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Ethereum Beats Bitcoin For The First Time In This Metric, What Does It Say About ETH’s Price?

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Ethereum Beats Bitcoin For The First Time In This Metric, What Does It Say About ETH’s Price?

Ethereum has been experiencing a slowdown in its bullish momentum over the weekend. The cryptocurrency managed to break the critical resistance at $1,700 but could re-test previous support levels before reclaiming higher levels.

According to Wu Blockchain, Ethereum recently surpassed Bitcoin in terms of Open Interest (OI) for options contracts. This metric stands at $5.6 billion as opposed to BTC’s $4.3 billion.

For the first time since the inception of these products, ETH’s price beat BTC’s open interest. As Wu Blockchain noted, most of the OI recorded for Ethereum option contracts are calls (buy) concentrated on September 30 and December 30.

Source: Glassnode via Wu Blockchain

Both of these dates are post-merge, a highly expected event for Ethereum. “The Merge” has been tentatively set for mainnet by September 9th.

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This event will complete ETH migration from a Proof-of-Work (PoW) consensus to a Proof-of-Stake (PoS) consensus. Players in the options market seem to be positioned to the upside or hedging potentially short positions with other investment products.

ETH’s price moving sideways on the 4-hour chart. Source: ETHUSDT Tradingview

A Different Perspective On The Price Of Ethereum

Data from Material Indicators accurately predicted the short-term selling pressure with the potential for an increase in volatility on yesterday’s essential daily, weekly, and monthly candle close. These events often promote sudden moves in an asset’s price.

Source: Material Indicators via Twitter

As seen below, Material Indicators’ Trend Precognition Indicator flashed a short signal at yesterday’s daily close. This suggested that Ethereum had a high chance of trending to the downside.

This short-term selling pressure coincided with technical resistance at the 100-day moving average (DMA). This level swelled with an increase in asks orders as the price of Ethereum trended to the upside over the past two days.

At the time of writing, ETH’s price still records $13 million in asks (sell) orders at $1,700. This suggests that this level will continue to operate as critical resistance for the time being.

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This shift in momentum for ETH’s price, as supported by Material Indicator’s trend precognition and asks liquidity, might translate into more persistent downside price action. As seen below, these analysts presented a possible bearish scenario for Ethereum for the coming months.

The fractal or price forecast below shows ETH’s price might trend downwards until at least October 2022. These models are highly unpredictable but it could provide traders with clarity about the price direction in high time frames.

On the latter, analysts from Material Indicators said the following highlighting how this data provides a different take on the current ETH’s price narrative away from the migration to a PoS consensus:

I don’t recommend trading fractals or taking them too literally as they can deviate in both price range and time or invalidate anytime. That said… All of the above elements paint a very compelling story for #ETH based purely on algos and TA without any of the POW (Proof-of-Work) –> POS (Proof-of-Stake) chatter

ETH’s price forecast for the coming months. Source: Material Indicators via Twitter

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Polkadot Price Moves Above $8, Sets Eye On $9

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Polkadot Price Moves Above $8, Sets Eye On $9

Polkadot price has steadied itself above the $8 price mark. The coin seems to be extending the price recovery as DOT looks at moving past its next price ceiling. It also formed a bullish pattern on its daily chart.

The cup and handle pattern that Polkadot has been forming for the past two months indicate that the bulls were strong in the market. The cup and handle pattern usually indicates a bullish continuation of price. Over the past week, Polkadot price surged over 24% marking strong recovery.

DOT has been among the highest gainer within the top 10 cryptocurrencies based on market cap. In the last 24 hours itself, Polkadot price rose 6%. Technical indicators have painted bullishness on the chart with DOT exhibiting chances to break past $9 price ceiling.

Polkadot has struggled for a significant amount of time as price of the asset remained below the $9 price mark. Buying strength despite a recent fall shot up indicating that bulls were in control of the price.

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If DOT manages to break past the aforementioned price ceiling, then the uptrend would invalidate chances of bears reclaiming the price.

The global cryptocurrency market cap today was $1.13 Trillion and it noted a 1.1% increase over the last 24 hours.

Polkadot Price Analysis: Four Hour Chart

Polkadot was priced at $8.38 on the four hour chart | Source: DOTUSD on TradingView

DOT was trading for $8.38 at the time of writing. A slight push from the bulls can send Polkadot price above $9 price mark. Ever since the middle of June, Polkadot struggled to break past the aforementioned price ceiling.

If DOT manages to trade above the $9 price mark for a significant amount of time, it could attempt to trade in double digits. A fall from the present price level will cause the altcoin to touch the $7.40 support line.

Polkadot price has formed higher highs on the four-hour chart, so chances of a price correction cannot be ruled out. Volume of DOT traded fell considerably in the previous trading session which was a sign of decreased buying strength. At press time, however, the technical outlook pointed towards an increase in buying pressure.

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Technical Analysis

Polkadot depicted recovery in buying strength on the four hour chart | Source: DOTUSD on TradingView

The altcoin Polkadot was positive on the four-hour chart as the major indicators pointed towards the same. As the asset formed higher highs, buying strength also resurfaced. The Relative Strength Index was pictured above the half line as buyers regained confidence signalling bullishness.

A tiny downtick on the RSI is visible, which meant that going forward DOT may lose its current price momentum. If buying strength remains consistent, a move above $9 is certain. Polkadot price was just above the 20-SMA line which signals that buyers were driving the price momentum in the market.

Related Reading | Polkadot Loses Steam As DOT Sheds 10% After Weekly Gains

Polkadot flashed buy signal on the four hour chart | Source: DOTUSD on TradingView

DOT continued to indicate positive price action on the four hour chart. Moving Average Convergence Divergence depicts momentum and price direction. MACD painted a green signal bar which is the beginning of a buy signal after undergoing a bullish crossover.

Bollinger Bands determine the price volatility and possibility of fluctuations in the same. The bands remained parallel which is a sign of constricted price action with less price volatility. Increase in buying strength can help Polkadot price to break its immediate price ceiling.

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Related Reading | Solana Hot Wallets Suffer Ongoing Attack, Roughly $5M Stolen Thus Far

Featured image from PixelPlex, chart from TradingView.com

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Decentraland Jumps 15% In 3 Days – Who’s Buying MANA?

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Decentraland Jumps 15% In 3 Days – Who’s Buying MANA?

With the recent gains of Decentraland (MANA), crypto aficionados are expected to buy. MANA has sustained its bullish streak despite minimal decline seen in the past trading session. The coin opened at a lower price but quickly maneuvered and retraced after retesting at $1.02.

Consequently, a breach above $1.0 is set to generate massive gains. Looking at the daily chart, MANA price has skyrocketed with an increase of 2.20% in the past 24 hours, and has been up 15% in the last three days. The price action shows how MANA is holding it strongly at the $0.99 mark.

Suggested Reading | Solana (SOL) To Hit $166 By 2025, Despite Current Bearish Conditions

Decentraland (MANA) Consistently Bullish

Seeing the Inverted Head and Shoulder formation shows a bullish trend predictive of a breach on the higher zone. Further, MANA’s price is consistently trading above the 50-day EMA as seen in the past few days which confirms a potential breakout. MANA buyers are looking at the $1.12 mark which may be followed through at $1.30.

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While MANA moves into an asymmetrical triangle pattern, it’s shaping up to form a double top. With the price having retraced from that point and could now test at $0.92. Additionally, the price also gave way to a bearish Bat pattern which rarely happens.

MANA is definitely shooting for an upward trend on the higher timeframe but a correction moving near $0.90 is possible with a lower time frame. So, once the price breaches $1.0,  it signals a great buying opportunity.

Suggested Reading | Cardano (ADA), After 35% Spike, Locks On Next Target: $0.55

Despite the rapid price fluctuations of Decentraland (MANA), analysts have always been bullish on the token. Being a metaverse token, MANA has strengthened in price since last year with the launch of Meta (formerly Facebook).

In a world that is said to be owned by users or the metaverse, MANA has proven time and again that as a frontrunner in crypto gaming, it can be the king of the metaverse or of the 3D virtual world.

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MANA total market cap at $1.84 billion on the weekend chart | Source: TradingView.com

Decentraland’s Strong Metaverse Presence

Decentraland is known as the first-of-its-kind virtual world that is wholly owned and created by users. Decentraland also has its own NFT marketplace. Users can freely explore and trade inside the ever-evolving metaverse. They can buy and sell plots of land and even pets like cats with the MANA.

More so, Decentraland has a DAO pretty much like RoboApe. With that being said, MANA hodlers have the say and can vote about changes they want in the Decentraland. The meme token culture is continuously shaped and modified in a safe metaverse.

To date, the Decentraland marketplace has a total of 160,000 sales plus a trading volume that peaks at as much as $348.84 million.

Featured image from VOI, chart from TradingView.com
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Polygon (MATIC) Looks Set For A Retracement After Recent Gains

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Polygon (MATIC) Looks Set For A Retracement After Recent Gains

Polygon (MATIC) has been sky-high and gliding over the past month. Analysts are looking at a retracement to $0.58 if the coin goes below $0.77.   

Polygon, self-proclaimed as “Ethereum’s Internet of Blockchains” looks ready for a major move after it has skyrocketed in market value as seen in the past weeks. On the flipside, there is still a strong support zone that may anchor the coin to hold its price.

MATIC is currently set in anticipation of a correction but is still has to break the support line. It has been on an upswing and has spiked by more than 200% after it bounced back from a low of $0.32 and reaching a high of $0.98 as seen in July 18.

Suggested Reading | Solana (SOL) To Hit $166 By 2025, Despite Current Bearish Conditions

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MATIC Sell Signal Strong

The token looks like its basking on what is referred to as an overbought terrain. A sell signal has been remarkable in the Tom DeMark (TD) Sequential indicator on MATIC’s daily chart. It shows green nine candlesticks or forming a bearish pattern which shows a correction. The weak outlook was supported with the two red candlesticks that appear to be trading below the other red candlestick.

Despite its passive movement, MATIC has Parabolic SAR, a strong support cluster, and also the retracement seen at $0.77, and the 100-day moving average keeping it all stable. A daily candlestick that would slide below the critical line may trigger a downward pressure and lead to a correction of 22% at $0.58.

MATIC total market cap at $6.87 billion on the daily chart | Source: TradingView.com

MATIC To Regain Strength, Move Towards $1.20

If MATIC can breach its July 18 high set at $0.98, then that can shake off its weak outlook. Once it slices through that critical resistance level, MATIC will regain the strength to move closely towards the $1.20 200-day moving average.

The token has been getting a lot of eyeballs as it gets ready to upgrade to a multi-chain platform and also as it soared higher over the past month. The entire crypto market has been recovering over the past couple of weeks; and MATIC price has also recouped and risen as a result.

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Polygon is on track to roll out quicker and more affordable Ethereum transactions. The future looks promising for Polygon as it works its way up to become a multi-chain network, its involvements with NFT, and also with its collaborations and projects with Stripe, Disney, and Adidas.

Suggested Reading | Cardano (ADA), After 35% Spike, Locks On Next Target: $0.55

Featured image from VOI, chart from TradingView.com

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