Schlagwort: crypto analysis

TL;DR

• The crypto market has begun the new week positively, with BTC trading close to $112k.
• HYPE has overtaken Chainlink’s LINK, up nearly 8% today.

HYPE overtakes LINK on the market cap list

The cryptocurrency market is having a positive start to the week, thanks to Bitcoin and other major coins rallying higher. BTC, the leading cryptocurrency by market cap, is up 1% in the last 24 hours and is now trading at $111,800 per coin.

The positive performance also sees altcoins rallying higher, with HYPE leading the way. Ether is trading above $4,300 after adding 0.4% to its value, while XRP is approaching $3 as it is up by more than 3% in the last 24 hours.

Dogecoin’s DOGE and Hyperliquid’s HYPE are the best performers in the top 20. HYPE is up by nearly 20% in the last 24 hours, outperforming other major cryptocurrencies over the past few hours.

At press time, HYPE is trading at $50.7 after hitting the $51 mark earlier today. Thanks to this positive performance, HYPE has now surpassed Chainlink’s LINK and is now the eleventh-largest cryptocurrency by market cap.

HYPE eyes a new all-time high

HYPE is currently less than 1% away from the all-time high price of $51.04 it set 12 days ago. The coin could rally to a new all-time high in the coming hours as the trend remains bullish.

The HYPE/USD 4-hour chart is bullish and efficient, suggesting that the bulls could be gearing up for another leg up. The RSI of 73 shows that HYPE could soon enter the overbought region if the bullish trend continues. The MACD lines have also crossed into the positive region, suggesting that buyers are firmly in control.

If the bullish trend continues, HYPE could surge past $51 and set a new all-time high around $55 over the next few hours. An extended bullish run would see HYPE hit $60 in the coming days or weeks.

However, HYPE currently faces a rejection candle at the $51 mark. If the market undergoes a correction, HYPE could retest the $48 low over the next few hours. The support level at $46.85 should hold HYPE in the near term, unless the market sentiment turns extremely bearish.

The post HYPE tops $50, overtakes Chainlink in the market cap list appeared first on CoinJournal.

Key takeaways

• XRP is trading above $2.80 and could rally higher soon.
• The fading bearish momentum suggests that buyers are slowly regaining control of the market.

XRP’s technical indicators show fading bearish momentum

XRP, the native coin of the Ripple blockchain, is up by less than 1% in the last 24 hours and is now trading above $2.80. The positive performance comes amid fading bearish momentum. 

It also comes as traders focus their attention on the NFP and unemployment rate data release later today. The crypto market has been bullish over the last few days, but lacked the momentum to push to new highs.

However, the interest rate decision later this month could set the tone for BTC, ETH, and XRP in the coming weeks. Ruslan Lienkha, Chief of Markets at YouHodler, stated that,

The cryptocurrency market has mirrored the broader risk-off tone. Bitcoin, after a strong first half of the year, has shown signs of weakness and is currently locked in a consolidation range. Other major altcoins, including Ethereum, Solana, and XRP, are displaying similar behavior.

XRP targets the $3.0 resistance level

The XRP/USD 4-hour chart remains bullish and efficient as XRP recovers from its recent dip. XRP found support around its daily level at $2.70 earlier this week. However, it faced a rejection on Wednesday and declined on Thursday, firmly retesting the  100-day EMA at $2.77.

The Ripple native coin has now slightly recovered and is trading at $2.84 per coin. If the $2.70 support continues to hold, XRP could extend its recovery towards the 61.8% Fibonacci retracement level at $2.99 over the next few hours or days. 

The RSI of 52 shows that the bearish momentum is fading, with the MACD lines also around the neutral zone. For XRP to embark on a sustainable recovery, the RSI needs to stay above the 50 mark. 

However, failure to close the daily candle above $2.77 could see XRP extend its decline towards the next support at $2.70. The $2.70 support should hold, as failure to do so could see XRP hit the $2.3 support level for the first time since July.

The post XRP eyes $3.0 as technicals show fading bearish momentum appeared first on CoinJournal.

Key takeaways

• BTC has been trading around $111k and could stabilize soon to allow altcoins to rally.
• The Bitcoin dominance level has dropped to 55 amid growing altcoin demand.

BTC stagnates at $111k as altcoin demand grows

Bitcoin, the leading cryptocurrency by market cap, has been trading around $111k over the past two days. This performance comes despite altcoins rallying higher, with Ether now approaching $4,500 after adding over 1% to its value.

However, Bitcoin’s stagnation comes with a decline in its dominance level. Bitcoin dominance has declined from its 62% peak to 55%, an indication that investors could be shifting funds from Bitcoin to altcoins.

Bitcoin dominance measures Bitcoin’s market capitalization as a percentage of the total cryptocurrency market cap. This metric helps investors determine if Bitcoin is favored at a particular period or if altcoins are the preferred investments.

In an email to Coinjournal, Sergei Gorev, Head of Risk, YouHodler, stated that historically, the dynamics of the BTC price have usually caught up with the dynamics of M2 growth. Gorev added that,

Perhaps this divergence is caused by the local summer vacation period, and, with the beginning of the autumn business season, the price of BTC may straighten again. In our opinion, the strengthening of the position of second-tier coins is quite long-term. Firstly, this is due to the market redistribution of profits of early investors in BTC, and secondly, in the future, the creation of crypto reserves may occur in the most liquid crypto projects, which can attract a wide range of corporate investors willing to invest billions of dollars. We think the next interesting market ideas could be SOL and XRP.

BTC still targets $113k despite declining dominance level

The BTC/USD 4-hour chart has seen an improvement compared to the bearish price action in August. The technical indicators have started switching positive, with the RSI of 59 showing that sellers are no longer in control.

If the recovery continues, BTC could look to overcome the 4-hour resistance level and TLQ at $113,487. A breakout above this level would enable BTC to reclaim the $117k resistance with ease.

However, with the market still jittery, BTC could face a downward correction and drop to the Monday low of $107,250.

The post Bitcoin could stabilize as dominance level drops; Check forecast appeared first on CoinJournal.

Key takeaways

• S is up 1% in the last 24 hours and is now trading above $0.30.
• The positive performance comes as Sonic Labs commits $40m to SonicStrategy to fund U.S. expansion.

Sonic Labs sets aside $40 million for SonicStrategy

S, the native coin of the Sonic Labs ecosystem, is up 1% in the last 24 hours and now trading above $0.30. The positive performance coincides with a broader market rally, with Bitcoin reclaiming the $111k mark.

However, S could rally higher in the near term thanks to positive development within the Sonic Labs ecosystem. Spetz (SPTZ), doing business as SonicStrategy, announced a few hours ago that it will receive $40 million in convertible funding from the foundation behind the Sonic blockchain, Sonic Labs.

The company added that the funding will support its treasury, validator operations, and blockchain investments. Furthermore, the funding can also convert to common stock at $4.50 per share if certain conditions are met.

The investment is part of Sonic’s expansion into the US, as it also looks to launch an ETF and pursue a PIPE vehicle.

S targets $0.32 amid improved market conditions

The S/USD 4-hour chart is bearish and efficient but could soon flip bullish as market conditions start to improve. The RSI of 48 shows that the selling pressure is declining, with the MACD lines about to cross into the positive zone.

At press time, S is trading at $0.309, up from Monday’s low of $0.29. If the recovery continues, S could target the TLQ and support level at $0.32 over the next few hours. An extended bullish run would allow S to reclaim the high of $0.36 from August 24th.

However, the market remains jittery, and prices could face a correction. If that happens, S could retest the $0.29 low before dipping towards the August low of $0.272.

The post Sonic eyes $0.32 ahead of U.S. expansion; Check forecast appeared first on CoinJournal.

Key takeaways

• The broader crypto market has recovered from Monday’s low and now eyes new highs.
• XLM is trading above $0.35 ahead of the network’s key upgrade.

Stellar Lumens to implement Protocol 23 upgrade

XLM, the native coin of the Stellar Lumens blockchain, is trading in the green after a poor start to the week. Its poor performance earlier this week coincides with Bitcoin and other leading cryptocurrencies underperforming.

However, XLM is now trading above $0.35 after defending the $0.34 support over the weekend. The coin could rally higher ahead of a key network upgrade. Stellar’s Protocol 23 upgrade aims to modernize network infrastructure and expand interoperability.

According to the team, this upgrade is a step toward broadening Stellar’s utility for real-world assets (RWA). The RWA sector market on Stellar is now worth over $460 million, and the team expects it to grow bigger once the new protocol goes live. 

With the upgrade and the increased RWA market on Stellar, its native token could rally higher over the coming days and weeks.

XLM targets $0.40 as a bullish pattern forms

The XLM/USD 4-hour chart remains bullish and efficient as XLM has rallied in recent weeks. The price established fundamental support at $0.344 during heightened selling pressure on Monday. 

The market has now embarked on a recovery, with accumulation currently ongoing between $0.35 and $0.36. The RSI of 52 shows that the bullish momentum is returning, while the MACD lines are about to cross into the positive zone. 

If the recovery continues, XLM could overtake the $0.37 resistance over the next few hours and rally towards the $0.40 psychological level. However, breakout potential above $0.37 resistance depends upon sustained volume validation.

If the market fails to rally higher, XLM could face a rejection and drop to the $0.34 support level once again. An extended bearish run would see XLM fill the FVG gap and drop to the $0.29 support for the first time since July.

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