Crypto Market Updates

The total crypto market cap increased by $25 billion for the period since Monday and now stands at $1,158 billion. The top ten coins are trading mostly in green for the last 24 hours with ether (ETH) and Solana (SOL) being the best performers with 11 and 10 percent of gains for the period respectively. At the time of writing bitcoin (BTC) is trading at $24,540. Ether (ETH) is at $1,892.

BTC/USD

Bitcoin ended the previous seven-day period at $23,200 and with less than a percent loss. Bulls continued to push upwards and managed to find stability above the 200-day Moving Average (MA) on the weekly timeframe which usually signals a bullish reversal.

On Monday, August 8 the BTC/USDT pair climbed up to $23,800 but not before hitting a daily high of $24,200 during intraday trading. The entire area in the $23,900 – $24,500 range should be considered a resistance.

Bears pushed the price of BTC down to $23,166 on Tuesday fully erasing all gains from the day before. Still, the 21-day EMA provided the needed dynamic support on the daily chart.

The uptrend was resumed on the third day of the workweek. The biggest cryptocurrency moved up to $23,900 increasing by 3.5 percent for the session. It is worth noting that the coin was trading in the wide range between $22,600 – $24,200 throughout the day before finally choosing a direction.

What we are seeing midday on Thursday is a breakout attempt. Bitcoin is flirting with the upper boundary of the mentioned resistance area. However, bulls have to be extremely careful and watch out for a potential double top formation on the daily timeframe as well as a bear flag on the weekly.

The price is currently hovering around $24,500.

ETH/USD

The Ethereum Project token ETH closed its fifth consecutive weekly candle in green on Sunday, August 7. It added 1.5 percent to its valuation on a seven-day basis making it a total of 92 percent since hitting a 1.5-year-low of $886 in mid-June.

On Monday, the ether jumped 4.7 percent up to $1,783 once again hitting the horizontal resistance. This time again bulls were rejected there, so they were forced to retreat down to $1,700 on Tuesday losing 4.4 percent of the ETH’s market cap.

The Relative Strength Index (RSI) has been in the overbought area since mid-July while the 24-hour trading volumes remained below the average. They were also decreasing in divergence with the price rally.

If we go to the weekly chart, however, we could see that the ETH token is still not in the overbought zone and with a lot bigger trading volumes than during the entire June 2021 – June 2022 period.

The ETH/USDT pair jumped 9.5 percent on the good inflation data from the United States thus reaching the $1,846 mark and entering the resistance zone.

The $1,900 – $1,950 is a solid support/resistance on the bigger timeframes and this time it is in sync with the 21-period EMA weekly.

The leading altcoin is trading slightly higher – at $1,894 midday on Thursday.

The cryptocurrency market added $56 billion to its market cap during the last seven days and now stands at $1,135 billion. The top 10 coins were all in green for the same time period with Binance Coin (BNB) and Polkadot (DOT) being the biggest gainers with 16.2 and 7.4 percent of gains respectively. Bitcoin (BTC) is currently trading at $24,153 while ether (ETH) is at 1,787.

BTC/USD

Bitcoin closed the trading day on Sunday, July 31 at $23,300 in its third consecutive day in red and right after peaking at $24,700 during the previous session. The zone above it represented a liquidity gap created during the market crash back at the beginning of June, so the biggest cryptocurrency was rejected at its lower boundary. The good news for buyers was that they were able to keep the price floating above the 200-day Moving Average (MA) on the weekly timeframe which is an important indicator if sellers or buyers are in control of the market.

The coin closed the previous seven-day period with a 3 percent increase. It was 17 percent up in July.

On Monday, the BTC/USDT pair remained flat after trading in the $22,800 – $23,500 range during the intraday session.

Things did not improve much for bulls on Tuesday and we saw bitcoin drop down to the zone below $23,000 for the first time since last week. It found some stability near the 21-day EMA.

There was a lot of volatility on Wednesday as BTC climbed up to $23,600 in the early hours of trading just to forfeit all gains in the evening. It closed the day at $22,815 

On Thursday, August 4 the coin finally hit and closed at the mentioned short-term EMA, acting as a dynamic support area. It was the seventh straight losing session for the market leader, but the overall price action reminded of a bull flag consolidation pattern.

The coin reversed its direction on Friday by pumping 3.3 percent to $23,300. The Relative Strength Index (RSI) remained below the overbought zone while the 24-hour trading volumes hit the 14-day average line.

The weekend of August 6-7 started with a price pullback to $22,950 on Saturday. Then on Sunday, it formed a negligible green candle to close the week with less than a percent loss.

What we are seeing midday on Monday is a serious push from bulls to the area above $24,000.

ETH/USD

The price of the Ethereum project token ETH continued to be driven mainly by the upcoming switch to Proof of Stake (PoS) consensus mechanism (the so-called Merge).

It ended the previous seven-day period with a 5 percent increase in its fourth consecutive week in green.

On Sunday, July 31, bulls were finally rejected at the extremely stable horizontal support level of $1,700 and the ETH/USDT pair fell down to $1,686. Still, it ended the month of July with a 56 percent increase.

On Monday, the leading altcoin dropped down to $1,625 as the selling pressure was increasing. The move resulted in a 2.5 percent pullback.

The coin remained flat on Tuesday as neither bulls nor bears were able to take over control of the price action. ETH was trading in the $1,546 – $1,670 range throughout the day.

The mid-week session on Wednesday came with an early push from bears to $1,680. The momentum was not on their side and the coin eventually closed the day in red.

On Thursday, August 4, the downtrend continued but already looked exhausted. ETH reached $1,603 right above the 21-day EMA.

The bears gave up on Friday and the trend was reversed to the upside. The ether hit $1,733 and added 8 percent to its valuation. It was once again at resistance.

The first day of the weekend came with a small consolidating correction to $1,690, which was followed by a flat session on the last day of the week.

As of the time of writing this market update, the ETH/USDT pair is trading at $1,786 in a breakout attempt.

Leading Majors

• Avalanche (AVAX)

One of the best performing digital assets in the last seven days was the popular Layer 1 solution Avalanche. Once a Top 10 coin, AVAX lost a big part of its shine when the market correction deepened in the April-June 2022 period but is now once again on the rise.

The AVAX/USDT pair erased 90 percent of its market cap since the beginning of the bear market but managed to find its low at $14 in mid-June (right at the weekly order block from back in January 2021).

Bulls pushed the price all the way up to $30 once they were able to clear the solid resistance around $20. It was the zone where AVAX peaked during the first “pump” after the market reversal in late June.

What we can expect from the Avalanche protocol is to re-visit the $37 mark as there is practically no significant resistance on the way on both the daily and weekly timeframes. Support in the $20-$22 area.

In the meantime, the Total Value Locked (TVL) on the Avalanche chain continues to struggle, losing more than 4 percent on a monthly basis, but still somehow manages to be the 4^th biggest chain as per data from DefiLlama.

Altcoin of the week

Our Altcoin of the week is FLOW (FLOW). It is the native coin of the developer-friendly Flow layer one blockchain which is often promoted as the new generation flexible protocol that can support multiple applications without sacrificing transaction speed or security.

The FLOW/USDT pair added 35 percent during the last week of trading making it the biggest gainer in the Top 100 list on CoinGecko.

As of the time of writing this market update, it is 167 percent up for the period since mid-June when it hit its multi-month bottom.

The main reason behind the pump is the recently announced NFT expansion by the META company, which is being powered by the FLOW blockchain mainly.

Next resistance at the 21 EMA on Weekly (around $3.60) and then the daily/weekly horizontal resistance around $5. Support right below $2.5.

FLOW is currently ranked at #30 with a total market cap of approximately $3.1 billion.

The total crypto market cap decreased by $10 billion for the period since Monday and now stands at $1,067 billion. The top ten coins are trading mostly in red for the last 24 hours with Binance Coin (BNB) being the sole gainer adding 2.9 percent while Solana (SOL) lost 3.9 percent of its valuation. At the time of writing bitcoin (BTC) is trading at $22,800. Ether (ETH) is at $1,610.

BTC/USD

Bitcoin closed the trading day on Sunday, July 31 at $23,300 in its third consecutive day in red and right after peaking at $24,700 during the previous session. As mentioned in our last market updates, the zone above represents a liquidity gap created during the market crash back at the beginning of June, so the biggest cryptocurrency was rejected at its lower boundary. The good news for buyers was that they were able to keep the price floating above the 200-day Moving Average (MA) on the weekly timeframe which is an important indicator if sellers or buyers are in control of the market.

The coin closed the seven-day period with a 3 percent increase. It was 17 percent up in July.

On Monday, the BTC/USDT pair remained flat after trading in the $22,800 – $23,500 range during the intraday session.

Things did not improve much for bulls on Tuesday and we saw bitcoin drop down to the zone below $23,000 for the first time since last week. It found some stability near the 21-day EMA.

There was a lot of volatility on Wednesday as BTC climbed up to $23,600 in the early hours of trading just to forfeit all gains in the evening. It closed the day at $22,815  

Currently, the price is right below the $23k mark.

ETH/USD

The price of the Ethereum project token ETH continued to be driven mainly by the upcoming switch to Proof of Stake (PoS) consensus mechanism (the so-called Merge).

It ended the previous seven-day period with a 5 percent increase in its fourth consecutive week in green. The ether, however, reached the once extremely stable horizontal support level of $1,700. Now it could be that bears have turned it into a solid resistance.

On Sunday, July 31, bulls were finally rejected there and the ETH/USDT pair fell down to $1,686. Still, it ended the month of July with a 56 percent increase.

On Monday, the leading altcoin dropped down to $1,625 as the selling pressure was increasing. The move resulted in a 2.5 percent pullback.

The coin remained flat on Tuesday as neither bulls nor bears were able to take over control of the price action. ETH was trading in the $1,546 – $1,670 range throughout the day.

The mid-week session on Wednesday came with an early push from bears to $1,680. The momentum was not on their side and the coin eventually closed the day in red.

What we are seeing midday on Thursday, August 4 is a continuation of the downtrend. ETH is at $1,610.

The cryptocurrency market added $69 billion to its market cap during the last seven days and now stands at $1,078 billion. The top 10 coins were all in green for the same time period with Polkadot (DOT) and Binance Coin (BNB) being the biggest gainers with 14.6 and 9.2 percent of gains respectively. Bitcoin (BTC) is currently trading at $23,200 while ether (ETH) is at 1,664.

BTC/USD

Bitcoin ended the previous seven-day period with a solid green candle on the weekly timeframe chart and an 8 percent price increase. The coin confirmed the breakout of the old range and the high at $22,000 and tested the 200-day Moving Average (MA). What is more, bulls attempted to break the diagonal resistance line on the daily chart near $24,500, but the short-term rally had already exhausted its strength resulting in a price pullback.

On Monday, July 25, the BTC/USDT pair unexpectedly lost 6 percent of its valuation and dropped down to $21,300 thus losing the horizontal support. It also lost the 21-day EMA and slide even lower on Tuesday to grab the underlying liquidity before reversing back to the upside.

The third day of the workweek brought some extreme volatility to the charts caused by the United States Federal Reserve Open Market Committee (FOMC) meeting where a fresh new 0.75 percent interest rate hike was announced. The markets reacted positively and BTC rallied all the way up to $23,000 engulfing all four previous sessions. It increased by 8 percent.

On Thursday, July 28 we saw a continuation of the uptrend as bulls pushed BTC above both the diagonal resistance and the last daily candle close high at$23,400. The coin re-entered the liquidity gap area above $23,500 while the 24-hour trading volumes remain relatively high. The Relative Strength Index (RSI) was looking to enter the overbought zone.

The Friday session brought some signs of exhaustion. The biggest cryptocurrency closed in red after peaking at $24,400. It could not extend the rally on the first day of the weekend either and only was able to hit $24,650 during the intraday trading before falling back down to $23,620.

On Sunday, it dropped to $23,240, erasing 1.5 percent on the last day of July. The BTC/USDT pair ended the previous month with a 15 percent growth.

It is trading flat on Monday.

ETH/USD

The Ethereum project token ETH was trading in a range in the period between 18 and 24 July after rallying more than 55 percent in the last few weeks. The leading altcoin was one of the most traded coins thanks to its strong fundamentals and the upcoming Proof of Stake (PoS) merge. It closed its third-consecutive weekly candle in green, this time adding 19 percent.

On Monday, July 25 the ETH/USDT pair fell sharply to $1,440, which resulted in a 10 percent correction.

It moved even lower on Tuesday, briefly touching the $1,360 mark, but the horizontal support area and the 21-day EMA provided the required stability and bulls avoided further decrease.

The mid-week session on Wednesday came with a quick change of directions. ETH reversed to the upside and climbed all the way up to $1,630 or 13 percent higher. It was once again flirting with the extremely stable support/resistance area around $1,700.

On Thursday, July 28 the ether pushed above the short-term horizontal resistance at the $1,630 mark. The uptrend though started to look a little exhausted after filling the liquidity gap opened during the last market crash at the beginning of June. The RSI was spending too much time in the overbought area.

The ETH/USDT pair remained flat on Friday but then started moving South at the beginning of the July 30-31 weekend. First, on Saturday, it hit $1,700 then it continued to lose ground on Sunday ending the month of July with a 56 percent gains.

What we are seeing midday on Monday is another red day for the ether. Bears will be looking for a re-test of the mentioned $1,630 level which was acting as resistance last week.

Leading Majors

• Polkadot (DOT)

Surprisingly or not, Polkadot was the best performing digital asset in the Top 10 last week.

The coin usually mimics the move of Bitcoin, but on a larger scale and the recent rally was no exception. It increased by 17.5 percent for the period and reached the upper boundary of the resistance zone on the weekly timeframe.

DOT is currently trading at $8.5, struggling to break above the $9 mark which was significant support back in May and early June. If the trading volumes remain strong and bulls prevail, this will make the uptrend continuation to $12 highly probable.

The fundamentals are strong for Polkadot, but it still lacks the user base and actual engagement, which makes it somehow undervalued compared to Solana and Cardano chains.

Altcoin of the week

Our Altcoin of the week is Uniswap (UNI). Uniswap is another legacy DeFi token. Considered by many as the original DeFi blue chip, it is once again on the rise thanks to a series of announcements (NFT marketplace Genie acquisition, trading fees switch voting and the upcoming Ethereum merge to name a few), and the relatively stable technical.

The coin added 15 percent to its valuation during the last seven days but was trading 36 percent above its last weekly candle close at one point in time. The solid uptrend started on June 18 when the token bottomed at $3.36. Since then, it managed to add more than 150 percent to its valuation (as of the time of writing) surpassing the 21-day EMA on both the daily and weekly timeframe before hitting the last lower low before the crash – $8.2. If we see a successful breakout here then this will open the door for an attack of the area between $12 and $13 – a significant support/resistance on the bigger timeframes.

UNI is now ranked at #24 on CoinGecko with a total market cap of $3.7 billion.

The total crypto market cap increased by $46 billion for the period since Monday and now stands at $1,054 billion. The top ten coins are trading mostly in green for the last 24 hours with ether (ETH) and Solana (SOL) being the biggest gainers with 11.2 and 9.8 percent of gains respectively. At the time of writing bitcoin (BTC) is trading at $23,000. Ether (ETH) is at $1,626.

BTC/USD

Bitcoin ended the previous seven-day period with a solid green candle on the weekly timeframe chart and an 8 percent price increase. The coin confirmed the breakout of the old range and the high at $22,000 and tested the 200-day Moving Average (MA). What is more, bulls attempted to break the diagonal resistance line on the daily chart near $24,500, but the short-term rally had already exhausted its strength resulting in a price pullback.

On Monday, July 25, the BTC/USDT pair unexpectedly lost 6 percent of its valuation and dropped down to $21,300 thus losing the horizontal support. It also lost the 21-day EMA and slide even lower on Tuesday to grab the underlying liquidity before reversing back to the upside.

The third day of the workweek brought some extreme volatility to the charts caused by the United States Federal Reserve Open Market Committee meeting (FOMC) where a fresh new 0.75 percent interest rate hike was announced (as expected). The markets reacted positively and BTC rallied all the way up to $23,000 engulfing all four previous sessions. It increased by 8 percent.

What we are seeing midday on Thursday is a continuation of the uptrend as bulls are trying to climb above the diagonal resistance and re-enter the liquidity gap area above $23,500. The 24-hour trading volumes remain relatively high with the Relative Strength Index (RSI) looking to enter the overbought zone.

ETH/USD

The Ethereum project token ETH was trading in a range in the period between 18 and 24 July after rallying more than 55 percent in the last few weeks. The leading altcoin was one of the most traded coins thanks to its strong fundamentals. It closed its third-consecutive weekly candle in green, this time adding 19 percent.

On Monday, the ETH/USDT pair fell sharply to $1,440, which resulted in a 10 percent correction.

It moved even lower on Tuesday, briefly touching the $1,360 mark, but the horizontal support area and the 21-day EMA provided the required stability and bulls avoided further decrease.

The mid-week session on Wednesday came with a quick change of directions. ETH reversed to the upside and climbed all the way up to $1,630 or 13 percent higher. It was once again flirting with the extremely stable support/resistance area around $1,700.

The ether is flat at the time of writing this market update on Thursday, July 28 as the uptrend looks a little exhausted after filling the liquidity gap opened during the last market crash at the beginning of June.

The cryptocurrency market erased $3 billion from its market cap during the last seven days and now stands at $1,008 billion. The top 10 coins were all in green for the same time period with ether (ETH) and Cardano (ADA) being the biggest gainers with 13.6 and 9.9 percent of gains respectively. Bitcoin (BTC) is currently trading at $21,916 while ether (ETH) is at 1,530.

BTC/USD

Bitcoin closed the trading day on Sunday, July 17 at $20,800 on its first day in red since July 12 when it hit the $19,000-$19,500 support zone for the third time. As previously mentioned, the biggest and most popular cryptocurrency was trading in a range while also slowly building a Triple Bottom pattern on the daily timeframe chart.

BTC was trading in the wide range between $18,900 – $20,600. It successfully found it’s mid-term low and started an aggressive movement in the upward direction during the previous seven-day period.

On Monday, July 18 bulls continued to push the price of bitcoin higher. It added 7.7 percent to its market cap and climbed all the way up to $22,460, surpassing both the 21-day Exponential Moving Average (EMA) and the previous range high – $21,500.

Things did not change on Tuesday and the price rally remained uninterrupted. We could clearly see the Relative Strength Index (RSI) entering the overbought territory, but at the same time, there was a visible liquidity gap on the daily chart up to $28,000-$29,000.

The mid-week session on Wednesday came with a push to $24,300 in the morning, but bulls could not keep up with the momentum and the BTC/USDT pair ended the day in red, at $23,300.

On Thursday, July 21, bitcoin started moving in a downward direction. It headed south after failing to break back into the resistance area and the liquidity gap area mentioned above which had a lower boundary at $23,500. It closed the day at $23,094

The Friday session was no different and BTC dropped down to $22,670 in a day with higher volatility.

The weekend of July 23-24 started with a touch of the 21-day EMA at $21,800 on Saturday, but bulls still remained strong thus avoiding a big decline in the price of BTC. Then on Sunday, we saw the first green candle in a while as all losses from the previous session were erased.

What we are seeing on Monday is another day in red. The BTC/USDT pair is now at the 21-day EMA and the previous range high so at strong support which has to be re-tested successfully before the next leg up.

ETH/USD

The Ethereum project token ETH was heading North in the last couple o weeks despite falling down to $1,337 on Sunday, July 17. It rallied 36 percent in the upward direction to erase almost all losses since mid-June. The upcoming Proof of Stake (PoS) merge and the renewed bullish activity made the ether one of the best performing digital assets in the Top 10 list.

On Monday, July 18 the ETH/USDT pair formed a huge green candle to $1,584, which corresponded to an 18 percent jump. Both the short-term 21-day EMA and the range high were successfully broken to the upside.

ETH ran into a resistance zone on Tuesday and was rejected near the $1,620 mark, which resulted in a price pullback down to $1,543.

On the third day of the workweek, we saw a second consecutive day in red as bears pushed the price to $1,520.

Just like in the case of Bitcoin, there is a gap to be filled up to $1,800 for the Ethereum token, so the most probable scenario here is to see an uptrend continuation at least until the Dollar Index continues to underperform.

On Thursday, the ETH/USDT pair moved up to $1,574 in a volatile session during which it was trading in the $1,460-$1,600 range.

Then on Friday it was rejected at the entry of the next resistance zone and closed the day with a loss.

The first day of the weekend came with a relatively calm session during which the ether remained above $1,500.

It hit $1,665 in the early hours of trading on Sunday before closing at $1,600. It was more than obvious that ETH is in a consolidation phase, possibly a bullish rectangle.

The coin is hovering around $1,530 midday on Monday.

Leading Majors

• Cardano (ADA)

Cardano’s Vasil hard fork launched on testnet in early July and the community reacted by pushing the price of ADA/USDT above the 21-day EMA or 25 percent above the strong $0.40 support zone. Since then, however, the coin is struggling to maintain the bullish momentum despite the fact that Vasil’s mainnet launch is getting closer and closer (scheduled for the end of July).

Currently, ADA is trying to confirm a breakout above the June highs around $0.53 which will open the door for a further increase up to the zone above $0.60.

Hard support at the $0.40 mark. 24-hour trading volumes are weaker now compared to last week’s values and are below the average for the 14-day period.

Altcoin of the Week

Our Altcoin of the week is Fantom (FTM). The Fantom project is one of the well-known Layer 1 solutions, an Ethereum competitor that was on the rise in Q4,2021 but experienced a Double-Top rejection in January 2022 that forced it to erase more than 95 percent of its valuation before bottoming around $0.20 this July.

FTM is the native token of the Fantom asynchronous byzantine fault-tolerant Layer 1 blockchain protocol.

The FTM/USDT pair rallied 41 percent during the last seven days making it a total of 84 percent increase since finding its 10-month low a few weeks ago.

The main reason behind the surge in the price of FTM is the renewed interest in the DeFi ecosystem fueled by the upcoming Ethereum Proof of Stake (PoS) merge.

The altcoin is currently trading above its 21-day EMA, trying to confirm its breakout by stabilizing above the $0.30 support/resistance area on the daily timeframe chart. If this is successful, we can expect a bullish continuation up to the next horizontal resistance near $0.42 which is approximately 35 percent above the current price.

Fantom is ranked at #61 on CoinGecko with a market cap of approximately $827 million.