Bitcoin waits for the opportune moment, Ethereum is poised to go higher, Ripple keeps displaying optimism, Cardano holders should be careful of the shifting winds, and Solana prices at crossroads: it was a busy last week and you should not miss the updates as well as the right predictions for the new week.
At the beginning of the week, Bitcoin price showed signs of exhaustion after retesting a major hurdle. Bitcoin price has been rising and falling in channels since January 2022. Each time an ascending corrective channel has stalled and broken down it has led to an immense crash. The leg-ups have always consolidated around the point of control (POC), aka the highest traded level. As of Monday, August 1, 2022, the volume profile showed that the POC is at $21,128.
On Tuesday, Bitcoin price traded at $22,970 as the bearish divergence that manifested on July 29 prompted day traders to open short positions. Still, despite the clear double top pattern on the Relative Strength Index on the daily chart, something doesn't feel right about shorting the Bitcoin price just yet.
On Wednesday, the Bitcoin price was having trouble propelling towards higher targets. The peer-to-peer digital asset performed quite erratically during July as traders experienced shakeouts and fakeouts in both directions. Because of the unpredictable behavior, the Bitcoin price ascent looked rather congested. This subtle display of uncertainty can be viewed as a weakness of trend amongst technical analysts. Bitcoin price traded at $23.438. The Volume Profile indicator confounds the idea of a weakening trend as the cumulative volume tapers while the BTC price ascends. Additionally, the Bitcoin price was beginning to bear restrictions at both the $23,000 and $25,400 levels, causing a wedge-like pattern.
On Thursday, August 4, 2022, Bitcoin price halted all bullish production. The peer-to-peer digital currency experienced erratic behavior since it hurdled the $21,000 barrier towards the end of July.
At the end of the week, Bitcoin price showed lackluster performance despite the announcement of BlackRock’s entry into crypto. Due to the spotlight on Ethereum and its upcoming Merge update, investors seem to be neglecting BTC, which could explain its slow and sideways movement. However, this could take a turn, in terms of volatility, as bears take control due to this fractal formation that forecasts a steep correction. Bitcoin price awaits an opportune moment.
Ethereum price bulls clearly showed exhaustion as they retested the $1,730 hurdle for more than three days on Monday, August 1, 2022. Despite multiple attempts, ETH failed to move past this level, indicating a lack of buying pressure and a large stack of selling pressure. Ethereum price showed a similar bearish divergence pattern to end the month of July. The signal prompted an 11% decline for the decentralized smart contract token. Still, the bulls seemed to step in near a previous resistance zone at $1,560.
Ethereum price exchanged hands at $1,654 on Tuesday, August 22022. Ethereum price continued its bearish run the following day as it was being traded at $1,622.
Ethereum price does not show confident sell or buy signals in Thursday’s auction. However, Ethereum price continued to show strength in the market. Despite the negative sentiment which hovered in the ecosystem around which merge solution the community should take. The maintenance above $1,500 should continue to be bullish in the short term.
Ethereum price remains in negative sentiment based on community disagreement over the upcoming merge. As the first trading week of August came to an end, Ethereum hovered near new summertime monthly highs at $1,676. Regardless of what the community may assume, based on technicals and on chain analytics Ethereum price seems poised to go higher.
Ripple price rallied 13% on July 30 and collected the liquidity resting above the equal highs at $0.387. This upswing was impressive but lacked any momentum, and as a result, the XRP price was on its way to undoing these gains. Additionally, the latest four-hour candlestick closed below the $0.381 support level, suggesting that a further downtrend was likely to ensue as investors expect Ripple price to revisit the $0.340 support level.
On Tuesday, Ripple price hovered near a historical trend line. A bearish divergence accompanied by a declining impulse pattern was spotted last week, prompting extreme caution. The bulls managed to break above the impulsive origin point, which was good news for long-term investors. Nevertheless, the Ripple price hovered within a historical trend channel armageddon style sell-off at any time. Ripple price traded at $0.37 on Tuesday, August 2, 2022. The bulls will need to rally through the descending trend channel and tag $0.48 to qualify the digital remittance token in a favorable coin to trade. At the current time, bears should look for a second breach through the lower half of the trend at $0.33. Said price action could be the catalyst to send the XRP price to $0.24. An early signal could be a break of $0.35 for bears looking to be aggressive. Ripple price traded at $0.37 on Tuesday, August 2, 2022.
On Wednesday, XRP price showed reasons to believe in an uptrend scenario targeting $0.48 in the short term. XRP price showed strength as the bulls rallied 26% in a week. The digital remittance token stood erected above a descending parallel channel’s median line, which could be viewed as contrarian bullish. XRP price traded at $0.3586 on Wednesday.
On Thursday, Ripple’s XRP price auctioned at $0.358 as the bulls continued to show optimism. XRP price held ground above a critical trend line which was a quiet storm in the making. The bulls appeared to be aiming for macro targets at $0.48 and $0.50.
By the end of the week, XRP price continued to display optimism. XRP price should remain on traders' watch lists as smart money may try to pull off a rally while traders take a break from their screens. Invalidation of the uptrend remains at $0.3250 until further notice.
Cardano Network hit a key milestone, as the number of smart contracts, used to validate transactions, crosses 3,000 on the first three days of last week. On Wednesday, Cardano price prepared for a rebound despite consecutive delays in the Vasil hard fork. Cardano price recouped its losses and recovered from its July 26 lows at $0.45. The Ethereum-killer smart contracts chain was ready for a breakout, eyeing a 40% rally to $0.72. Analysts believe the altcoin is likely to continue its uptrend, and a break past resistance at $0.55 will confirm Cardano’s bullish move.
At the end of last week, Cardano price was ready to rally after triggering the same pattern for the fourth time in the last two months. This development could provide buyers and traders with a quick and easy setup to capitalize on.
Cardano price first produced the pattern when it set a swing low at $0.435 on June 13 which was swept as ADA produced a lower low at $0.419 on June 19. This liquidity sweep was followed by a 25% run-up to $0.550 in the next week. A similar setup was triggered on July 13 as the June 30 swing low at $0.435 was swept again. However, this time, ADA rallied 36% to $0.550 in the next six days.
As of Friday, Cardano price swept the $0.488 swing low formed on July 28, hinting at a quick rally. So far, ADA has moved up 4% and could ride another 8% before exhausting its bullish momentum. Cardano price seemed to be faring well after triggering the same bullish fractal for the fourth time on Saturday, August 6, 2022. The ongoing rally is likely to continue on its path to the next hurdle. However, ADA holders should be careful of the shifting winds that could sway the bias favoring bears.
On the first few days of the new week, Solana price continued to face resistance, yet the bears could not make much profit from suppressing the price. Solana price showed extreme turbulence to start the month of August. The bears were been unable to conquer any grounds as the Solana price continued to hover in the congestion $40 zone. Still, the bulls remained in jeopardy according to the Relative Strength Index on the daily time zone. Solana price exchanged hands at $41
Solana's SOL token held on to critical support early Wednesday even as a multimillion-dollar hack in the Ethereum alternative ecosystem saw several investors vent frustration, saying they'd consider shorting, or positioning for a decline in, the cryptocurrency. The exploit saw an unknown attacker drain at least $5 million worth of SOL, SPL, and other Solana-based tokens from the Phantom and Slope digital wallets.
On Thursday, August 4, 2022, Solana price struggled to recover from its downfall after the blockchain fell prey to a hack through external applications. Users revealed their funds were cleaned out, and wallets were compromised. The hack claimed 8,000 victims, draining the wallets of nearly $8 million. These events have resulted in a bearish sentiment among SOL holders and Solana’s recent decline.
After the hack, Solana price recovered and marginally recouped its losses. The Ethereum-killer continued to trade below $40. However, analysts at Crowd Wisdom believe that the altcoin will likely breach the $40 level if the current momentum is sustained.
Towards the beginning of the new week, Solana price faces a choice that could either propel it to highs seen in early May or push it into boring sideways consolidation. Investors need to pay close attention to some liquidity pools. Solana price has been producing higher lows since its bottom at $25.71 on June 15. Since this local bottom, SOL has produced four higher highs as it rallied 84% at one point. Currently, SOL trades at $39.
In the past seven days, Tether's price has fallen by 0.00%. In the last 24 hours, the price increased by 0.01%. The price dropped by 0.01% in just one hour. There is a current price of $1.000195 per USDT. The price of Tether is 18.02% below its all-time high of $1.22.
BINANCE USD (BUSD)
Over the past 7 days, Binance USD has appreciated by 0.05%. There has been an increase of 0.05% in price in the past 24 hours. It dropped by 0.05% in an hour. At the moment, the price of BUSD is $0.9995. At $1.11, Binance USD is 9.95% below its all-time high.
USD COIN (USDC)
Within the past seven days, USD Coin's price has gained 0.02%. There has been no change in price in the last 24 hours. Only in the past hour did the price grow by 0.02%. In the current market, USDC costs $1.00. This marks a new record high price for USDC.
Polkadot’s price has increased by 7.58% over the past week. Price has increased by 9.64% in 24 hours. There was a 0.43% drop in price just in the past hour. DOTs are currently priced at $9.26 per unit. Polkadot is 83.16% below the all-time high of $55.00.