XRP price is consolidating above the $0.5400 level. The price must clear the $0.5520 and $0.5600 resistance levels to start a recovery wave.
XRP price remained in a range below $0.5650 like Bitcoin and Ethereum. There was a fresh decline, and the price retested the $0.540 support zone. A low was formed at $0.5400 and the price is now consolidating.
There was a minor increase above the $0.5420 level. The price surpassed the 23.6% Fib retracement level of the downward move from the $0.5647 swing high to the $0.5400 low. However, the bears seem to be active near the $0.550 and $0.5520 levels.
The price is now trading below $0.550 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.550 level. There is also a connecting bearish trend line forming with resistance at $0.550 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $0.5550 level or the 76.4% Fib retracement level of the downward move from the $0.5647 swing high to the $0.5400 low.
The next key resistance could be $0.5600. A clear move above the $0.5600 resistance might send the price toward the $0.5650 resistance. The next major resistance is near the $0.5720 level. Any more gains might send the price toward the $0.5880 resistance or even $0.600 in the near term.
If XRP fails to clear the $0.5550 resistance zone, it could start another decline. Initial support on the downside is near the $0.5420 level. The next major support is $0.5400.
If there is a downside break and a close below the $0.5400 level, the price might continue to decline toward the $0.5320 support in the near term. The next major support sits at $0.5250.
Technical Indicators
Hourly MACD - The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) - The RSI for XRP/USD is now below the 50 level.
Major Support Levels - $0.5400 and $0.5320.
Major Resistance Levels - $0.5500 and $0.5600.
Decentralized finance (DeFi) protocol Synthetix (SNX) is working toward launching its application blockchain, dubbed SNAXChain, according to a blog post published on September 4, 2024.
Ethereum-based derivatives liquidity protocol Synthetix is set to unveil SNAXChain, an application blockchain built on Optimism's Superchain infrastructure.
For the uninitiated, Ethereum layer-2 (L2) scaling network Optimism's Superchain is essentially a network of L2 chains, known as OP chains. These chains share security features a communication layer, and are powered by an open-source technology stack.
The Superchain ecosystem is governed by the Optimism Collective, a decentralized autonomous organization (DAO). Examples of existing OP chains include Base, Lyra, Mode, and Zora, with SNAXChain poised to join the list.
The launch of SNAXChain aims to improve the protocol's efficiency and scalability to offer a more seamless and cost-effective experience to DeFi enthusiasts interested in issuing and trading synthetic assets. SNAXChain will also boost Synthetix's liquidity to keep up with the growing demand for synthetic assets.
The Synthetix team notes that SNAXChain will be a neutral hub for on-chain governance and protocol decisions. At the same time, the protocol will continue to expand to additional blockchain networks and L2 solutions.
Notably, Synthetix has partnered with Conduit to manage chain infrastructure. It partnered with Wormhole to provide cross-chain messaging between SNAXChain, Optimism, and Ethereum mainnet.
Synthetix will kickstart a new governance epoch alongside the launch of the new application blockchain. According to the official post, interested individuals or groups can nominate themselves for various governance councils on SNAXChain.
A small amount of Ethereum (ETH) must be bridged to the chain for gas. After bridging the ETH, interested nominees may connect their wallets to the Synthetix governance app and nominate themselves for the appropriate council. Voting for the Synthetix governance council is slated to begin on September 6, 2024.
Despite the rapid pace of development and innovation in the Ethereum DeFi space with the launch of layer-2 scaling solutions such as Optimism and Arbitrum, DeFi has not quite managed to take hold of the industry like it did during the 'DeFi summer' of 2020.
However, recent on-chain trends and patterns could indicate a potential DeFi comeback later this year. For instance, Optimism witnessed strong network activities earlier this year, helping its native OP token surge by 9%. As the network expands to more chains, user activity can continue upward.
Similarly, leading decentralized exchange (DEX) Uniswap recently made a cumulative $50 million in total revenue, making a strong case for the undervaluation of its native UNI token, down 86% from its all-time high value of $44.92.
Similarly, one of the earliest DeFi lending protocols, AAVE, has recently seen a resurgence in interest from crypto whales. The total DeFi market cap sits at $69.88 billion at press time.
Featured Image from Binance Academy, Chart from TradingView.com
Ethereum price is attempting a recovery wave above $2,380. ETH must clear the $2,440 resistance to continue higher in the near term.
Ethereum price attempted a recovery wave above the $2,440 level. However, ETH failed to clear the $2,500 resistance zone. A high was formed at $2,488 and the price declined again like Bitcoin.
It tested the $2,350 support zone. A low was formed at $2,347 and the price is now attempting a recovery wave. There was a move above the $2,365 and $2,380 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $2,488 swing high to the $2,347 low.
Ethereum price is now trading below $2,440 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,400 level. There is also a connecting bearish trend line forming with resistance at $2,400 on the hourly chart of ETH/USD.
The first major resistance is near the $2,440 level or the 61.8% Fib retracement level of the downward wave from the $2,488 swing high to the $2,347 low. A close above the $2,440 level might send Ether toward the $2,500 resistance.
The next key resistance is near $2,550. An upside break above the $2,550 resistance might send the price higher toward the $2,720 resistance zone in the near term.
If Ethereum fails to clear the $2,440 resistance, it could start another decline. Initial support on the downside is near $2,365. The first major support sits near the $2,350 zone.
A clear move below the $2,350 support might push the price toward $2,310. Any more losses might send the price toward the $2,250 support level in the near term. The next key support sits at $2,120.
Technical Indicators
Hourly MACD - The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level - $2,350
Major Resistance Level - $2,440
Bitcoin price declined and retested the $55,600 support zone. BTC is now struggling and might face hurdles near the $57,000 resistance level.
Bitcoin price attempted a recovery wave above the $57,500 level. However, the bears were active near the $58,500 resistance level. A high was formed at $58,508 and the price started another decline.
It retested the $55,600 support zone. A low was formed at $55,601 and the price recently started a recovery wave. There was a move above the $56,000 and $56,200 resistance levels. It cleared the 23.6% Fib retracement level of the downward move from the $58,508 swing high to the $55,601 low.
Bitcoin is now trading below $57,200 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $57,000 level. There is also a connecting bearish trend line forming with resistance at $57,050 on the hourly chart of the BTC/USD pair.
The trend line is close to the 50% Fib retracement level of the downward move from the $58,508 swing high to the $55,601 low. The first key resistance is near the $57,750 level. A clear move above the $57,750 resistance might send the price further higher in the coming sessions.
The next key resistance could be $58,500. A close above the $58,500 resistance might spark more upsides. In the stated case, the price could rise and test the $60,000 resistance.
If Bitcoin fails to rise above the $57,750 resistance zone, it could start another decline. Immediate support on the downside is near the $56,000 level.
The first major support is $55,600. The next support is now near the $55,000 zone. Any more losses might send the price toward the $53,500 support in the near term.
Technical indicators:
Hourly MACD - The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is now near the 50 level.
Major Support Levels - $56,000, followed by $55,600.
Major Resistance Levels - $57,050, and $57,750.
Bitcoin (BTC) has been on a severe downward trend for the past few months, experiencing multiple price fluctuations amidst broader market volatility. A crypto analyst has predicted that Bitcoin could witness an even steeper drop to $50,000 if its price does not hold this key support level.
Elja Boom, a crypto analyst took to X (formerly Twitter) on September 5 to discuss the current price trends and market movements of Bitcoin. Boom shared a price chart offering key insights into Bitcoin's future outlook, indicating that the cryptocurrency's short term uptrend has likely ended.
The analyst expects Bitcoin's price to stay within the range of $54,000 and $54,500. However, if the cryptocurrency fails to hold this crucial support level, its price could witness a significant correction, potentially pushing it down to new lows around $50,000.
Interestingly, the analyst observed a recurring pattern in Bitcoin's price action in the last few months. He noticed that Bitcoin has declined significantly during the first five days of each month. The cryptocurrency dropped in the first week of July and August and is witnessing the same bearish performance in September.
Earlier this month, Bitcoin's price fell below $60,000, after witnessing strong price declines that dropped its value by over 4%. CoinMarketCap reveals that Bitcoin has increased slightly by 1.2% in the last 24 hours, however bearish sentiment still persists among various market analysts.
Crypto expert, Ali Martinez disclosed recently that Bitcoin could drop as low as $40,600 if it fails to maintain a price above the $51,000 support level. Martinez emphasized that Bitcoin's 2-month chart is showing a TD Sequential indicator that is presenting a sell signal. This suggests that the cryptocurrency may be gearing up for a major price correction.
Additionally, the analyst has urged traders to keep an eye on a potential price breakout around $68,000. He revealed that until Bitcoin surpassed this key level, its price may continue dipping.
Due to Bitcoin's persistent price corrections, many analysts believe that the cryptocurrency may decline even further before witnessing a price rebound. Michael van de Poppe, a popular crypto analyst, has shared his price forecast for Bitcoin this September.
Poppe revealed that the Bitcoin market is currently in a steep correction phase, characterized by widespread liquidations that have failed to trigger a bounce upwards. In light of this, the analyst believes that a drop to $53,000 or even as low as $49,000 could occur for Bitcoin.
After this downtrend, Poppe believes that a price reversal may be imminent. This bullish sentiment is shared by a crypto analyst, identified as 'Titan of Crypto,' who predicts that October may be the month that Bitcoin finally breaks out of its bearish cycle.
Sharing a price chart tracking Bitcoin's previous bear cycles and bull runs, the analyst predicts that the cryptocurrency could breakout to $100,000 soon, marking the possible start of a bull run.
Solana (SOL), one of the leading cryptocurrencies by market cap, has recently shown signs of a potential price recovery after a bearish performance in August.
The asset, which experienced nearly a 10% decline in the past week, has started to regain momentum as it entered September. Solana has risen from a recent low of $124 to above $134 in early trading hours today, showing a 2.7% increase in the last 24 hours, now trading at $132.
Amid this recovery, renowned crypto analyst Javon Marks has recently maintained a bullish outlook on Solana, with a long-standing target of $233.8 for the asset.
According to Marks, Solana has shown signs of a continued upward trend, with its price potentially rising to $233.8 and even higher if momentum continues.
The analyst’s projection for SOL reaching this mark and beyond is based on a hidden bullish divergence pattern, which SOL has been trading within for quite a while now.
Marks particularly noted in the prediction post on X:
Our $233.8 Target for SOL (Solana) has been maintained since mid 2023 at $16.12, with prices seeing an approximately 1,203% climb afterwards towards the meeting of it. Now, with the pullback just under, this target goes unchanged as the breakout bringing it in play, continues to hold, and with bullish signals coming in, a nearly +72% climb to finish that process of meeting it could be in development.
The analyst further suggested that if Solana breaks past this $233.8 price level, it could see a further rise towards $457, representing an additional 93% increase.
In addition to the price outlook from Javon Marks, other analysts have weighed in on Solana's potential price movements, particularly around the upcoming SOL Breakpoint event.
Crypto analyst Marty Party, responding to a post by another analyst named Sai on X, pointed out that historically, Solana's price has seen significant gains leading up to this event.
Marty Party noted: "Solana Breakpoint pump average is 62%. With SOL currently trading at $133, a 62% increase could push it to $215.46."
Sai's post highlighted Solana's price behavior before previous Breakpoint events. In 2021, Solana saw a 68% price surge leading up to the conference, followed by a 42% rise in 2022 and a 58% increase in 2023.
The Breakpoint event, which showcases the Solana ecosystem's innovation and development, has historically attracted attention from investors, contributing to the pre-event price rallies.
#Solana Breakpoint in 16 days. Do you know how the Solana price behaves before the breakpoint?
68% price surge in 2021 before Breakpoint
42% price surge in 2022 before Breakpoint
58% Price surge in 2023 before BreakpointFollow the
Thread
-- Sai (@SaiPrathap846) September 4, 2024
This year, the Breakpoint event will take place on September 20th in Singapore, and excitement is already building in the Solana community.
With only 16 days to go, analysts like Sai anticipate a potential rally similar to previous years. Whether Solana can replicate its past price surges remains to be seen, but historical data and bullish technical signals suggest the possibility of significant upward movement.
Featured image created with DALL-E, Chart from TradingView
A Kamala Harris-inspired memecoin recently jumped over 10% after the US Vice President received public endorsement from Vladimir Putin. The n president expressed his support for the Democratic candidate on Thursday, fueling a surge in the PolitiFi token's activity.
As the US elections get closer, the presidential candidates continue to receive support from various industry figures, politicians, and world leaders. Republican candidate Donald Trump has been endorsed by many figures in the sector and pro-crypto former candidates like Vivek Ramaswamy and Robert F. Kennedy Jr.
Meanwhile, the Democratic nominee and US VP, Kamala Harris, has also received support from some industry executives and advocates despite her unclear stance on the sector. Most recently, n President Vladimir Putin joined the voices advocating for Harris' presidential campaign for the upcoming elections.
During the plenary session at the Eastern Economic Forum (EEF), Putin shared his support for the US VP following Biden's rally dropout. The n president had previously endorsed Joe Biden's reelection, stating he was his "favorite" candidate.
As reported by news outlet Sputnik, Putin suggested that the n government would follow Biden's "recommendation" and support the Democratic candidate:
I once said that if we can name a favorite candidate, it would be Joe Biden, but now he’s not participating in the election campaign. He recommended supporting [Kamala] Harris. So, that is what we are going to do...
Additionally, the n president expressed a fascination for the US VP's laugh, which has also captivated the internet's attention and inspired a series of memes using recordings of her voice. "Her laugh is so fascinating. It means that everything is good," stated the n leader.
On Wednesday night, Kamala Horris (KAMA), a Kamala Harris-themed memecoin, registered a jump of over 15% amid the market fluctuation. The surge was seemingly fueled by reports claiming the VP's campaign was accepting crypto donations through Coinbase.
Yesterday, Fortune reported that Coinbase's Chief Financial Officer (CFO), Alesia Haas, stated that the Democratic candidate was using the platform to accept donations in digital assets. Following the speculation, it was later revealed that Harris' campaign wasn't directly accepting crypto.
As a Coinbase representative clarified, the CFO comments seemingly referred to the Future Forward Political Action Committee (PAC), a Democratic Party-aligned super PAC, dedicated to supporting the party's nominee.
The KAMA memecoin momentarily became the largest gainer among the top tokens in the PolitiFi sector, but quickly retraced 11%. However, in the early hours of Thursday, KAMA surged another 10%, retesting the $0.009 zone again.
The token's recent price action represents a 12% and 57% increase in the weekly and biweekly timeframes. Similarly, the memecoin's daily activity increased by 10.2% in the last 24 hours, reaching $3.2 million.
As of this writing, KAMA is trading at $0.0089, a 7.5% increase in the past day.
Ethereum is trading near its yearly low of $2,400 after an 18% drop from local highs. ETH has notably underperformed compared to Bitcoin and other altcoins like Solana this cycle, leading to investor concerns.
One of the key reasons for this underperformance is the lack of enthusiasm surrounding Ethereum ETFs. Metrics from these funds show low interest from traditional investors, adding to the bearish sentiment around ETH.
As the crypto market is gripped by fear and uncertainty, Ethereum traders are searching for clues on whether a potential recovery is on the horizon. Top analysts and investors have started sharing their views on ETH's next move, with many suggesting that a bounce could occur if certain technical levels hold. If this bounce materializes, it may relieve Ethereum, but until then, the market remains cautious.
Ethereum is currently trading at a critical level that could propel the next big move if it holds support. Top analyst and investor Mags has shared an analysis on X, revealing that ETH has been consolidating within a massive triangle formation since 2021.
According to Mags, Ethereum is now approaching the lower boundary of this formation, which is a crucial support level that could define its next significant move. Mags anticipates a potential double-bottom pattern forming near this upward-sloping trendline, indicating that a bullish reversal may be on the horizon.
Recently, the price tested a key demand zone at $2,307, showing initial signs of recovery. This level is essential for Ethereum's price action, as a hold above it could signal strength and create the foundation for a move higher.
The analysis suggests that the next target for ETH could be new all-time highs if it breaks out of the triangle pattern, defying the bearish expectations of many traders still waiting for lower prices.
This potential bullish scenario could unfold if Ethereum’s price holds the lower boundary of the triangle and gains upward momentum. A breakout would send ETH toward higher levels, outperforming current market sentiment and surprising investors.
Ethereum (ETH) currently trades at $2,396 following intense volatility and market uncertainty. The price is in a consolidation phase, which could still be susceptible to a surprising retrace if demand weakens further. Currently, ETH is trading below the 4-hour 200 moving average (MA) at $2,596, aligning with the crucial $2,600 level.
This level is vital for ETH to retake if it aims to push higher in the short term. A sustained trading position below these levels signals weakness and the potential for further declines.
For bulls, reclaiming the $2,600 mark is essential to shift the price structure and initiate a new uptrend. Success in pushing this level could set the stage for targeting the local high of $2,820.
However, if ETH fails to close above $2,600, the next significant support is anticipated around $2,116. The price action in the coming days will be critical in determining ETH's next move, with traders watching closely for signals of either a breakout or a deeper retrace.
Featured image from Dall-E, chart from TradingView
Litecoin (LTC) is set to enjoy a significant price increase due to massive buying pressure from institutional investors like Grayscale. A recent analysis by crypto analyst 28 Crypto also showed that Litecoin is poised to enjoy significant price gains.
In an X (formerly Twitter) post, crypto commentator Bamboo shared data from the crypto data analysis platform Coinglass, showing that Grayscale had recently added 10,000 LTC to their portfolio. Further data from Coinglass showed that the asset manager now holds 1.86 million LTC ($122 million).
In line with this development, Bamboo urged the crypto community to start paying attention to Litecoin "before max pain kicks in and [the] price shoots up" and prices them all out. The crypto analyst added that Litecoin would likely usher in a rally for the crypto market as it has done in the past.
It is worth mentioning that Grayscale's Litecoin holdings are the underlying assets for its Grayscale Litecoin Trust (LTCN), which offers institutional investors exposure to the crypto asset. As such, the increase in Grasycale's Litecoin holdings indicates there is an increased demand for the crypto among institutional investors.
This is undoubtedly bullish for Litecoin, considering the impact the increased demand for the crypto among institutional investors can have on its price. Moreover, the existence of closed-end funds like LTCN, which offers institutional investors, could eventually pave the way for the launch of a Spot Litecoin ETF, ultimately causing more liquidity to flow into the Litecoin ecosystem.
Meanwhile, data from the market intelligence platform IntoTheBlock shows that other Litecoin whales besides Grayscale are accumulating the crypto. There has been a notable surge in the number of LTC coins held by these whales. Furthermore, investors who hold between 0.1% and 1% of Litecoin's circulating supply have also increased their holdings in the last thirty days.
Crypto analyst, 28 Crypto, revealed in an X post that Litecoin is breaking out against Bitcoin on the daily time frame. The crypto analyst noted how bullish this is for Litecoin, considering that it has experienced a "very long" downtrend against Bitcoin.
In response to a follower, the crypto analyst also mentioned that a breakout on the weekly time frame is also coming and asserted that Litecoin will rise higher than they can imagine. Interestingly, 28 Crypto has earlier stated that Litecoin will outperform all major cap coins including Bitcoin and Ethereum.
Crypto analyst Joao Devesa provided insights into how high Litecoin will rise if it achieves a successful breakout, stating that it will rise to $100. The last time Litecoin reached that price level was in April earlier this year when it hit $103.
At the time of writing, Litecoin is trading at around $67, up over 1% in the last 24 hours, according to data from CoinMarketCap.
Dogecoin (DOGE) finds itself in a challenging position as bearish forces continue to dominate the market. Currently trading below a key descending trendline, DOGE faces mounting pressure that could push the price toward the critical $0.09149 support level. With the bearish trendline acting as a formidable resistance, any failure to hold this support could signal further downside movement.
This article aims to provide a comprehensive analysis of Dogecoin’s current negative outlook, highlighting its position under the trendline resistance and the potential implications of a breach below the $0.09149 support level. By examining key technical indicators and market sentiment, the article seeks to offer insights into whether DOGE will continue its downward trajectory or find a reversal.
With a market capitalization exceeding $14 billion and a trading volume surpassing $471 million, Dogecoin was trading at approximately $0.9683, reflecting a 1% increase at the time of writing. In the past 24 hours, its market cap has risen by 1.01%, while trading volume has declined by 3.71%.
On the 4-hour chart, Dogecoin, trading below the 100-day Simple Moving Average (SMA), is exhibiting consistent bearish momentum. The cryptocurrency is currently consolidating just above the $0.09149 mark.
This consolidation near a critical support level suggests that despite brief attempts to recover, selling pressure remains dominant. If DOGE fails to maintain its position above $0.09149, it could trigger an extended decline, potentially pushing the price lower as bears continue to exert control.
Additionally, on the 4-hour chart, the Relative Strength Index (RSI) is positioned at 45%, failing to rise above the 50% mark. This failure to gain traction above the midpoint reflects persistent pessimistic momentum, suggesting that downward pressure may continue, as the RSI's position below 50% reinforces the likelihood of further bearish activity in the market.
On the daily chart, Dogecoin is still demonstrating notable bearish movement below the 100-day SMA and the trendline. The cryptocurrency is currently approaching the support level at $0.09149, indicating ongoing downward pressure and the potential for more declines if this support fails to hold.
Finally, the RSI signal line on the 1-day chart has fallen to 41%, slipping below the 50% threshold, reflecting a shift in momentum that could lead to additional downward movement in DOGE’s price.
If Dogecoin breaches the $0.09149 support level, several scenarios could unfold. A successful break below this key support might intensify the downbeat trend, potentially driving DOGE toward the $0.07456 support range. Should this level be breached, the price could further decrease to test the $0.0559 support mark, and possibly explore even lower support zones.
Conversely, if Dogecoin holds above $0.09149 and reverses its decline, it could indicate a bullish turnaround, which might set the stage for a rally toward the trendline resistance. A successful break above this trendline could trigger a significant uptrend, possibly pushing DOGE toward $0.1293 and beyond.
