BTC is starting the week with less volatility. The bulls are getting exhausted after a short burst a few days ago. It remains to be seen if they will resume the uptrend in the next few days.
Following the short uptrend the market enjoyed a few days ago, the global cryptocurrency market remained relatively stable as it is seeing almost an equal amount of buying and selling pressure.
Nonetheless, institutions have resumed buying. Semler Scientific, a publicly traded medical technology company, has further expanded its Bitcoin holdings, signaling continued confidence in the cryptocurrency. In a recent announcement, the firm disclosed the purchase of an additional $5 million worth of Bitcoin, increasing its total holdings to 1,012 BTC.
The launch of Dogs memecoin sets the tone for the crypto market as newbies are looking to invest their profit in other assets.
Top Four Cryptocurrencies to Watch
BTC/USD
Bitcoin printed green candles over the last three days. It had a short burst on Friday as news of the federal Reserves’ plans to cut interest rates made the rounds. The market received the news with huge bullish sentiment.
The apex coins started the session at $60,383 but surged, crushing its fourteen-day high at $62k. It continued upwards, flipping $64k and peaking at $64,988 as it saw massive selling close to $65k. It closed with gains of over 6%.
Attempts to continue the surge were unsuccessful as the apex coin registered dojis during the last two intraday sessions. Nonetheless, the bulls are consolidation gains while keeping prices above $62,000.
Questions rage about how long they can keep prices above the mark, as it lost $63k. BTC is down by over 2%, having retraced from $64,248 to a low of $62,879. In response to the asset’s latest decline, the relative strength index is in a downtrend.
With the RSI dipping, selling pressure is mounting. However, the 20-day EMA suggests that there is a huge chance BTC will resume its uptrend. The metric is still on the uptrend amidst the growing bearish sentiment. The same sentiment is also expressed on the 12-day.
Both EMAs indicate that the downtrend may be temporary. This means that the apex coin may reclaim $64k this week. It is also worth noting that it risks a drop to $60k if the bulls fail to defend $62k.
ETH/USD
The largest altcoin is seeing huge positive fundamentals. It started the day with news of Argentina incorporating Ethereum into its school curriculum. It means the Argentine students will have to start a foundational course on cryptocurrency.
The cryptocurrency gained over 5% last week as it reclaimed several levels. The one-day chart suggests that the bulk of the gains happened on Friday when the coin started trading at $2,623. It surged, breaking its fourteen-day high, but retraced at $2,800.
After closing with gains of over 5%, it briefly climbed above the resistance the next but closed with a doji. ETH has since been on the decline, increasing in intensity by the hour. It’s down by over 2% in the last 24 hours. Trading at $2,688, the largest altcoin lost the $2,700 support.
Trading volume is also significantly down as buying reduces. With selling pressure mounting, RSI is declining. The metric is at 45 and reflects the same sentiment as the accumulation and distribution chart.
The moving average convergence divergence has yet to respond to the latest decline, indicating a high chance of recovery. ETH may attempt $2,800. However, the bulls must keep prices above $2,600 or risk a drop to $2,500.
TON/USD
Toncoin began August 24 on a slightly bullish note, approaching $7 but stalling at $6.88. A minor downtrend ensued, with the 2-hour chart indicating that prices hovered near the highs for a while after losing momentum. The asset lost over 15% in the end.
The decline happened as French special services detained Telegram founder Pavel Durov at a French airport. He is accused of complicity in terrorism, drug trafficking, fraud, and money laundering.
TON is yet to recover from the downtrend. It has continued losing huge fractions of its value over the last 48 hours. For example, it retraced to a low of $5.25 after it kicked off trading at $6. It rebounded and closed with losses of almost 3%.
It started the current session at $5.77 but retraced and is trading at $5. The asset’s close proximity to support indicates that the bulls are unable to defend the mark, and a flip is imminent. With no end in sight, the dip may continue.
RSI is at its lowest in the last fourteen days. It is at 30 and may slip below this mark in the next few hours as the selling continues. It remains to be seen if the selling pressure will halt once the cryptocurrency becomes oversold.
Nonetheless, a slip below $5 will spell further downtrends for TON. The bulls must defend $4.80 or risk a dump to the 61% Fibonacci retracement level at $4.30.
The fact fundamentals caused the dip means that positive news may halt the ongoing downhill movement. Let’s see how it plays out this week.
WIF/USD
Dogwifhat is seeing a gradual increase in trading volume. Coinmarketcap says the volume increased by over 17%. However, prices are on the decline, indicating that a bulk of the volume was from traders selling off their assets.
The asset is down by over 7% in the last 24 hours as selling pressure mounts, dipping from $1.90 to a low of $1.76 after briefly surged close to $2. The cryptocurrency is down by over 10% in the last 48 hours.
WIF will look to recover from the resume, its uptrend that spanned six days of the last week. The biggest high happened on Friday when the memecoin kicked off trading at $1.62 but peaked at $1.88, closing with gains of over 13%.
The cryptocurrency flipped its fourteen-day high the next day. In the end, it closed the previous week gains of over 36%.
The bulls will look to continue the surge as the RSI is around 51, indicating space for more uptrends. MACD maintains its trajectory with a slight change in the 12-day EMA. Nonetheless, the indicator is silent about the next price actions.
WIF will look to climb above $2. However, previous price movement suggests the asset may dip further before testing the highlighted mark. It may drop as low as $1.50. On the other, testing the critical resistance may happen within the next six days.
Elendu Benedict | September 4, 2024
