Schlagwort: blockchain analysis

Key takeaways

• AVAX is trading above $17 per coin after hitting the $15.90 mark on Sunday.
• Despite its recovery, AVAX could retest the $15 low before surging higher.

AVAX surges 2% as broader market recovers

The cryptocurrency market is having a positive start to the week following a bearish weekend. Bitcoin, ETH, AVAX, and other major cryptocurrencies have bounced back from yesterday’s lows and could rally higher soon.

AVAX, the native coin of the Avalanche blockchain, has added 2.5% to its value over the last 24 hours, making it one of the top performers among the top 20 cryptocurrencies by market cap.

At press time, the price of Avalanche stands at $17.11 and could rally towards $20 soon. However, the market could retest the $15 low as the bearish trend is still in play. Its performance could depend on the broader crypto market and the ongoing crisis between Israel and Iran.

AVAX could test $15 before rallying higher

The AVAX/USDT 4-hour chart shows that the pair is still bearish despite the recent recovery. The pair could test the $15 low soon before rallying higher.

The relative strength index (RSI) of 45 shows that the bears remain in control, but the pair could be heading into neutral territory. The MACD is also within the negative region thanks to the bearish sentiment.

If the bullish trend continues, AVAX could target the 4-hour internal liquidity level at $17.58 in the coming hours. An extended bullish run would enable AVAX to hit the $20 mark for the first time since June 16th. 

However, the technical indicators remain bearish, suggesting that AVAX could still dip lower. AVAX could test the support level at $14.61 soon if the bearish momentum on the higher timeframe holds. Failure to defend the support level at $14.61 could see AVAX hit the $12 mark for the first time since November 2023.

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Key takeaways

• Hyperliquid’s HYPE outperforms the other major cryptocurrencies, adding 5% to its value in the last 24 hours.
• Bitcoin is trading above $101k, with HYPE now eyeing the $40 resistance level in the near term.

BTC, HYPE, Others Begin Recovery

The cryptocurrency was extremely bearish over the weekend, with Bitcoin dropping below the $99k level on Sunday. However, the market has begun to recover, with Bitcoin now trading above $101k.

HYPE, the native coin of the Hyperliquid ecosystem, dropped to $31 on Sunday but is now trading at $35.40 per coin. If the bullish momentum is sustained, HYPE could rally towards the $40 resistance level in the near term.

Hyperliquid’s HYPE has been one of the top performers over the last 12 months. The coin added 1,000% to its value during that period and quickly rose to become the 11th-largest cryptocurrency by market cap. 

HYPE’s price action remains interesting and it remains to be seen if it would challenge Cardano for the number 10 spot in the market. 

Is HYPE heading towards $40?

HYPE has lost 21% of its value since hitting a new all-time high of $45 seven days ago. With the broader market bearish, HYPE has lost some of its value. However, the $HYPE/USDT pair could be heading to the $40 resistance level if the bulls continue with their recent rally.

The HYPE/USDT 4-hour chart shows that the MACD is still within the negative zone but could be heading into the positive area soon. The RSI of 48 also shows that HYPE is heading into the neutral zone, indicating buying pressure.

If the bullish recovery persists, HYPE could look to test the first resistance level at $38.50 in the coming hours or days. The coin could rally towards the $40 level in the event of an extended bullish performance. However, the ongoing crisis in the Middle East continues to significantly impact the broader cryptocurrency market’s performance.

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Key takeaways

• Solana’s SOL is down 9% in the last 24 hours and risks dropping to the $120 support level.
• The head and shoulder pattern on the daily timeframe indicates that the bears are firmly in control.

Solana dips 9% amid wider market bearish movement

SOL, the native coin of the Solana ecosystem, is down 9% in the last 24 hours and could drop lower in the coming hours and days. At press time, SOL has dropped below the $130 mark and could test the $120 support level if the bearish trend continues.

Solana’s poor performance comes amid bearish conditions in the wider market. Bitcoin, the leading cryptocurrency by market cap, has dropped to the $100k region as the crisis in the Middle East escalates.

The United States is increasingly involved, with President Trump threatening further airstrikes on Iran. With Bitcoin dropping to $100k, Ether, SOL, and other major cryptocurrencies are also in the red.

SOL could test the $120 support level

With the broader market currently bearish, sellers are in control of the SOL/UJSD pair. The 4H chart indicates that SOL could face further selling pressure in the coming hours and days.

At press time, the price of SOL stands at $128.6. If the bearish trend continues, SOL could test the next support level at $120 soon. An extended bearish trend could see SOL drop to the $100 level for the first time since April.

The MACD is deeply in the negative zone, indicating sellers are in control. The SOL/USD pair also has an RSI of 34, showing strong selling pressure on Solana’s native coin.

However, if the market conditions improve, SOL could test the first liquidity level around $148 per coin. The second resistance level at $165 seems unlikely at the moment unless the market embarks on a massive rally.

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Key takeaways

• ETH is the worst performer in the top 10 today, losing 7% of its value.
• The cryptocurrency risks dropping to the $2k level amid growing selling pressure.

Ether drops below $2,300 after dipping 7%

Ether, the second-largest cryptocurrency by market cap, is the worst performer among the top 10 cryptos. It has lost 7% of its value in the last 24 hours and now trades below $2,300.

At press time, the price of Ether stands at $2,274 and risks dropping to the $2k psychological level if the bearish trend continues. Its poor performance comes as the broader crypto market records losses.

Bitcoin, the leading cryptocurrency by market cap, has dropped to the $102k region amid the growing tensions in the Middle East. If the trend continues, BTC, ETH, and other major cryptocurrencies could record losses in the coming hours and days.

Ether could test the support level at $2,174

The ETH/USD 4H chart is currently bearish, and the pair could record further losses if the trend continues. The RSI of 35 shows that Ether is facing heavy selling pressure from investors.

The MACD line crossed into negative territory since June 12th, indicating a sustained period of bears controlling the market. With the market still bearish, ETH could test the next support level at $2,174 in the coming hours or days. Failure to defend the $2,174 support level could see ETH quickly dump to the $1,860 region for the first time since May.

However, if the narrative changes and the bulls regain control, ETH could quickly target the next liquidity zone around $2,450. An extended bullish run could see it hit the transactional liquidity zone at around $2,700.

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Key takeaways

• Cardano’s ADA dips nearly 2% in the last 24 hours and now trades above $0.55.
• Investors are optimistic about ADA’s price action ahead of the anticipated Leios upgrade.

ADA dips 8% this week, but bulls keep hope alive

ADA, the native coin of the Cardano ecosystem, has underperformed this week, mirroring the performance of the broader crypto market. It has lost 8% of its value in the last seven days and now trades at $0.57 per coin.

The poor performance comes as Bitcoin and other major cryptocurrencies recorded losses. However, the losses haven’t deterred bulls who are optimistic ahead of Cardano’s upcoming Leois upgrade.

Cardano-based Leios upgrade aims to dramatically boost network throughput and scalability. According to Input Output Global (IOG), the research arm behind Cardano, Leios is designed to optimize transaction processing and resource utilization, especially during peak block activity. 

IOG added that the upgrade introduces new mechanisms like endorsements to maintain security and data availability while boosting overall throughput.

ADA could hit $0.65

The Leois upgrade will be implemented in the fourth quarter of the year and could see ADA rally in the medium term. However, in the short term, ADA could bounce back from its recent bearish slump and surge towards the $0.65 resistance level.

If the bulls regain control of the market, ADA could likely hit the $0.65 resistance level in the short term. An extended bullish run could see ADA hit $0.77 for the first time since May.

However, if the bears remain in control, ADA could test the $0.5096 support level in the coming hours or days. The MACD is still within the negative zone, indicating that sellers are currently in control. The RSI of 37 also shows that ADA is facing heavy selling pressure from investors. 

Unless the narrative changes, ADA could dip lower in the coming hours or days before it embarks on a recovery.

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