CryptoSlate Daily wMarket Update – Sept. 9 to Sept. 11 Samuel Wan · 1 hour ago · 3 min read
The wMarket Update on Mondays condenses the most important price movements in the crypto markets over the weekend, published 08:00 UTC.
3 min read
Updated: September 12, 2022 at 10:27 am
Cover art/illustration via CryptoSlate
Since September 9, the total cryptocurrency market cap saw net inflows totaling $73.4 billion to climb back above the psychological $1 trillion mark once again. As of press time, it stood at $1.055 trillion, up 7.5% over the weekend.
Bitcoin’s market cap grew 12% over the reporting period to $415.8 billion from $370.14 billion. Meanwhile, Ethereum’s market cap was up 5.7%, growing from $199.78 billion to $211.12 billion over the same period.
Over the last 24 hours, the top 10 cryptocurrencies traded largely flat, with Bitcoin posting gains slight gains of 0.99%, with the rest of the large-caps seeing minor sell-offs. Cardano (ADA) was the biggest large-cap loser, posting -1.78% losses.
The market caps of Tether (USDT) and BinanceUSD (BUSD) were up marginally over the weekend, standing at $67.74 billion and $20.05 billion, respectively. In comparison, USD Coin (USDC) saw a slight drop to $51.60 billion.
Since September 9, the Bitcoin price has grown by 13.3% to stand at $21,800 at writing. Market dominance spiked higher to 40.93%.
The leading cryptocurrency is still down from the $23,400 local top from August 15, and with the daily Relative Strength Index (RSI) curling back over on the daily chart, it’s unclear whether bulls have enough for a re-test of this level.
The price of Ethereum grew 6.3% over the reporting period to trade at $1,737 at writing. Market dominance stood at 20.75%.
ETH is down 14% from the $2,025 local top achieved on August 14. Having bottomed on August 29, an uptrend has ensued, but like Bitcoin, the daily RSI is curling back down, suggesting a loss of momentum. The Merge is expected to occur around September 15.
Top 5 gainers
LOOM posted the biggest gains of the day and was trading around $0.12 as of press time — up 146.22% over the past 24 hours. The token is up 31.63% for the year, with a market cap of $156.31 million.
Standard Tokenization Protocol
STPT recorded gains of 44.57% over the past 24 hours and was trading at around $0.068 at press time. The token’s market cap stood at $112.4 million. The token saw a sudden spike around 04:00 UTC when STPT price reached $0.069.
AERGO grew 25.9% over the past 24 hours and was trading at around $0.25 at the time of publishing. Although the token price reached a high of around $0.33 at 11:00 UTC on Sept. 11, the token lost most of its gains and continued to trade downward. At the time of writing, the token’s market cap stood at $103.55 million.
Despite heavy volatility and a few spikes and dips, GLM was trading at around $0.35 at press time — up 24.83% over the past 24 hours. The token gained 49.47% over the past week, and its market cap stood at $350.26 million at the time of writing.
ZEON bagged gains of 22.66% over the past 24 hours to trade at around $0.009 at the time of publishing. The token’s market cap stood at $281.08 million.
Top 5 losers
FRTS price plunged by 17.21% over the past 24 hours and hovered around $0.012 at press time. The fall in price also contracted the token’s market cap from $275.63 million last week to $254.17 million at the time of writing.
The price of USTC fell 16.33% over the past 24 hours to around $0.051 as of press time. However, the token’s market cap grew to $505.74 million from $415.96 million last week. Algorithmic stablecoin USTC slipped off its peg in May and triggered the collapse of the Terra ecosystem and the larger crypto market.
The value of LUNA fell 14.22% over the past 24 hours to reach around $5.29 at the time of writing. LUNA is a rebooted versions of TerraClassic (LUNC) which collapsed in May. Despite the fall over the day, the token is up 195.29% over the past 7 days.
Like its newer counterpart, LUNC also declined over the past 24 hours, trading at $0.0004 at the time of publishing — down 10.41% over the day. Irrespective of the price decline, the token is still up 61.4% over the past 7 days. The new v22 upgrade that enabled token staking provided a boost to the community, pushing the token price up over the past few weeks.
VGX was down 9.16% over the past 24 hours to trade around $0.89 at the time of writing, eliminating most of its gains from the past week.
The Voyager assets auction is set for Sept. 13, the results of which need approval from the court on Sept. 29. The company had filed for Chapter 11 bankruptcy on the heels of crypto hedge fund Three Arrows Capital going bust.
Shiba Inu: Tracing SHIB’s ability to rebound from its newly found support
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.
- Shiba Inu witnessed a bearish pattern on the daily chart
- The meme-token’s funding rate on FTX turned positive over the last two days
- The token saw a slight decline in its Social Dominance
After an expected breakdown from its descending triangle setup, Shiba Inu’s [SHIB] bear run expedited to flip its immediate support to resistance around the $0.0118-mark. (For brevity, SHIB prices are multiplied by 1,000 from here on).
Here’s AMBCrypto’s Price Prediction for Shiba Inu [SHIB] for 2023-24
Consequently, the sellers re-entered the market to propel a pull toward the $0.0103-baseline. A conceivable break below the current pattern could spur a near-term decline before a likely rebound.
At press time, SHIB was trading at $0.01131.
While the SHIBArmy induced a buying spree from mid-June to mid-August, SHIB swayed to touch its three-month high on 14 August. Since then, the sellers have re-entered the market to pull the price below the constraints of the 50 EMA (cyan).
Nonetheless, with the gradual buying pressure mounting up, SHIB bulls flipped the two-month trendline from resistance to support. But, is this enough to sustain a rally?
Looking at the bearish pennant setup on the daily chart, sellers could be keen on inflicting a pulldown from the confluence of the 50 EMA and the $0.0118-resistance. This rejection of higher prices could propel a decline below the pattern. A close below the 20 EMA would further reaffirm these chances.
A decline below the pattern could propel a retracement towards the $0.0105-$0.0103 range. An eventual jump above the $0.0118-level would confirm the invalidation of the press time bearish bias.
Additionally, the volume oscillator marked lower peaks during the recent growth on the chart. This reading highlighted a slight weakness of the previous bull run.
A decline in social dominance, but funding rates turn positive
Since mid-September, SHIB’s social dominance saw a consistent decline. On the contrary, its price action marked a slight uptick. This reading projected the confidence of the SHIBArmy, regardless of the traction.
Moreover, SHIB’s FTX funding rate turned positive over the last two days. This metric implied that most traders have been slightly bullish on the Futures market.
All in all, SHIB stood at a critical moment. The selling triggers and targets would remain the same as discussed above. Finally, buyers should factor in Bitcoin’s movement and its effects on the wider market to make a profitable move.
How MATIC buyers can leverage this setup to remain profitable
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.
- MATIC is witnessing a bearish pattern on the daily timeframe
- Key metrics marked a plunge, but Open Interest across exchanges showed a positive sign
Since its mid-June lift-off, Polygon [MATIC] bulls have recovered losses while facing a barrier at its nine-month trendline resistance (white, dashed). The resulting buying comeback propelled a retest of the 200 EMA (green) before an expected pullback.
Here’s AMBCrypto’s Price Prediction for Polygon [MATIC] for 2023-24
The altcoin has now entered a relatively low volatility phase near its EMAs as the sellers aim to inflict a reversal from the trendline resistance. MATIC could likely see a dull phase given the current setup of a bearish pattern.
At press time, MATIC was trading at $0.8406.
MATIC formed a bearish pattern at its resistance level
The previous ascending channel breakout aided MATIC bulls to breach the $0.7-$0.75 range and flip it to support. Since then, this range has supported MATIC’s retracement over the two months.
After rebounding from the 200 EMA resistance barrier, the alt struggled to pull off a robust buying rally above its trendline resistance. Moreover, the recent bearish crossover on the 20 EMA (red) and the 50 EMA (cyan) reaffirmed the near-term selling edge.
With these EMAs now looking north, buyers could aim to find grounds to bounce back from them. In the meantime, MATIC formed a bearish-flag-like structure, one that could reignite some selling pressure.
A close below the pattern or the $0.78-level would position MATIC for a near-term downside. In this case, the potential target would lie in the $0.69 baseline.
An eventual close above the long-term trendline resistance can invalidate the default bearish tendencies. The bulls must ramp up the buying volumes to sustain a close above the immediate resistance range. In these circumstances, the buyers would look to retest the 200 EMA before a likely reversal.
The Directional Movement Index (DMI) hinted at a slight bullish edge, but the ADX depicted a weak directional trend for MATIC.
Key metrics marked a slight plunge
Since early September, MATIC’s development activity has been gradually declining. Additionally, its Network growth also took a toll as it saw a decline in the number of new addresses. These readings unveiled the alt’s decreasing traction over the past month. An inability of the buyers to change this perception could fuel near-term bearish inclinations.
On the other hand, MATIC Open Interest increased by nearly 1.9% across all exchanges in the past 24 hours. Correspondingly, the price was up by around 2% during this time. This hinted at a healthy increase in price. Nonetheless, buyers should look for the triggers and targets mentioned above.
Last but not the least, investors/traders must keep a close eye on Bitcoin’s movement as MATIC shares an 89% 30-day correlation with the king coin.
Biggest Movers: UNI Closes In On 5-Week High, While SOL Also Climbs
Uniswap moved closer to its highest point since late August on Thursday, as the token extended recent gains. Today’s surge is the fourth consecutive day that prices have climbed, leading the token to break out of a key resistance level in the process. Solana was also in the green, recording a seven-day high as a result.
Uniswap (UNI) was one of today’s notable movers, as the token rose for a fourth consecutive day.
UNI/USD raced to an intraday high of $6.99 on Thursday, which comes less than a day after trading at a low of $6.49.
Today’s surge in price sees uniswap break out of its key resistance point of $6.70, hitting its highest point since August 26 in the process.
Looking at the chart, bullish momentum in UNI intensified following another breakout, this time on the 14-day relative strength index (RSI.
The index moved beyond its ceiling of 57.45 during yesterday’s session, and as of writing is tracking at 61.47.
A higher ceiling of 63.00 now awaits UNI bulls, who could opt to secure gains and close positions as the RSI nears this point.
Solana (SOL) climbed to a one-week high on Thursday, as the token collided with a resistance of its own.
The world’s ninth-largest cryptocurrency hit a high of $34.46 in today’s session, which is its highest point since September 30.
Thursday’s high saw solana close in on a long-term ceiling of $34.50, which has historically been the main obstacle preventing prices from moving to $35.00.
As of writing this, earlier gains in SOL have somewhat eased, as bulls moved to secure gains near this point of uncertainty.
The token is currently trading at $34.10, with the 14-day RSI tracking at 53.03, which is marginally above a resistance level of 53.00.
Bearish sentiment appears to be preparing to return, and should we see any further drop in price strength, SOL will likely head below $34.00.
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Do you believe solana can hit $35.00 in the coming days? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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