Crypto Market Updates

The total crypto market cap grew by $19 billion for the period since Monday and now stands at $940 billion. The top ten currencies are mostly in green with Solana (SOL) and BNB (BNB) up 3 percent each for the last 24 hours while XRP (XRP) is trading 5 percent lower for the same period. At the time of writing bitcoin (BTC) is trading at $19,466. Ether (ETH) is at $1,340.

BTC/USD

Bitcoin closed the trading day on Sunday, September 25 at $18,842 and after a three-day long selling, it managed to find stability at the good old support area between $18,000-$19,000. It ended the seven-day period with a 3.3 percent decrease.

In general, the biggest cryptocurrency is playing with fire, flirting with the support that if broken can drive its price down to $16,000 at least. However, the recent price action can also be interpreted as a deviation below the support and confirmation of the Double Bottom formation on the Weekly timeframe.

On Monday, the BTC/USDT pair showed some strength and rallied all the way up to $19,260 to add 2 percent to its valuation completely engulfing the last candle.

The Tuesday session was extremely volatile. Buyers pushed the price up to $20,400 in the early hours of trading or 6 percent higher but did not manage to preserve their gains and the coin ended up the day in red.

We saw the exact same volatility but in the opposite direction on Wednesday as it was bears’ turn to be pressured. Bitcoin was trading at $18,470 intraday, but bulls were in control this time, dictating the direction. The price stopped at $19,426 or a little more than a percent higher.

What we are seeing midday on Thursday is a flat session, obviously waiting for the US markets to open in order to choose a direction. 24-hour trading volumes are on the rise since September 4.

ETH/USD

The Ethereum Project token ETH managed to form a new range after breaking below the $1,330 mark. It is currently hovering in the $1,250 – $1,350 zone and during the last week, trading lost 3 percent of its valuation.

On Monday, September 26, the new seven-day period started with a solid push upwards to $1,340, which saw the last 2 daily timeframe candles being engulfed and 3 percent added back to the ETH market cap.

The ether bulls were strong on Tuesday and the price reached $1,400 intraday, but just like Bitcoin, the coin lost its momentum in the evening and dropped to $1,330 at the end of the session.

The mid-week trading day on Wednesday came with a sudden drop to $1,255 in the morning, triggering long position liquidations across the major exchanges before the price came back up to $1,340 before the daily candle close.

The crypto market is currently more or less ranging, waiting on the potential Double Bottom confirmation on the SPX chart that will dictate the price direction for both tradfi and crypto in the short to mid-term.

The leading altcoin is trading slightly higher – at $1,340 as of the time of writing this market update.

The cryptocurrency market added $22 billion to its market cap during the last seven days and now stands at $931 billion. The top 10 coins were mostly in green for the last seven days with XRP (XRP) and Dogecoin (DOGE) leading the group with 31 percent and 5.9 percent increase respectively. Bitcoin (BTC) is currently trading at $18,890 while Ethereum (ETH) is at 1,295.

BTC/USD

Bitcoin closed the trading day on Sunday, September 18 at $19,400 ending the previous seven-day period with an 11 percent loss after suffering rejection at the range high right above $22,600. The bulls could not keep the bullish momentum alive and were forced to retreat.

On Monday, the BTC/USDT pair flash-crashed to $18,200 in the morning erasing more than six percent of its valuation before recovering in the evening and closing in green eventually. The high volatility came with a significant increase in the 24-hour trading volumes, which were once again above the average values for the last 14-days.

The Tuesday session saw BTC dropping 3.5 percent down to $18,860 as it once again found itself in the mid-term horizontal support area. As previously discussed, a clean break here would open the door for $12,000.

The mid-week trading day on Wednesday came with huge volatility caused by the Federal Reserve Open Market Committee (FOMC) meeting and interest rate decision. The biggest cryptocurrency traded in the $18,000-$20,000 range before closing the daily candle at $18,466 right after the FED announced a 0.75 basis points rate hike in line with the market expectations.

On Thursday, September 22 BTC made an unexpected comeback after once again bouncing back from the sub-$19,000 lows. It added almost 5 percent and closed the session at $19,420 fully engulfing the last candle.

The Friday session came with another retest of $18,500. Buyers, however, were quick to reach and managed to absorb the loses. Bitcoin closed at $19,300.

The weekend of September 24-25 started with a 2 percent drop on Saturday, which was followed by another red day on Sunday – the third in a row for the biggest cryptocurrency.

The BTC/USDT pair ended the seven-day period with a 3 percent loss but made a new 22-month candle close low on the weekly timeframe.

The Relative Strength Index remains out of the oversold area.

The coin is trading right below $19,000 midday on Monday.

ETH/USD

The Ethereum Project token ETH is currently trading 20 percent below its price before the long-expected and widely celebrated merge to Proof of Stake consensus mechanism on September 15. It was the worst performing digital asset in the Top 10 during the previous seven days erasing 24 percent of its market cap.

On Monday, September 19 it started trading lower, touching $1,280 in the morning. The ether hit the improvised lower boundary of the downtrend channel built on top of the Diamond Top pattern we discussed during our last market update.

It quickly recovered in the second part of the session and closed in green, at $1,380. However, the coin was still trading below the $1,420 short-term support, which indicates a lack of bullish momentum and weak technical structure to support a reversal to the upside.

The ETH/USDT pair lost 4 percent on Tuesday and fully erased the gains from the previous day by falling down to $1,322.

The third day of the workweek came with extreme volatility thanks to the Federal Reserve rate hike decision. ETH lost 6 percent and touched the previous range high around the $1,240 mark.

Bulls were quick to react and bought the support. On Thursday, September 22 the coin followed BTC and rallied 6.5 percent up to $1,327. Buyers appeared right at the horizontal support to prevent a freefall scenario.

The Friday session saw ETH trading in the $1,270 – $1,360 range before closing flat.

The first day of the weekend came with a small red candle to $1,317 on the daily chart, which was followed by another one on Sunday that pushed the price of ether below $1,300.

The seven-day period was closed with a 3 percent loss and right at the long-term diagonal support.

Leading Majors

• Solana (SOL)

Without a doubt, it was XRP stealing the show again last week, but let’s have a quick look beyond and check how Solana’s SOL has been doing recently.

We will be offering a look at the current Weekly chart setup where the SOL/USDT pair once again confirmed the $30 support and found the needed stability there.

October is usually quite a good month for risk assets, so a relief bounce from the current levels is not excluded. If an upside reversal occurs then SOL can re-visit the range high at $48 which is 58 percent above the support area and is a major resistance from back in May 2021. This is also where the 21-period EMA is currently situated on the weekly timeframe.

On the daily timeframe, $37 remains the first target for bulls.

Altcoin of the week

Our Altcoin of the week is Compound (COMP). Compound is one of the oldest DeFi lending protocols and also one of the most well-known mainly because of its innovative approach to digital assets management.

The COMP token registered an impressive 23 percent increase during the last seven days and climbed up to #94 on CoinGecko with a total market cap of $435 million. The COMP/USDT pair has been in an uptrend since the end of August when Compound III protocol (labeled as the most effective tool for borrowers in DeFi) was launched, adding 44 percent for the period.

Additionally, the project recently announced the Borrowing for Institutions features with the goal to attract more non-retail funds to the DeFi ecosystem.

The altcoin is currently flirting with the range high resistance near $65 on both weekly and daily time-frames. Potential support can be expected in the zone at around $45. The next big target up if the current resistance is surpassed and confirmed will be the psychological level of $100.

The total crypto market cap grew by $16 billion for the period since Monday and now stands at $927 billion. The top ten currencies are all in green in the last 24 hours with XRP (XRP) leading the pack with a 6.7 percent of increase. At the time of writing Bitcoin (BTC) is trading at $19,200. Ethereum (ETH) is at $1,310.

BTC/USD

Bitcoin closed the trading day on Sunday, September 18 at $19,400 ending the previous seven-day period with an 11 percent loss after suffering rejection at the range high right above $22,600. The bulls could not keep the bullish momentum alive and were forced to retreat.

On Monday, the BTC/USDT pair flash-crashed to $18,200 in the morning erasing more than six percent of its valuation before recovering in the evening and closing in green eventually. The high volatility came with a significant increase in the 24-hour trading volumes, which were once again above the average values for the last 14-days.

The Tuesday session saw BTC dropping 3.5 percent down to $18,860 as it once again found itself in the mid-term horizontal support area. As previously discussed, a clean break here would open the door for $12,000.

The mid-week trading day on Wednesday came with huge volatility caused by the Federal Reserve Open Market Committee (FOMC) meeting and rate decision. The biggest cryptocurrency traded in the $18,000-$20,000 range before closing the daily candle at $18,466 right after the FED announced a 0.75 basis points rate hike in line with the market expectations.

What we are seeing midday on Thursday is a slight increase in the price of BTC as it is hovering around the $19,200 mark, engulfing the last day’s candle.

ETH/USD

The Ethereum Project token ETH is significantly under-performing in the aftermath of the long-expected and widely celebrated merge to Proof of Stake consensus mechanism on September 15. It was the worst performing digital asset in the Top 10 during the last seven days erasing 24 percent of its market cap.

On Monday, September 19 it started trading lower, touching $1,280 in the morning. The ether hit the improvised lower boundary of the downtrend channel built on top of the Diamond Top pattern we discussed during our last market update.

It quickly recovered in the second part of the session and closed in green, at $1,380. However, the coin was still trading below the $1,420 short-term support, which indicates a lack of bullish momentum and weak technical structure to support a reversal to the upside.

The ETH/USDT pair lost 4 percent on Tuesday and fully erased the gains from the previous day by falling down to $1,322.

The third day of the workweek came with extreme volatility thanks to the Federal Reserve rate hike decision. ETH lost 6 percent and touched the previous range high around the $1,240 mark.

Bulls were quick to react and bought the support. As of the time of writing this market update on Thursday, the ether is trading significantly higher – at $1,310.

The cryptocurrency market erased $165 billion from its market cap during the last seven days and now stands at $906 billion. The top 10 coins ended the week in red with ether (ETH) and Bitcoin (BTC) being the worst performers with 25.4 and 14 percent loses respectively. Bitcoin (BTC) is currently trading at $18,714 while ether (ETH) is at 1,314.

BTC/USD

Bitcoin closed the trading day on Sunday, September 11 at $21,828 in its fifth day in green after bouncing back up from the support zone right above $19,000. The coin successfully moved above the 21-day Exponential Moving Average (EMA) on the daily timeframe chart to add 9 percent to its valuation for the seven-day period.

The current technical structure on the weekly chart was looking quite similar to a Double Bottom formation with a neckline at around $24,000. A bullish breakout above that level could suggest a mid to long-term bullish reversal.

On Monday, September 12, the BTC/USDT pair continued to climb and eventually reached the $22,420 mark. The 24-hour trading volumes were significantly higher than the average for the last 14 days.

The bad inflation data from the United States, however, once again spoiled the party. The higher-than-expected numbers pushed the risk assets down and the cryptocurrency market followed.

BTC fell down to $20,160 on Tuesday erasing 10 percent of its market cap during the session.

The mid-week trading on Wednesday came with another volatile day for the market participants. The biggest cryptocurrency remained flat even though bears pushed the price as low as $19,640 intraday.

On Thursday, September 15 BTC fell further down to close the daily candle at $19,720. The selling pressure was increasing, but $19,500 was still valid horizontal support from back at the end of August – the beginning of September and was expected to hold this time as well.

The Friday session saw bitcoin temporarily trading near $19,337 before jumping back up in the evening to eventually end flat.

On the first day of the weekend, it climbed back above the psychological level of $20,000 increasing by almost 2 percent for the day.

This was followed by a renewed selloff on Sunday when the BTC/USDT pair finally closed a daily candle at $19,415.

As of the time of writing, the price is hovering even lower – at $18,750.

ETH/USD

The ether was in a solid uptrend since the end of August but September 11 marked the local top, which resulted in a reversal to the downside. It jumped by 12 percent in the week of 5-11 September.

On Monday, September 12 it started trading at $1,763 after reaching a high of $1,791 the day before. Bears pushed the price down during the session and the leading altcoin hit $1,717 at the daily candle close.

The Tuesday session was no different and ETH followed bitcoin on its way down as a result of the bad CPI data. The price of the coin decreased by 8.5 percent fully engulfing the last week’s candle. Not only that but we could clearly see a Diamond Top reversal pattern being formed, which is by definition a bearish figure.

On Wednesday, the Ethereum token moved 4 percent up to the 21-day EMA in expectation of the important technical milestone.

The Ethereum community celebrated the long-expected Merge on September 15, which saw the biggest altcoin transition from Proof of Work (PoW) consensus mechanism to Proof of Stake (PoS) in an attempt to improve its overall performance and most importantly – reduce energy consumption. The Merge happened at around 07:30 CET with the price reaction being extremely negative.

The ETH/USDT pair decreased by 10 percent and moved below the 21-day EMA to hit the $1,474 mark. It is worth noting that the mentioned Diamond Top pattern visible on the daily timeframe chart came into play as the price lost the dynamic support.

On Friday, the ether reached the mid-term horizontal support at $1,430 but was unable to break it.

The weekend of September 17-18 started positively for buyers. On Saturday, the altcoin jumped up to $1,470 with many traders believing we could see a run to the high of the range in the coming weeks.

On Sunday, however, they were proved wrong as the free-fall continued and ETH ended the seven-day period at $1,332.

The price is currently trading at $1,137 up from a daily low of $1,283.

Leading Majors

• XRP (XRP)

A long time has passed since we last mentioned XRP in our weekly market update, mainly due to the lack of trading activity on its main pairs.

The coin lost nearly 80 percent of its value since peaking above $1.55 in April 2021 then spent more than 3 months trading in a range in the $0.32 – $0.39 area. Last week, however, it finally managed to make a break to the upside by hitting the $0.39 mark on Sunday before completely erasing all of its gains in the evening part of the session.

To fully confirm the reversal, it will be necessary to stabilize above the mentioned range high and a potential climb above $0.42 where we saw the biggest trading activity before the range was formed. It is also where the 21-period EMA currently sits on the 1W chart.

Altcoin of the week

Our Altcoin of the week is Chiliz (CHZ). Branded as the world’s first tokenized sports exchange Chiliz is one of the leading cryptocurrency projects for sports and entertainment.

It provides its blockchain infrastructure support to the Socios.com fan engagement platform – the most well-known football fan token platform.

The CHZ/USDT pair added 11 percent to its market cap during the last seven days making it a total of close to 150 percent since it founds its bottom at the end of June 2022. The coin remains extremely volatile above its 21-period EMA on the bigger, weekly timeframe, but continues its uptrend thanks to the series of new fan token announcements, exchange listings, and most importantly – the innovative Chiliz Chain 2.0 that was first mentioned in late August.

As of the time of writing, CHZ is trading close to the previously stable support/resistance area of $0.25. A pullback down to $0.18 cannot be excluded for a healthy consolidation.

Chiliz is ranked at #47 on CoinGecko with a total market cap of approximately $1.24 billion.

The total crypto market cap decreased by $82 billion for the period since Monday and now stands at $988 billion. The top ten remained mostly flat for the last 24 hours with Polkadot (DOT) being the worst performed with 1.8 percent loss. At the time of writing bitcoin (BTC) is trading at $20,104. Ether (ETH) is at $1,578.

BTC/USD

Bitcoin closed the trading day on Sunday, September 11 at $21,828 in its fifth day in green after bouncing back up from the support zone right above $19,000. The coin successfully moved above the 21-day Exponential Moving Average (EMA) on the daily timeframe chart to add 9 percent to its valuation for the seven-day period.

The current technical structure on the weekly chart was looking quite similar to a Double Bottom formation with a neckline at around $24,000. A bullish breakout above that level could suggest a mid to long-term bullish reversal.

On Monday, September 12, the BTC/USDT pair continued to climb and eventually reached the $22,420 mark. The 24-hour trading volumes were significantly higher than the average for the last 14 days.

The bad inflation data from the United States, however, once again spoiled the party. The higher-than-expected numbers pushed the risk assets down and the cryptocurrency market followed.

BTC fell down to $20,160 on Tuesday erasing 10 percent of its market cap during the session.

The mid-week trading on Wednesday came with another volatile day for the market participants. However, the biggest cryptocurrency remained flat. In a scenario where the mentioned macro support around $19,000 fails then the next expected zone of stability is situated near $12,000.

Bitcoin is currently trading at $20,100 midday on Thursday.

ETH/USD

Today the Ethereum followers and the broader crypto community celebrate Merge Day, which saw the biggest altcoin transition from the Proof of Work (PoW) consensus mechanism to Proof of Stake (PoS) in an attempt to improve its overall performance and most importantly – reduce energy consumption. The Merge happened at around 07:30 CET with no immediate price reaction.

Going slightly back in time, the ether ended the last seven-day period with an 11 percent of increase and above the 200-period EMA on the Weekly chart. The ETH/USDT pair was preparing for the next leg up after a solid consolidation.

On Monday, September 12 it started trading at $1,763 after reaching a high of $1,791 the day before. Bears pushed the price down during the session and the leading altcoin hit $1,717 at the daily candle close.

The Tuesday session was no different and ETH followed bitcoin on its way down as a result of the bad CPI data. The price of the coin decreased by 8.5 percent fully engulfing the last week’s candle. Not only that but we could clearly see a Diamond Top reversal pattern being formed, which is by definition a bearish figure.

On Wednesday, the Ethereum token moved 4 percent up to the 21-day EMA in expectation of the important technical milestone.

As of the time of writing the price is hovering around the $1,600 mark.

The cryptocurrency market added $98 billion to its market cap during the last seven days and now stands at $1,070 billion. The top 10 coins were all in green in the same time period with Solana (SOL) and Bitcoin (BTC) being the best performers with 17.7 and 10.8 percent of gains respectively. Bitcoin (BTC) is currently trading at $22,250 while ether (ETH) is at 1,753.

BTC/USD

Bitcoin closed the trading day on Sunday, September 4 at the psychological level of $20,000 after trading in the $19,800 – $20,150 range for four consecutive days.

It was clear from the price action on the bigger time-frames that the leading cryptocurrency was about to re-test the major horizontal support below $19,500 in the short term.

On Monday, the BTC/USDT pair erased all gains from the previous day and dropped down to $19,800, or 1 percent lower.

The range low was finally broken on Tuesday when bears pushed the price all the way down to $18,800 which corresponded to a 5 percent decrease. The coin closed at its lowest point since December 2020, surpassing the June, 18 low. It also created a relatively big fair value gap on the daily timeframe chart.

The price touched $18,500 in the early hours of trading on Wednesday. The mid-week session, however, turned out to be quite good for buyers as BTC made a quick bounce to $19,330.

On Thursday, September 8, the coin remained flat, hovering near the last daily candle close.

The Friday session came with a huge upward continuation. Buyers managed to consolidate and the price of bitcoin skyrocketed up to $21,440 adding 10 percent on its best day since February 28, 2022. It climbed above the 21-day EMA and hit the mid-term diagonal resistance on the daily chart.

The weekend of September 10-11 started with a green candle on Saturday during which we saw the price trying to break above the $21,500-$22,000 resistance. It remained below it but still, the buying pressure was obvious.

On Sunday, the BTC/USDT pair was not that volatile but still managed to form a short green candle to jump above the diagonal line.

What we are seeing midday on Monday is a strong bullish momentum with the price trading above $22,000.

Trading volumes increase significantly in the last few days, surpassing the 14-day average. The Relative Strength Index (RSI) went out of the oversold area to reach its midpoint. An uptrend continuation in the next few weeks cannot be excluded although we might see a pullback to fill the value gap created on the daily chart.

ETH/USD

The Ethereum Project token ETH closed the previous week with a 13 percent increase after completing its bull flag consolidation on the weekly timeframe chart. It was now in its second week of gains with more upside expected right before and after the Merge (transition to Proof of Stake consensus mechanism) on September 14.

The Sunday, September 4 session ended at $1,580, after the coin successfully bounced back from the zone around $1,400.

On Monday, the ETH/USDT pair climbed up to $1,620 on its second day in green.

On the next day, however, it first peaked at $1,690 in the morning then quickly fell back to close in red at $1,558 and with a 3 percent loss.

The third session of the workweek brought extreme volatility. The ether was moving up and down the $1,657 – $1,489 range before forming a huge 4.7 percent green candle to surpass the 21-EMA and stop at $1,628.

On Thursday, the popular altcoin remained flat above the mentioned dynamic trend indicator in a possible consolidation before the next leg up.

What we saw on Friday was a continuation of the uptrend. ETH rallied 5 percent up to reach the resistance zone above $1,700.

The first day of the weekend came with a fourth consecutive day in green as the ether reached $1,780 adding 3.5 percent more to its value.

On Sunday it took a break as it was unable to continue with the rapid growth.

As of the time of writing this market update the ETH/USDT pair is trading in red – at $1,750.

Leading Majors

• Solana (SOL)

Solana had been trading in the $30-$33 range for 10 days straight before it managed to break out of it on September 7. The coin rallied more than 13 percent last week to reach the area near $35 in something similar to a reversed Bart Simpson pattern on the daily chart.

The price rally continues on Monday as SOL is currently trading above $37.

The trading volumes were in a constant decline since mid-June while RSI remained oversold for a while.

Bulls managed to surpass quickly the potential short-term resistance above the 21-day EMA around $35 opening the door for the next big obstacle in front of them on both daily and weekly timeframes.

 – the $43-$46 zone.

Potential short-term support at $35.

Altcoin of the week

Our Altcoin of the week is Ravencoin (RVN) – a free and open-source asset management protocol with a relatively big following in the industry. This popular Proof of Work (PoW) coin is a fork of Bitcoin and became popular among cryptocurrency miners during the 2017/2018 bull run.

Now RVN is looking to fill the void that ETH will leave in the cryptocurrency mining world after its long-awaited transition to Proof of Stake (PoS) becomes reality on September 14.

The RVN/USDT pair rallied 47 percent during the last seven days to reach the $0.052 mark at the weekly candle close. It is 200 percent up since hitting a 72-week low in the middle of June.

The altcoin is currently trading at a multi-timeframe resistance in the $0.048-$0.052 zone, so we can expect a slight pullback before and after the Merge before the next leg up.

Support, right below the 21-week EMA, near $0.035.

Ravencoin is currently ranked at #84 on CoinGecko, with a total market cap of $612 million.