The crypto market was off to a good start with assets like the XRP and the ASA leading gains. Other major altcoins in the top 10 also saw small price increases and volatility.
The week is also looking promising as the crypto products saw a notable increase in investment the previous week. A total of $30 million entered the market. It signifies a notable change in traders’ psychology as the fear of price uncertainty is gradually fading.
The Artificial Superintelligence Alliance, which comprised Fetch.ai, SingularityNet, and Ocean Protocol, has completed its merger and is receiving significant inflow. ASA leads the top gainers, with gains of over 7% in the last 24 hours.
Other countries are also waking up to the profitability in crypto with Nigeria proposing a new law to tax crypto. Australians are also buying the dip as their holding of the top asset’s ETF grows
Top Four Cryptocurrencies
BTC/USD
Bitcoin took a swing at $62k but failed to flip it. It peaked at $61,424 and retraced afterward. The most recent hike happened after the coin rebounded from a low of $58,553. Currently trading at its opening price, the apex coin failed to continue its uptrend.
There are varying speculations as to the reason for the latest high. One possibility is that Gold is surging. The precious metal hit a new all-time high a few hours ago. The bulls are looking to pull an equal move on BTC but could not sustain it.
Nonetheless, the latest attempt by the bitcoin buyers has created a buzz with indicators. Although still trading below its pivot, the assets looking promising. The moving average convergence divergence is printing buy signals.
The metric completed a positive interception during the previous intraday session. MACD’s 12-day EMA continues to surge the current price trend.
The relative strength index is also seeing small changes in reaction to price actions in the last 48 hours. It is at 47 as buying pressure mounts. Although trending parallel, it signifies a gradual increase in buying volume.
If the bulls resume buying, BTC will flip $62k in the next five days. It is important to sustain trading above this mark as it will serve as the launchpad for an attempt at $64.
XRP/USD
XRP halted its downtrend after news of Ripple’s reaching a settlement with the court. It received a fine of $125 million, ending the over three-year-long legal battle. The SEC was satisfied with the verdict, as they did not appeal the judgment.
The asset is also struggling to keep its price above a key level. It has held on to its pivot point at $0.55 since August 7 and will continue this trend this week.
XRP saw notable price changes during the previous intraday session. It started trading at $0.26 and briefly flipped $0.60. It retraced afterward but closed with gains exceeding 6%. It made efforts to continue the surge but halted, failing to fip to $0.62. Currently printing a red candle, many fear a trend reversal.
However, indicators offer reasons to quell the fears. For example, the moving average convergence divergence had a bullish divergence during the previous intraday session.
With the bullish signal in mind, the asset may retest $0.62, breaking it. XRP may look to break its fourteen-day high at $0.64, guaranteeing a retest of $0.65.
TRX/USD
The introduction of Trondao positively affected TRX. Several outlets reported a massive increase in activity within the ecosystem as one of the memecoins exploded.
The asset registered notable increases during the previous intraday session. It started the day at $0.135 but retraced to $0.133 before rebounding. It surged to a high of $0.144 as attempts at $0.145 failed. Nonetheless, it gained over 6%.
The uptrend is ongoing as TRX is printing another massive candle. It peaked at $0.16, breaking several critical levels. One such is the second pivot resistance at $0.15. Such a trend clearly indicates bullish sentiment surrounding the asset.
MACD’s 12-day EMA is at its highest in almost a month, and the 26-day EMA is following this pattern and surging. With the histogram growing, traders may look forward to further price increases.
However, the relative strength indexes blaring warnings. It crossed 70 and is at 81, meaning the asset is overbought. Corrections may start within the next 24 hours.
The current candle shows that the asset peaked at $0.16 but hit a brick wall. It remains to be seen if the surge will continue. Nonetheless, in the event of a continuation, the asset may not exceed $0.165.
On the other hand, the bulls will look to consolidate their gains. The R2 provides a level as it shows the presence of a small demand concentration. The strength of the $0.15 support is not strong. A small slip may see TRX dip as low as $0.14.
MATIC/USD
On September 4th, the much-anticipated transition from MATIC to POL moves forward. In the initial phase, POL will replace MATIC as the native gas and staking token for the Polygon PoS network. In later phases, POL will take on a vital role in the AggLayer.
The asset is seeing notable increases as the days for the migration approach. Many traders and developers believe that the change will result in further ease of transaction with MATIC, increasing activity on it.
The cryptocurrency is seeing significant price improvements as the bulls sustained the uptrend over the last four days. One notable surge was during the previous intraday session when it started trading at $.41 but retraced and rebounded at $0.40.It peaked at $0.43 and closed with gains of almost 3%
The surge is ongoing and the asset is up by a larger margin. It kicked the current day at $0.42 but surged and broke the $0.45 resistance. Still above this critical level, it is up by over 6%.
The RSI shows room for further increases, as it is at 52, surging by 15 units in the last 48 hours. It also shows the massive buying pressure the asset is experiencing at the time of writing.
The bulls will look to continue the uptrend as the MACD is rising. Since breaking $0.45, MATIC must continue trading above it to avoid a slip to $0.42. Nonetheless, the cryptocurrency may attempt $0.50 in the coming days. Previous price movements suggest that the chance of testing $0.50 is high. It remains to be seen if it’ll break it.
Elendu Benedict | September 4, 2024
