Bitcoin has been under pressure. Ethereum is holding steady, but altcoins, such as CRO and SOL are still poised for a possible recovery.
The following is a summary of the information that you will find on this page.
- CRO loses nearly 20% of its value in one day, after rallying by 90% over the past seven days.
- Solana wants to return to the $250 support level, which was hovering above $200 on Friday.
- KuCoin token has seen a gain of nearly 12% in the past seven days.
- Hyperliquid increased its price by 10% in the last week.
- IP is up nearly 6%, and it’s hovering just above the support level of $6.
BitcoinBTCThe price of, which is the largest cryptocurrency in terms of market capitalization, has dropped nearly 5% today and remains near to the $108k support level. In the last week, nearly 4% value of bitcoin was lost.
EthereumETH() remains above the $4.300 level of support, with a 3% increase in the same period.
Cronos token (CRO), Solana (SOL), KuCoin (KCS), Hyperliquid (HYPEStory ()IPThe last week, ), gained between 6 and 90 percent.
Top five altcoins for seven-day gains
Cronos
Cronos’ current trading price is $0.2713. It is near the $0.2552 psychologically significant level. CRO’s support has been established at two important levels: $0.2013 and $0.2552. The CRO/USDT chart shows that CRO may test resistance near $0.3878.
Two important indicators, RSI, and MACD, support a thesis that CRO is on the rise. RSI shows 69 while MACD displays green bars in histograms above the neutral line. This indicates underlying momentum for a rising price.
Solana
Solana is holding steady at the $200 support level. The altcoin will re-test $250 resistance, if its trend continues upward. Solana outperforms Ethereum consistently in DEX metrics but lags behind when it comes the total amount of value that is locked on the blockchain.
Solana’s indicators of momentum on a daily timeframe are bullish, with the token currently being less than 25% from testing the resistance at $250.
KuCoin
KuCoin’s KCS token extended its gains Friday, 29 August. Over the past seven days, the value of KuCoin’s native token increased by nearly 12 percent. KCS is likely to find support around $13, and the closest resistances for it are $14.30, $14.60.
RSI and MACD are in support of a further rise in KCS during the next week.
Hyperliquid
Hyperliquid’s Hyperliquid HYPE Token could again test the resistance of $51.189. That is where it will be closest to. HYPE’s daily chart of price shows that HYPE’s trend is positive, but this may wane if the histograms are getting smaller.
HYPE is expected to gain support from $42 and $35, which are the major levels of support for this token.
Story Protocol
Story Protocol’s token IP could be swept by liquidity, and then face a correction down to $5.30 – the closest support level – before trying another break out of consolidation. The IP token could be sent to $4 if the candlestick closes below $5.30.
Technical indicators in the daily timeframe are bearish for this token.
If the momentum shifts to a positive one and IP continues its recent price gains, then it may face resistance at $7.50. This is 25% higher than the current level. Next, the price will face resistance at $9. This is marked R2 in the daily chart.
The Bitcoin Whale Movement
The future of altcoins is largely determined by key factors like the Bitcoin price and pressure from exchanges to sell. The king cryptocurrency has not made any significant movements in the last seven days. However, the on-chain movement tracks recent Bitcoin whale moves.
A whale is pictured moving money from a wallet. The chain shows a 10,000 BTC transfer, and another 2,000 BTC going to an exchange.
According to data from an address explorer for Bitcoin, the selling pressure could intensify in the next week unless more buyers are willing to take on the BTC that is flowing onto exchange platforms.
Derivatives data analysis
Data from Coinglass on derivatives shows the crypto market has experienced over $540m in liquidations, with most long positions compensating for shorts. This means that bullish traders get punished when prices drop and traders become bearish.
In just 24 hours, the open interest dropped by 3% to 200 billion dollars.
The derivatives market data indicates that there will be further corrections in the future and more deleveraging before tokens start to recover.
Disclosure: The article is not intended to be investment advice. All content on this site is for educational use only.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: crypto.news
