latest assortment comprises 50 exclusive pieces, including depictions of Trump handling Bitcoin, among others. The announcement was made on his Truth Social platform on Tuesday and is titled “The America First Collection.” Trump expressed that he is releasing this new collection in response to high public interest. A promotional video accompanying the announcement showcases Trump dancing and even brandishing some Bitcoin.
Trump mentioned that individuals buying fifteen or more digital cards will receive a physical card via mail. Each of these cards will include a fragment from the suit Trump wore during the June presidential debate with Joe Biden, which is sometimes referred to as the “knockout suit” by his supporters. Furthermore, five of these physical cards will be selected at random for an autograph from Trump. Purchasers of 75 of Trump’s trading cards will be extended an invitation to a gala dinner at his country club in Jupiter, Florida. Additionally, he spoke about his expanding influence within the crypto community.
“Some folks refer to me as the ‘crypto president.’ Whether that’s accurate or not, I’m unsure, but it seems many people believe so.”
Nvidia Earnings Report Positive With Over $30 Billion In Revenue
With Bitcoin (BTC) and other cryptocurrencies facing challenges, Nvidia’s latest earnings report has sparked renewed optimism for a bullish upswing. The report showed strong performance, as the company exceeded expectations with over $30 billion in revenue. Financial analysts are hopeful that this report might gradually reignite a positive outlook across both traditional and crypto markets. They also noted some profit-taking due to the already high expectations surrounding the report’s release.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is making an effort to bounce back and reach the $60,000 mark in the current trading session. Over the weekend, BTC showed bearish signs and experienced substantial declines this week due to a surge of liquidations that affected its value. The fact that BTC was unable to surpass $65,000 on Friday suggests that demand is dwindling at higher prices, with persistent resistance still in play. During the weekend, BTC’s attempt to reach $65,000 encountered volatility, but neither buyers nor sellers were able to take control and influence the price, leaving Bitcoin trading above $64,000.
On Monday, sellers might seize control, potentially pushing Bitcoin (BTC) downwards towards $64,000 and under its 200-day Simple Moving Average (SMA), causing a nearly 2% drop to $62,903. A wave of liquidations on Tuesday intensified the bearish sentiment, leading to a 5.40% decline that took BTC below both its 50 and 20-day SMAs and the $60,000 mark, settling at $59,506. On Wednesday, sellers aimed to push BTC beneath the $58,000 support level but were thwarted by strong demand at this point, causing BTC to bounce back above $59,000, albeit with a minimal 0.71% drop due to lower demand levels. In the current session, buyers are in control as they aim to restore the $60,000 level for Bitcoin.
Any temporary upward trend (relief rally) may encounter obstacles and selling pressure at the moving averages. If Bitcoin fails to break past the 20-day Simple Moving Average (SMA) and the $60,000 price point, it suggests that sellers are in control. In this situation, Bitcoin might slide back towards its support level of $58,000. If this level is surpassed, the price could drop further to $55,000. Conversely, if buyers manage to break through the 20-day SMA and push Bitcoin above $60,000, potential resistance levels would be at $62,000 and $64,000.
Ethereum (ETH) Price Analysis
Currently, Ethereum (ETH) is making an effort to bounce back and re-establish the $2,850 threshold, which was previously turned into resistance by sellers. For ETH to continue its upward trajectory towards $3,000, it needs to break through this significant resistance level first. Nevertheless, a decrease in open interest indicates that traders are adopting a more cautious approach. The recent upswing suggests there’s strong backing for ETH around the $2,500 region, which buyers managed to regain after the dip on Tuesday to $2,402. This has led market analysts to be optimistic about a recovery should ETH manage to surpass the $2,850 level.
Looking at the price graph, it’s clear that Ethereum (ETH) has been in a downward trend since Sunday, marking a bearish end to the previous week even though it briefly surpassed $2,700. The current week began with ETH dropping 2.42% on Monday, dipping below $2,700 and finishing at $2,682. On Tuesday, ETH plummeted over 8% as it dropped below the 20-day Simple Moving Average (SMA) and lost the $2,500 support level, settling at $2,458. Sellers aimed to push ETH below $2,400, taking it down to a low of $2,402. However, buyers managed to prevent this and kept ETH above $2,400. The price rebounded on Wednesday as ETH regained $2,500, ending the day at $2,529 after a 2.88% rise.
At present, Ethereum (ETH) has gained nearly 2% during this session, with buyers aiming to sustain the ongoing upward trend. If buyers succeed in pushing ETH above its 20-day Simple Moving Average (SMA), it suggests they hold dominance over the market. However, if the price fails to break through this level, sellers maintain control of the higher prices, potentially causing ETH to fall below $2,500.
Solana (SOL) Price Analysis
Solana (SOL) has found it challenging to bounce back, currently trading below the $150 mark. The current trend suggests a potential drop towards $130. This downtrend follows a week dominated by bearish sentiment as sellers aim to push the price beneath $140. The bearish mood was initiated after a significant surge on Friday and Saturday, where SOL experienced an increase of around 10% and nearly 5%, respectively, propelling it above $160 and settling at $160.78. However, with demand dwindling at the higher levels, SOL slipped into the red over the weekend, ending the week on a bearish note, just shy of $160. On Monday, sellers successfully prevented any attempt to surpass $160, taking control and driving SOL down by about 1.18% to $157.22.
On Tuesday, the bearish outlook became stronger as Solana (SOL) fell by 6.55%, dipping below its 20-, 50-, and 200-day Simple Moving Averages (SMAs), as well as the $150 price mark, to close at $146.92. On Wednesday, sellers aimed to drive SOL beneath the $140 support level, causing it to reach a low of $140, a point of significant demand. This resistance led to a potential rebound, with SOL closing at $143 for a decrease of 1.99%. As we move into the current session, buyers are making an effort to take control and push towards $150 once more.
Is it possible we’re witnessing the early stages of a market recovery? A potential reversal pattern, known as a rounded top (which resembles an upside-down U), suggests that hitting $150 in the near future might prove challenging. Sellers aim to regain dominance and push Solana (SOL) back towards $140. Investors must hold their ground at this level to stave off a potential fall to $130. But, if SOL manages to surpass its 20-day Simple Moving Average, a move toward $150 could be imminent.
Polkadot (DOT) Price Analysis
After a promising surge towards $5, Polkadot (DOT) has experienced a substantial setback, causing some market observers to ponder if it can regain its previous heights before August. The latest fall in DOT’s value has sparked debates about its future price and prospects, as optimistic sentiments are gradually replaced by pessimism. This shift is evident through the Moving Average Convergence Divergence (MACD), which suggests a rise in bearish sentiment. Additionally, DOT trading below its moving averages once more reinforces this bearish viewpoint, with Q4 approaching.
Over the weekend, efforts to push DOT up to $5 came to a halt due to decreased demand and increased selling activity. This caused DOT to decline by 3.21%, ending at $4.82 on Sunday. The downtrend continued on Monday as DOT dropped another 5.39%, dipping below its 20-day Simple Moving Average (SMA) and settling at $4.56. On Tuesday, bearish sentiment intensified as sellers aimed to drive DOT below the $4.20 support level. However, buyers stepped in, preventing any further decline. Nevertheless, DOT still fell by almost 4%, closing at $4.38. The selling pressure continued on Wednesday, causing DOT to drop by nearly 3% and settle at $4.26.
As DOT nears its lower boundary, the ongoing trading period has witnessed a rebound, with the value increasing by nearly 1% and DOT currently trading at approximately $4.31. This raises the question: Will DOT resume its journey towards $5? For this to happen, buyers must manage to push DOT above its 20-day Simple Moving Average (SMA) and $4.50. If they succeed, the price may continue its recent ascent. However, if sellers regain control of the market and drive DOT below its current support level, it might drop below $4, potentially challenging its long-term support level.
Toncoin (TON) Price Analysis
Toncoin (TON) rebounded following the weekend’s downturn, triggered by the arrest of Telegram founder Pavel Durov. This news caused a steep decline in TON’s value, with it dropping from $6.73, decreasing approximately 12% on Saturday and an additional 2.93% on Sunday, closing the weekend at $5.76. The price chart indicates that TON encountered substantial selling pressure over Saturday and Sunday, reaching lows of $5.45 and $5.26 respectively. As the new week commenced, TON remained in the red, dipping below its 200-day Simple Moving Average (SMA) after a fall of almost 11%. Monday’s drop also led to TON falling below $5.50 and settling at $5.14.
On Tuesday, TON experienced a surge due to increased buying activity at lower levels, resulting in a rise of more than 6% and closing at $5.45. However, on Wednesday, the altcoin showed significant volatility, dipping to $5.13 and peaking at $6.04 before settling at $5.54 with an increase of 1.58%. Today, TON is up by 1.24%, but it’s having a tough time surpassing its 200-day Simple Moving Average (SMA), which serves as a strong resistance point. The optimism among market observers following Durov’s bail on Wednesday has yet to translate into a price rally for TON. Instead, large wallet holders have been selling off approximately 123 million TON over the last day, keeping the overall sentiment around TON negative.
Dogwifhat (WIF) Price Analysis
Dogwifhat (WIF) has managed to stop further losses and prevent a drop below $1.50 after being in the red since Sunday. WIF turned bearish after failing to push above $2 on Saturday, thanks to intense selling pressure. As a result, WIF dropped just over 3% on Sunday to end the previous week on a bearish note despite a strong showing until Saturday. The current week began with the price firmly in the red as WIF dipped below the 50-day SMA after a 7.32% drop and settled at $1.76.
On Tuesday, pessimism surrounding cryptocurrencies deepened, leading to a late market plunge. Consequently, WIF suffered a significant decline of nearly 11%, dipping below the 20-day Simple Moving Average (SMA), losing a key support level, and ending at $1.57. Despite attempts by sellers to drive WIF down to $1.50, buyers stepped in to purchase at a discount, resulting in a minor increase of 0.65% and moving the price to $1.58. The ongoing session sees both buyers and sellers vying for control, with the balance yet to be determined. If buyers manage to push WIF above the 20-day SMA and reclaim $1.60, it might trigger a recovery rally, potentially pushing the price towards the 50-day SMA. However, if sentiment shifts, WIF could fall to its support level at $1.40.
Uniswap (UNI) Price Analysis
Over the last couple of trading sessions, Uniswap (UNI) has seen a slight rebound, but it’s still struggling with losses. After intense bearish pressure caused UNI to dip below $6, this cryptocurrency is currently down by approximately 15% over the past week and more than 25% in the last month. The price decline began when UNI failed to break above its 50-day Simple Moving Average (SMA), which resulted in a fall back under $7 on Sunday, reaching $6.63 after a drop of about 4%. The trend continued on Monday as UNI slipped below the 20-day SMA following a drop of around 5.01%, closing at $6.30.
On Tuesday, a major market drop significantly affected the price of UNI, causing it to decrease more than 9%, falling below $6 to land at $5.71. However, as demand rose at lower prices, investors came back into the market on Wednesday. UNI tried to rise above $6 again but failed. Instead, there was a slight increase of 1.10% and it moved up to $5.77. Currently in this session, UNI is almost 1.50% higher as buyers aim to push its value back over the $6 mark.
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2024-08-29 14:12