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SUI Bear Cycle to Test Key Support Levels, Will $0.80 Hold?

Albert Brown
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SUI Bear Cycle to Test Key Support Levels, Will $0.80 Hold?

Will the $0.80 support absorb the increasing selling pressure to prolong the bull run in the SUI token and reclaim $1?

As the crypto market crash takes a break, the SUI price struggles to find a solid support level. Standing at a shaky neckline, the buyers attempt to avoid a bearish breakout in SUI. 

Will the bullish attempt overcome the massive incoming supply waves for a recovery run ahead? Let’s find out.

SUI Hangs Near 50-day MA

The daily chart shows the bearish influence of the SUI token price trend. The price has declined by 74% from the $2 peak attained five months ago to the $0.53 support level. 

SUI Price Chart
SUI Price Chart

However, from the psychological support, SUI quickly bounced back 89% in a matter of six days to reclaim the $1 psychological mark. Nevertheless, the massive supply at the psychological mark results in a sideways trend for the altcoin. 

Based on the Fibonacci level, the altcoin fails to surpass the 38.20% level at $1.12, resulting in a breakdown below the 23.60% level at $0.89. Furthermore, the MACD and signal line give a bearish crossover. 

A slightly optimistic signal is the 50-day moving average acting as the dynamic support to uphold the SUI price. Furthermore, a potential double top is visible in the daily chart. 

Weakness in Closer Inspection

Taking a closer look at the double top pattern in the 4-hour chart, the underlying weakness in the SUI price becomes clear. Further, the double top pattern has a neckline at $0.79.

Currently, the altcoin is trading at $0.84, having surged 3.17% in the last four hours. 

SUI Price Chart
SUI Price Chart

The minor recovery puts an uptick in the 4-hour RSI line and results in a slightly less intense bearish histogram in the MACD indicator. However, the 4-hour RSI line shows a bearish hidden divergence in the two bottom formations at $0.79. 

As the SUI price tests the same support level, the RSI line decreases in value. Thus, the momentum indicator signals an underlying weakness, with an increased bearish breakdown possibility. 

In case of a breakdown, the next support levels are $0.72 and $0.48, with minor support near the two psychological levels at $0.60 and $0.50. Based on the 4-hour Fibonacci levels, the 23.60% and 38.20% levels at $0.9395 and $1 can act as more immediate resistances.

Analyst Compares Holding XRP Today to Holding BTC Under $1

Abdulkarim Abdulwahab
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Analyst Compares Holding XRP Today to Holding BTC Under $1

A notable market analyst has drawn a parallel between XRP and Bitcoin during its early days of underperformance, reminding that BTC holders were once ridiculed when it traded under $1.

XRP continues to disappoint in price action despite the optimism surrounding its potential. Today, XRP dipped by 7%, revisiting a low of $0.558, down significantly from the $0.60 level.

XRP’s latest dip results from Bitcoin correcting recent gains, having briefly surged to $65K a few days ago. At the time of writing, XRP stabilized at around $0.571, marking a 6% decline month-to-date.

XRP Underperformance

Notably, XRP has remained within the $0.50 to $0.70 range over the past year and has occasionally dipped below. During this period, close competitors like BNB and Bitcoin have surpassed their previous all-time highs, maintaining most of their yearly gains despite ongoing consolidations.

For instance, BNB is up by 70% year-to-date, similar to Bitcoin, which has preserved 38% of the gains accrued since January. In contrast, XRP has recorded a 7.4% dip YTD.

On a broader scale, data indicates that 72 of the largest market cap crypto assets are outperforming XRP, worsening from 61% in the first quarter of the year.

XRP risk analysis Coincodex
XRP risk analysis | Coincodex

This lackluster performance persists despite positive developments surrounding XRP since last year. Ripple’s four-year lawsuit has concluded, but XRP’s price action has not reflected the significance of this development.

As XRP holders grow increasingly frustrated and impatient, pro-XRP market analysts have turned to Bitcoin’s historical performance to instill hope among holders amid the current anxiety.

XRP is Like Bitcoin Under $1

In a recent post on X, the market analyst behind the MOLT MEDIA channel urged XRP investors to remember that Bitcoin holders were once mocked when it traded under $1. Notably, XRP has been trading below $1 for over three years.

The analyst’s perspective highlights that, in Bitcoin’s early days, skepticism about its future was widespread, with many viewing it as worthless. This skepticism is evident from the infamous instance where a software engineer used 10,000 BTC to buy two pizzas some 14 years ago.

However, today, Bitcoin has grown exponentially in value, trading at around $60K, with institutional investors vying to secure a substantial share.

XRP proponents believe a similar trajectory could be in store for XRP. They argue that XRP is in an even better position, given its utility in the global payment market, which is valued at several trillion dollars.

Prominent XRP community figure Mr. Huber also echoed a comparable sentiment in a recent disclosure. He noted that Bitcoin investors waited 15 years to reach its current price, urging XRP investors to be similarly patient. It is worth noting that XRP has been in the market for nearly as long as Bitcoin, having launched in 2012, 12 years ago.

Polkadot Faces Critical Test: Can DOT Hold Above $4 Amid Bear Cycle?

Albert Brown
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Polkadot Faces Critical Test: Can DOT Hold Above $4 Amid Bear Cycle?

As the Polkadot bear cycle intensifies, bullish efforts within a falling channel are increasingly challenged by the breakdown of critical support levels. Can DOT maintain its position above $4?

Today, the crypto market experienced a sharp downturn as Bitcoin fell below $60K. With growing selling pressure across the market, altcoins are struggling to hold their ground at key support levels. Will Polkadot’s support withstand the bearish onslaught?

Bearish Intent Grows in a Falling Channel 

With a falling channel in the daily chart, Polkadot has witnessed a massive crash of 63% in the last five months. The bearish trend breaks below the $5 psychological mark and is continuously testing the support trendline. 

Polkadot Price Chart
Polkadot Price Chart

Currently, the Polkadot downfall has formed four consecutive bearish candles on the daily chart, accounting for a 13.70% drop. Further, the recent bear cycle in the DOT price action has formed a double-bottom pattern with a neckline at $4.20. 

In the 4-hour chart, Polkadot shows a bullish trendline that fails to absorb the incoming supply, resulting in a breakdown event.

Polkadot Price Chart
Polkadot Price Chart

The 4-hour price trend reveals a bearish ABCD pattern, with the trendline serving as the neckline. Amid a series of bearish candles, Polkadot has fallen below the $4.50 level and is currently trading at $4.336.

The VI lines in the DMI indicator show an increasing bearish gap as the ADX line surges. Additionally, the MACD lines remain in bearish alignment, indicating growing supply pressure. Consequently, the momentum indicators reflect the broader market sentiment, which is currently dictating Polkadot’s price trend.

Will The Fibonacci Levels Hold Polkadot?

Based on the Fibonacci levels, the recent decline has breached the 61.80% level at $4.340. However, buyers have managed to initiate a bullish reversal before testing the 78.60% level at $4.143.

Therefore, the bulls are anticipated to stage a potential comeback in Polkadot’s price before it reaches the $4 psychological mark. The Polkadot bear cycle may find bullish support at the $4.143 and $3.891 levels.

Robinhood Web3 Wallet Expands to the Solana Network

Mark Brennan
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Robinhood Web3 Wallet Expands to the Solana Network

California-based trading platform Robinhood has added Solana to the list of chains supported by its Web3 wallet.

The Web3 wallet of the trading platform Robinhood has recorded a notable breakthrough after expanding to the Solana network. Users can now wield the Robinhood Wallet to self-custody Solana and other tokens through the Solana network.

Robinhood’s General Manager, Johann Kerbrat, announced the new development in a tweet on Tuesday, with the Solana official X account corroborating the announcement. Kerbrat stated that the integration allowed users to hold Solana on the Robinhood Wallet as well as send and receive tokens on Solana.

The Solana network becomes the latest network to receive support from the Web3 wallet. The wallet already provides support for networks like Ethereum, Polygon, and Dogecoin.

Robinhood Continues Expansion

The Solana expansion is part of the California-based platform’s solid collaboration with the Solana network and its quest to expand its reach in the crypto sector. The Crypto Basic reported that Robinhood recently launched its first-ever staking services on the Solana network, giving investors up to a 5% annual percentage yield.

Robinhood’s push for relevance also saw it acquire US-based exchange Bitstamp. The takeover meant Robinhood could use its license to service clients in the US, UK, Europe, and Asia without regulatory encroachments.

Bullish for Solana?

Solana’s price rose slightly after the Robinhood announcement before falling late Tuesday due to a broader market capitulation. At the time of writing, the asset traded at $146.

The fifth-largest cryptocurrency by market cap has seen a dwindling user influx as the memecoin hype on its blockchain has shifted to other networks. Daily transaction fees on the Solana network dropped to a level last seen in May.

However, Solana remains on course as partnerships like that seen on Tuesday and other macroeconomics point to a price rebound. Technical analysis has tipped SOL price to reach $200 soon.

Validators Restart TON Network as DOGS Token Launch Causes Major Disruption

Albert Brown
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Validators Restart TON Network as DOGS Token Launch Causes Major Disruption

TON network halted block production due to overwhelming DOGS memecoin activity, causing transaction delays.

The Telegram Open Network (TON) recently experienced a disruption in block production following the overwhelming market excitement surrounding the launch of the DOGS meme coin. This event led to delays in transaction processing and instability across the network. 

The last confirmed transactions were processed in block 45341899 before the network halted, affecting users and exchanges, including ByBit, which suspended TON-related transactions. This outage was attributed to excessive DOGS memecoin activity, resulting in network overload and a subsequent loss of consensus among validators.

Market watcher Colin Wu called attention to this development in a recent update.

Network Validators Overwhelmed

The TON Foundation identified a surge in transactions as the root cause of the network’s issues. According to foundation member Justin, validators on the network were overwhelmed due to the sheer volume of DOGS token transactions. 

Validators were needed to restart at 4:00 UTC to address the problem, although there was no definite timeline for when normal operations would resume.

Notably, the DOGS meme coin, launched on August 27, reached major exchanges like Binance and OKX, generating over $1 billion in trading volume within the first ten hours of its launch. However, the surge in activity also resulted in temporary service interruptions on several platforms.

Network Restoration and Continued Trading

According to the latest updates, the TON blockchain is back online, with new blocks being produced as of 05:30 UTC on August 28. According to the TON Foundation’s update, the network is stabilizing after the disruption caused by the DOGS meme coin launch. 

The event was seen as a significant “stress test” for the TON network, demonstrating both its capabilities and vulnerabilities in handling massive trading volumes. Nonetheless, with validators restarting and exchanges resuming normal operations, the network appears to be on track for full recovery.

DOGS Memecoin Pushes Network to Its Limits

Despite the challenges, the DOGS memecoin launch showcased the capabilities of the TON network. After the DOGS became tradable on exchanges, transaction requests reached a speed of 150,000 per minute, even as technical issues emerged. 

Although Telegram Wallet and Bybit experienced difficulties due to the surge in DOGS-related activity, these issues were temporary. Notably, the DOGS airdrop had seen over 42 million crypto users qualify for participation. This surge, combined with Launchpool campaigns from exchanges like Binance, further tested the network’s resilience.

Shiba Inu Advocate Calls for Patience, Says Doge Millionaires Waited 6 Years

Sam Wisdom Raphael
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Shiba Inu Advocate Calls for Patience, Says Doge Millionaires Waited 6 Years

A crypto pundit calls for patience among Shiba Inu proponents, spotlighting the time it took Dogecoin to rise to significant success.

Shiba Inu (SHIB) caught the attention of the broader crypto community following its meteoric surge in the 2021 bull run. 

Launched in August 2020 by Ryoshi, SHIB quickly skyrocketed to become the second-largest meme coin by market cap. In doing so, Shiba Inu surpassed the expectations of many, including Ethereum founder Vitalik Buterin.

Shiba Inu Rich History

Its astronomical rise, which transformed a $12 investment to $1 million in just over a year, has triggered optimism of a repeat. Investors have become increasingly confident that Shiba Inu could replicate the 2020 to 2021 rally. This confidence is the product of multiple bullish projections.

One of the most ambitious targets for Shiba Inu has been the $0.01 price, a 72,468% surge from current values. Market commentator Luis “Del Crxpto” Delgado is one of the pundits championing this target. In a March disclosure, Del Crxpto suggested that SHIB hitting $0.01 is a certainty. He further called attention to Dogecoin’s comparable feat.

Moreover, in March, Lucie, a Shiba Inu marketing specialist, also expressed confidence in SHIB reaching $0.01. However, she confirmed that Shiba Inu is more likely to claim this price at a longer timeframe and not during the current market cycle. 

Despite the confidence expressed by Lucie, Del Crxpto, and other analysts, some Shiba Inu proponents remain uneasy. Multiple investors have complained about SHIB’s inability to reach new heights, as it still trades 84% below the $0.00008845 peak of October 2021.

Pundit Calls for Patience

Del Crxpto directed his latest remarks to this class of investors. In a recent post, he pointed out that Dogecoin investors had to wait for six years before becoming millionaires.

Del Crxpto on X
Del Crxpto on X

Notably, following its launch in December 2013, Dogecoin largely underperformed, dropping from $0.00056 to $0.00009 by May 2015. DOGE did not hit any substantial value until 2018, when it spiked to a peak of $0.01877, nearly six years after its launch. 

Del Crxpto leveraged this data to present a lesson to Shiba Inu investors. Notably, Shiba Inu is only four years old this year, but has delivered more gains than Dogecoin has in over 11 years. Most Dogecoin holders had to wait for six years before witnessing substantial gains in 2015. 

According to Del Crxpto, the complaints among Shiba Inu proponents suggest that they do not have a realistic concept of time. The market commentator essentially advocated for patience. 

In a separate disclosure, he revealed that he had witnessed the pattern currently demonstrated by Shiba Inu with Dogecoin. Del Crxpto confirmed that he is one of the investors that realized profits from Dogecoin. However, he revealed that he has now invested these profits in SHIB, expecting a similar uptrend.

XRP Bear Cycle Warns a Drop to $0.49 This Week: Details

Albert Brown
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XRP Bear Cycle Warns a Drop to $0.49 This Week: Details

With XRP falling almost 8% in three days, the buyers struggle to maintain trend dominance. Will XRP fall under $0.50 this week?

As the broader market crashes overnight, XRP takes a quick bearish reversal as the bullish momentum fades. With a boom in supply pressure, the critical support levels at and above $0.50 are at risk. 

Will the declining trend in XRP result in a massive correction this week?

Failed Bullish Pattern For XRP

Failing to sustain above the $0.60 psychological mark, the XRP price takes a bearish reversal with an evening star pattern. The bear cycle coincides with the broader market crash witnessed yesterday, which resulted in an intense pullback. 

Over the past three days, the XRP market cap has decreased by 7.17%, resulting in three consecutive bearish candles. Currently, the XRP is trading at $0.5721 with a minor growth of 0.84%. 

BITSTAMP:XRPUSD Chart Image by Trojan69420

Furthermore, the bearish reversal nullifies the inverted head-and-shoulder pattern formed in the daily chart. Nevertheless, the 50-day EMA (yellow) supports XRP after the recent golden crossover with the 200-day EMA (blue).

The downfall also breaks under the 50% Fibonacci level and performs a retest. While the lower price rejection projects a potential comeback, the deteriorating market conditions warn of a further correction. 

Underlying Strength in XRP 

In the 4-hour chart, the XRP price trend shows a bearish reversal, crossing below the 61.80% Fibonacci level at $0.5753. Currently, the XRP price action projects a potential morning star formation. However, the massive bullish engulfing candle of 4.32% has a bearish influence on the price trend. 

BITSTAMP:XRPUSD Chart Image by Trojan69420

Further, despite the massive crash and the rise in the incoming supply, the whales continue scoping up more tokens. In the last 24 hours, the whales have bought almost 50 million XRP worth almost $30 million. 

Crucial XRP Support Levels

With the 50% Fibonacci level at $0.55167 being a critical support level, the breakdown below this will be the actual bearish trendsetter. 

Until then, the bullish dominance at the $0.55167 support level will keep the hopes of a bullish reversal alive. Furthermore, the XRP price trend maintains lateral movement in the 4-hour chart. The support levels under the $0.55167 levels are $0.52801 and $0.49873.

Bitcoin Drops 5%, Wiping Out $192.90M in Longs as Liquidations Surge

Albert Brown
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Bitcoin Drops 5%, Wiping Out $192.90M in Longs as Liquidations Surge

Bitcoin fell 5% today, triggering over $192 million in long liquidations on crypto exchange Bybit.

In the past 24 hours, Bitcoin has experienced a significant decline of approximately 5%, leading to the liquidation of about 10,000 BTC in open interest on the Bybit BTC/USDT market.

Notably, about $192.90 million worth of long positions wiped out within just four hours. This event caused CoinGlass, a liquidation heatmap provider, to urge traders to lower their leverage as the market volatility intensified.

At the time of reporting, the total liquidations on Bybit had cooled to $1.42 million over the past four hours. Binance, the largest cryptocurrency exchange by volume, saw an even larger liquidation event, with $4.06 million in positions closed within the same timeframe.

Strong Sell Pressure

Notably, the most recent data showed that the Cumulative Volume Delta (CVD) metric reveals an overwhelming sell-side dominance during this market movement.

Notably, the CVD, which measures the difference between buy and sell volumes, dropped dramatically to around 10,211, signaling aggressive selling pressure.

This metric confirms the liquidation of long positions as sell orders vastly outnumbered buy orders. In addition, the aggregated spot CVD saw a steep decrease of approximately 2,737, further proving the intense selling pressure in spot markets.

Funding rates also reflected this bearish sentiment, with a slightly negative rate of 0.0003. This indicates that short sellers are currently paying long traders to maintain their positions, which typically occurs in bearish markets where short positions dominate.

Liquidation Events on Ethereum

Similar liquidation activity was observed in the Ethereum market, where ETH dropped by around 10%. According to data from Lookonchain, 87,405 traders were liquidated in the broader crypto market, resulting in $318.46 million in total liquidations. 

Among the most significant liquidation events was a $12.67 million loss by a whale on an ETH/BTC long position. Another whale faced a $12.6 million loss on a BTC long position.

A Flurry of Liquidations This Month?

Further data from CryptoQuant on August 12 highlighted a notable liquidation event in Ethereum’s futures market, although the crypto had started to stabilize. These liquidations marked the highest levels since November 2022, pointing to an intense sell-off.

As a result, the futures market experienced a reset, which could stabilize the market as leveraged positions were cleared. Historically, such events have led to temporary market recoveries, with renewed investor interest potentially driving future price movements.

Finder Survey: Fintech Expert Panel Bullish on XRP, Predicts 1,031% Growth to $6.45

Abdulkarim Abdulwahab
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Finder Survey: Fintech Expert Panel Bullish on XRP, Predicts 1,031% Growth to $6.45

Finder recently disclosed its survey of fintech experts concerning the future valuation of XRP, the seventh-biggest crypto by market cap. 

These experts expressed varying perspectives on XRP’s price for 2024 to the end of the decade. On average, they expect XRP to end 2024 below $1. Meanwhile, some have projected a 1,031% increase for XRP in the longer term.

Expert Projections for XRP by 2024

Sathvik Vishwanath, CEO of Unocoin Technologies, stood out as the most optimistic panel member. According to his prediction, XRP is expected to reach $1.50 by year-end. Considering that XRP is worth $0.5705 today, this outlook represents a substantial 162% return on investment.

According to Sathvik Vishwanath, the driving force behind his bullish prediction for XRP is its distinct value proposition in the financial industry, particularly its emphasis on facilitating cross-border payments, and Ripple’s strategic partnerships with prominent financial institutions.

However, Vishwanath also cautioned that XRP’s growth potential is tempered by regulatory uncertainties that could significantly impact its long-term valuation. It is worth noting that the lawsuit surrounding XRP ended this month.

Mitesh Shah, founder of Omnia Markets, also shares an optimistic outlook for XRP in 2024. He believes the cryptocurrency will reach $0.75 by year-end, representing a 31% increase from its current price.

According to Shah, this forecast is based on three primary drivers expected to positively influence XRP’s price trajectory. They include short-term momentum from Ripple’s positive developments, regulatory clarity, and support from the current bull market.

Experts Projections for XRP by 2030

Market researcher Shubham Munde has the most optimistic long-term view on XRP, predicting that the cryptocurrency will soar to $6.45 by 2030.

Munde attributes this bullish forecast to XRP’s relatively low entry point compared to other top cryptocurrencies, making it an attractive option for new investors. Additionally, Munde highlights XRP’s utility in the payment market as a key factor driving its growth potential.

Brighton University senior lecturer Paul Levy echoes Munde’s perspective on XRP’s long-term prospects. He forecasts that the cryptocurrency will reach $6.10 by 2030. Levy’s optimism is fueled by his expectation that XRP’s price will significantly benefit from the Bitcoin halving.

With XRP trading at $0.57 today, a $6.45 target by 2030 amounts to over 1,031% growth.

Bitcoin Drops to $58,000: Here’s What Caused the Crypto Market Crash Today

Mark Brennan
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Bitcoin Drops to $58,000: Here’s What Caused the Crypto Market Crash Today

Bitcoin and the wider crypto market suddenly dropped as long positions spiked to a level not seen since the June 28 crash.

The largest cryptocurrency, Bitcoin, crashed over 7% in a few hours on Tuesday, with the asset falling briefly to $58,000. This sparked a wider market capitulation as altcoins bled significantly.

Although the crypto market is widely known for its volatility, price movements of this magnitude always have an underlying cause. Here’s the reason behind the sudden collapse.

Long Traders Got Greedy

Data from Santiment showed that long positions on the crypto exchange dYdX suddenly spiked to the levels seen when Bitcoin reached its all-time high in March. Such spikes saturated the market and prompted a movement in the opposite direction.

A similar greed trend was also seen on July 28 when long traders got greedy amidst a flourishing Bitcoin price. The saturated market, caused by the large long positions, saw Bitcoin drop to $58,000.

The Santiment data further pointed to a reverse trend on August 5, when short positions on dYdX surged as Bitcoin dropped below $50,000. A large short trading volume was seen on the California-based exchange, prompting the market to shake off greedy traders with an upside trend.

Dump Wreck Bulls

The sudden pump sparked a liquidation spree in the crypto market, with bulls the major casualties. Data shows that over $320 million worth of trading positions have been liquidated in the past 24 hours.

Surprisingly, Ethereum bulls were the most rekt, as over $93 million worth of long positions have been wiped out of the market in the past 24 hours. About $9.6 million in late shorts were also liquidated as ETH slightly recovered to $2,476.

Bitcoin traders also experienced substantial liquidation, as $96.56 million in positions were wiped out of the market. $85.42 million were longs, while $11.13 million were shorts. At press time, Bitcoin was trading at $59,438.

Other assets also saw liquidation spikes as altcoins bled terribly. SOL, PEPE, and XRP traders lost $12.12 million, $4.3 million, and $3.15 million, respectively. SOL traded at $147, while XRP recovered slightly to trade at $0.57.

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