cryptohopper

The price of Fetch.ai (FET) saw a decline following its failure to breach the $0.27 resistance zone on September 3rd, initiating a bearish trend.The situation remains precarious, as failure to secure a close above the $0.23-$0.24 Fib resistance range could signal the continuation of the bearish trend, potentially leading to a significant drop.Approaching the Ascending Support TrendlineSince its rejection from the $0.27 resistance area on September 3rd, Fetch.ai (FET) has experienced a downward trajectory. However, it’s not all bad news.FET's price has been following an ascending support trendline since June 2022. Recent validations of this trendline occurred on August 17th and 22nd. These instances were marked by long lower wicks, which indicates buying pressure.The pace of increase accelerated after the last validation, propelling the FET price to $0.27 on September 3rd. However, it failed to breach this resistance level, which has persisted since May, resulting in the ongoing downward movement.In order for FET to commence a new bull run, it will need to surpass the 100 Exponential Moving Average. The 100 EMA acts as a mobile support and resistance. Currently, the 100 EMA is above the price, therefore the indicator works as a resistance. Williams %R is another indicator that we should look at. The Williams %R is a momentum oscillator that gauges the market. If the indicator is below -80, it means FET is oversold and expected to bounce back. If it is above -20, it is overbought and expected to fall back again. Currently Williams %R is approaching oversold levels, which coincides well with the ascending support trendline. Looking Ahead: FET is approaching an ascending support line, and the Williams %R is approaching oversold levels, which make a rebound on the table. However, for a rebound to take place, the price needs to break above the 100 EMA first.

Chainlink (LINK) has witnessed a substantial surge in the past two weeks and is now approaching the prospect of a new yearly high.Both weekly and daily timeframe analyses exhibit bullish tendencies, which is supported by the price action MFI.How Far Can Chainlink's Uptrend Continue?Looking at the weekly technical analysis, LINK's price has been on the rise since June, recovering from a low of $4.75. This ascent resulted in the reclamation of the $5.80 horizontal support zone, which has been held since April 2022.Moreover, this upward trajectory was accompanied by a bullish divergence in the MFI. The Money Flow Index (MFI) is a momentum indicator for traders to gauge market conditions, identify overbought or oversold levels, and inform buy or sell decisions.Readings above 50 coupled with an upward trend indicate a bullish trend, while readings below 50 suggest the opposite. A bullish divergence arises when the MFI shows a lower value while the price is higher.The daily timeframe paints a bullish picture. Additionally, the MFI is holding strongly above 50.If the uptrend continues, LINK may reach the yearly high of around $8.80, which is 20% higher than the current price. However, given that the overall market is not bullish whatsoever, at this moment it is unlikely to make any significant breakthrough. Looking Ahead: Despite the current trend LINK is unlikely to rise significantly over the yearly high at $8.80. On the other side, if the price starts descending, the $5.80 support level will be the next target to the downside.

Polkadot (DOT) recently experienced a significant breakdown as it fell below the crucial $4.20 support level, marking its lowest weekly close since 2020. This decline has raised concerns among investors and analysts alike.DOT has been following a bearish trajectory since reaching its yearly high of $7.90 in February 2023. It slid below the $4.20 support level, which had held since the beginning of the year. Such breakdowns from long-standing support levels often trigger substantial declines.The conjunction of this support area and a descending resistance line has formed a descending triangle, a bearish pattern that underscores the breakdown and hints at the possibility of further losses.Potential scenariosIf the downtrend persists, DOT's price could potentially drop by another 50%, reaching the $2 horizontal support area, aligning with its all-time lows from August 2020.However, if DOT manages to reclaim the $4.20 area and break free from the descending resistance line, it could trigger an impressive 85% price surge toward the $7.50 resistance area.The weekly Ultimate Oscillator, a momentum indicator used to determine overbought or oversold conditions, supports the prevailing downtrend, with readings below 50 and a declining trend considered bearish signals.Bottom Line: Despite the bearish predictions for DOT, a potential breakout from the channel and the $4.40 area could pave the way for an 85% surge toward the $7.50 resistance region.

Bitcoin (BTC) enthusiasts might face some headwinds as a key monthly technical indicator, the stochastic, signals an "overbought downturn" according to Fairlead Strategies.The stochastic indicator recently dipped below 80, which indicates a loss of upward momentum. This indicator typically oscillates between 0 and 100, with readings above 80 signaling overbought conditions and readings below 20 indicating oversold conditions. A downturn from overbought levels suggests a weakening of upward momentum.Strong Resistance Causes DownturnKatie Stockton, the founder and managing partner of Fairlead Strategies, highlighted this development, stating that "at the end of August, Bitcoin confirmed an overbought downturn in its monthly stochastics in a setback." She added that this downturn might prolong the basing process for Bitcoin, especially considering the resistance around $31.9K posed by the monthly cloud model, a level Bitcoin has struggled to breach.Historically, overbought downturns in the stochastic indicator in early 2021 and December 2017 have marked significant price peaks.The monthly MACD histogram, which measures trend strength and changes in trend, is near zero, indicating a neutral long-term bias. Crossings above zero suggest a bullish momentum shift, while drops below zero signal a bearish trend change. However, the MACD has yet to turn positive, implying that a sustainable uptrend has not yet taken hold, according to Stockton.At the time of writing, Bitcoin is trading at $25,700. Stockton identified immediate support at $25,200 and noted that the 50-day simple moving average at $28,200 is a critical resistance level.

Ethereum (ETH) has experienced a corrective phase following its new yearly high on July 14.While the price action confirms the correction, the wave count suggests that ETH will likely bottom soon, paving the way for it to resume the previous upward trend.Daily RSI Bearish SignalThe daily Relative Strength Index (RSI) is bearish, corroborating the Ethereum price drop. The RSI is a key indicator used by traders to assess market conditions. An RSI above 50 and trending upward indicates a positive sentiment for bullish investors, while a value below 50 suggests the opposite.At present, the RSI is falling and below 50, signifying a bearish trend.ETH Price Prediction: How Long Will the Correction Last?Based on the Elliott Wave count, Ethereum's price has completed a five-wave increase and is currently in an A-B-C corrective structure. This indicates that the price is currently in the C wave, which will ultimately conclude the correction. The Elliott Wave theory helps analysts understand the trend's direction by studying recurring long-term price patterns and investor psychology.Applying a 1:1.61 ratio to waves A:C suggests a potential low near $1,780, which aligns with the 0.618 Fibonacci retracement support level. According to the Fibonacci retracement theory, after a significant price change in one direction, the price is expected to partially return to a previous level before continuing in the same direction.Considering this confluence, it is likely that Ethereum's price correction will find support around the $1,780 level before resuming its upward movement toward $2,000.Looking Ahead: Despite the optimistic long-term ETH price prediction, a decline below the June 10 low of $1,648 would indicate that the current decrease is not merely a correction but rather a continuation of the bearish trend. In such a scenario, the price could potentially fall to $1,450.

Dogecoin (DOGE), the meme cryptocurrency known for its wild price swings, has experienced an unusual period of calm this year, lagging behind the performance of Bitcoin (BTC) and Ethereum (ETH). However, a technical analysis with the Bollinger bandwidth indicator suggests that this tranquility may soon come to an end.Understanding Bollinger Bands: A Tool to Assess Dogecoin's VolatilityThe Bollinger bandwidth is a tool that illustrates periods of varying volatility relative to price movements. It is calculated by dividing the spread between the Bollinger bands by the 20-day simple moving average (SMA) of the cryptocurrency's price. Bollinger bands are volatility lines placed two standard deviations above and below the 20-day SMA average.When the distance between the two bands widens and the bandwidth increases, it indicates a period of rising volatility. Conversely, when the bands contract and the width narrows, it signifies a lull in volatility. An unusually wide or high bandwidth suggests that the current bullish or bearish trend is approaching its end, while an abnormally low bandwidth indicates that the market is on the verge of a significant move in either direction.Recent data shows that Dogecoin's daily chart has experienced contracting Bollinger bands, resulting in a bandwidth of 0.06, the lowest level since February 2019. This suggests that Dogecoin could soon experience a surge in volatility, as the bandwidth has a tendency to alternate between expansion and contraction.It's important to note that this anticipated volatility explosion is independent of price direction, meaning that the significant move can be either bullish or bearish.Looking Ahead: As Dogecoin prepares for a potential volatility spike, traders and investors should remain vigilant and be prepared for a pronounced price swing in the near future.

Investors in the cryptocurrency market are looking for buying opportunities despite the current volatility of Bitcoin and Ethereum. As a result, many traders are turning to bullish altcoins like KAVA, which has been showing steady price growth despite market selling pressure.KAVA, a native token of the KAVA blockchain, recently completed a higher low price formation above an ascending trend line. From a monthly low of $0.667, KAVA's price has risen by more than 35% in just five days. KAVA Attempts BreakoutWhile Bitcoin's price is falling, KAVA's price continues to rise this week. KAVA’s investors seem to be unaffected by a potential drop in Bitcoin's price.KAVA's price surged towards a bullish hurdle on May 10th, reaching a 20-day high at $0.909 with a remarkable 10.6% gain on Wednesday. Currently, the altcoin is trading against the USDT pair at $0.906.KAVA's Future Looks PromisingTrading volume indicators suggest that there has been significant accumulation of KAVA coins near the support trendline. KAVA witnessed the highest trading activity in the last few months in the month of May.The KAVA coin is currently trading above the 50 simple moving average, with bulls pushing the price up. Historically, the 200-SMA has acted as a significant support and resistance level for sellers. The market is now waiting to see if the bulls can maintain their momentum and push the price of KAVA beyond the 200-SMA.The Relative Strength Index (RSI) has crossed the crucial threshold of 50 and is now steadily climbing towards the upper limit. This is an encouraging sign for potential buyers, who could benefit significantly if the coin manages to break through the current resistance trendline.However, we will still need to have Bitcoin at least ranging and not falling for a significant rally to occur.

Injective has been one of the top-performing cryptocurrencies this year. Let’s see what happens next!What is Injective? Injective is a blockchain designed for finance, powering DeFi applications such as decentralized spot and derivatives exchanges, prediction markets, and lending protocols. It offers core financial infrastructure primitives and a fully decentralized MEV-resistant on-chain orderbook. Its cross-chain bridging infrastructure is compatible with Ethereum and other blockchains. Injective uses the Cosmos SDK and a Tendermint-based Proof-of-Stake (POS) consensus mechanism, providing fast performance and transaction finality. It also provides a highly interoperable smart contract platform based on CosmWasm. INJ, its token, is used for protocol governance, dApp value capture, POS security, developer incentives, and staking.Injective’s Current TrendInjective (INJ) has been making waves in the cryptocurrency market, gaining 700% since the beginning of the year. INJ has stood out in the market due to its consistent upward trend, avoiding any significant periods of consolidation.Currently, it appears that INJ is pulling back to its support level of $5.00. This pullback will result in a 50% drop from its 2023 high. The $5.00 support level is expected to hold, and afterwards we may see INJ continue its uptrend towards the all-time high.For traders, one of the best aspects of INJ is its volatility. The daily candles of INJ are very large, which means that there is a lot of intraday volatility. This characteristic is a great advantage for day traders, as they can make quick returns.Conclusion: Injective has proven to be one of the top performing cryptocurrencies this year, offering consistent upward momentum and high intraday volatility. With its pullback to the $5.00 support level, traders should keep a close eye on the price action of INJ in the coming days.

MultiversX (EGLD) has been showing signs of recovery after bouncing up from a support level of $40.00. In our last analysis, we identified this level as a key support level, and it has held the pullback so far. Currently, EGLD is on its way to the minor resistance level of $54.50.What is EGLD? MultiversX is a blockchain protocol that offers fast transaction speeds through sharding. It rewards community and active participants with EGLD tokens, which act as a store of value currency to pay for network usage and a medium of exchange between platform users and validators. EGLD allows developers to deploy smart contracts, protocols, and dApps on the platform and empowers participants to perform any network action. EGLD also functions as a governance token, enabling holders to vote on network decisions. MultiversX was announced in August 2019, and its mainnet went live in July 2020.EGLD's Bullish MomentumWhile it's true that just bouncing up from a support level does not guarantee an uptrend, EGLD has been displaying strong volume in the past two days. This is a positive sign because in the past, every time EGLD had a bullish day with strong volume, it led to an uptrend. This indicates that we may see at least a limited uptrend in the coming days.So far, EGLD has not shown strong bullish momentum compared to the rest of the market this year. This makes it difficult to estimate where the rally will stop. However, this also means that we can expect a stronger rally later on in 2024-2025 when the rest of the market should reach its all-time high. This makes EGLD a promising investment for the long term.Bottom Line: In conclusion, MultiversX (EGLD) has been showing positive signs of recovery lately. The strong volume it displayed in the past two days indicates that we may see a limited uptrend soon. While EGLD has not shown strong bullish momentum so far this year, we can expect a stronger rally in the future. Investors who are looking for a promising investment for the long term may consider investing in EGLD.

Stacks (STX) has been one of the best-performing coins on the market this year. The token soared by nearly 500% from January 1st to its high of $1.31 only 18 days ago. However, like most cryptocurrencies, STX is now experiencing a pullback. In this analysis, we'll take a closer look at what's happening with STX and what investors can expect in the coming weeks.What is STX? Stacks is a Bitcoin layer for smart contracts, allowing decentralized applications to use Bitcoin as an asset and settle transactions on the Bitcoin blockchain. It unlocks $500B in BTC capital and has knowledge of the full Bitcoin state, with transactions automatically hashed and settled on the Bitcoin L1. Stacks blocks are secured by 100% Bitcoin hashpower, making it difficult for hackers to re-order transactions.STX managed to break above the $1.00 resistance level that was previously identified in our analysis. However, it was unable to hold the price above this key level, so now it's coming back down. STX’s inability to sustain its price above resistance may indicate that the price level was too high for the market at the moment to sustain.Where does the pullback end?While STX is going through a pullback, the 100 Simple Moving Average (SMA) may halt the downturn. The 100 SMA acts as mobile support, preventing the price from falling below it in most cases. If the 100 SMA breaks, the next support level is around $0.50.It's essential to remember that the current pullback is a normal occurrence in the cryptocurrency market. After massive gains, most cryptocurrencies tend to experience a correction. Typically, coins that start a bull run strongly are the ones that advance the most overall. As such, investors should keep an eye on STX for the potential for another bull run coming in 2024-2025.Bottom Line: Stacks (STX) has been a high-performing cryptocurrency this year, but like all cryptocurrencies, it's experiencing a pullback. However, this is a normal occurrence in the crypto market, and investors should keep a close eye on the support levels and moving averages.