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Crypto Price Analysis August-02: ETH, XRP, ADA, BNB, and SHIB

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This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Shiba Inu.

cryptopost_friday (1)

Ethereum (ETH)

With world stock markets in turmoil, volatility also came to crypto. Ethereum could not stop the downtrend and closes the week with a 3% loss. The price also lost its previous support at $$3,300 even if buyers tried to reclaim it. It now acts as a key resistance.

The current support has moved to $2,800 and ETH could test this level if markets remain bearish. Sentiment is also low across crypto as most coins are in red at the time of this article.

Looking ahead, the momentum remains bearish as shown by the MACD and RSI indicators. Sellers appear to dominate right now and they have the advantage. Buyers are unlikely to return until the key support is reached.

ETHUSD_2024-08-02_12-17-57
Chart by TradingView

Ripple (XRP)

XRP’s rally ended and closed the week with a 4% loss. It was too hard for bulls to sustain it considering the wider market context. The price made a last attempt at moving higher before being rejected at 65 cents.

The most likely scenario is for sellers to take XRP to the key support at 54 cents. There, buyers could return to stop this correction and attempt a new rally towards the current target and resistance at 68 cents.

XRP had an excellent month in July, but this was abruptly stopped with the start of August. Looking ahead, buyers still have a good chance at taking control of the price action later this month

XRPUSDT_2024-08-02_12-18-36
Chart by TradingView

Cardano (ADA)

ADA fell by 6% this week after buyers vanished. The price could not do anything about it and reached the key support at 37 cents. ADA bounced briefly on that level, but the trend remains bearish.

Cardano has to do its best to stop the pressure from sellers at the key support. If it fails, then the next target for this correction is found at 31 cents. This would also lead to a lower low in 2024 which would be a sign of weakness.

Looking ahead, ADA is in a difficult position and would benefit if the overall market stops the current correction. Otherwise it is hard to see the price reverse here.

ADAUSDT_2024-08-02_12-18-21
Chart by TradingView

Binance Coin (BNB)

Binance Coin is one of the few altcoins that managed to make a new all-time high this year. This is quite a privileged position considering most altcoins struggled to make new highs.

The price closed the week with a 1% loss, but this is part of a normal consolidation after the strong rally from June. As long as the price remains above $500, buyers have an advantage. The current resistance is at $700.

Looking ahead, BNB is in a strong position should the market recover later this year. If bulls manage to break the current resistance, then the next big target will be $1,000.

BNBUSDT_2024-08-02_12-50-54
Chart by TradingView

Shiba Inu (SHIB)

SHIB continued to fall this week and closed with a 7% loss. The price is also getting closer and closer to the key support at $0.000014. The last time this level was tested was in early July.

The expectation is for buyers to return at the key support and attempt a reversal. If so, their target is the key resistance at $0.000018. Until then, momentum remains bearish.

Meme coins such as SHIB had a terrible few months after the excitement ended in late March. Hopefully the market recovers later this year to bring back interest, including to meme coins.

SHIBUSDT_2024-08-02_12-52-29

Chart by TradingView

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Saylor’s Strategy Bought Another 4,225 BTC Before Bitcoin’s Price Explosion: Details

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Michael Saylor’s Bitcoin-oriented brainchild has made another massive purchase, accumulating 4,225 BTC for $472.5 million.

Due to the cryptocurrency’s substantial price expansion in the past few years, Strategy now sits at a mindblowing unrealized profit of roughly $30 billion.

This is because the company has spent $42.87 billion to acquire its BTC stash of 601,550 bitcoins bought at an average price of $71,268 per unit. Given BTC’s price as of press time ($121,500), this puts Strategy’s fortune at over $73 billion.

Saylor hinted about this purchase yesterday, indicating that some weeks, “you don’t just HODL.” Recall that the company didn’t announce a new acquisition last week, which was somewhat surprising given its history since the US elections in November last year.

Strategy’s former CEO has also been particularly vocal on X about different BTC purchases from other companies. In the past few days alone, he has reposted the accumulations completed by the likes of Metaplanet, K33, DigitalX Ltd., Sequans, and the Blockchain Group.

The average price of Strategy’s latest purchase means that it was most likely completed in the middle of the previous week when BTC challenged $112,000. The asset has traded well beyond that level ever since Thursday.

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Metaplanet Snaps Up 797 More BTC in Aggressive Bitcoin Gold Rush

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Japanese investment firm Metaplanet has expanded its Bitcoin holdings with the purchase of 797 BTC, after spending approximately 13.8 billion yen, which is worth around $93 million.

The company acquired Bitcoin at an average price of around $117,000 per unit.

Aiming for “Escape Velocity”

Following the latest acquisition, Metaplanet currently holds 16,352 BTC, equivalent to approximately $1.64 billion. It maintains its position as the world’s fifth-largest publicly traded corporate BTC holder, according to data shared by BitcoinTreasuries. The accumulation now comes just a week after the Tokyo-listed company purchased 2,205 BTC.

The firm, which shifted from hotel operations to Bitcoin treasury management last year, has been accelerating its accumulation strategy amid rising institutional interest in crypto assets. Metaplanet has set an ambitious target to control over 210,000 BTC by 2027, which is around 1% of the total Bitcoin supply.

Metaplanet had previously revealed its plans to leverage its growing Bitcoin reserves to acquire cash-generating businesses, even potentially including a digital bank in Japan.

Last week, Gerovich told the Financial Times that the company is racing to accumulate as much BTC as possible, while describing it as a “Bitcoin gold rush” to reach “escape velocity” and maintain a lead over competitors. The exec also said that he would never sell the crypto asset.

“We think of it as a Bitcoin gold rush. We need to accumulate as much Bitcoin as we can to get to a point where we have reached escape velocity, and it just makes it very difficult for others to catch up.”

Metaplanet’s Ambitious Bitcoin Plan

In its next phase, Metaplanet aims to use the crypto asset as collateral to access financing, similar to how securities or government bonds are used. The goal will be to deploy these funds to buy profitable businesses aligned with its strategy. While crypto-backed lending remains rare in traditional banking, experiments like Standard Chartered’s pilot with OKX suggest growing institutional interest.

Gerovich ruled out issuing convertible debt to fund growth, preferring options like preferred shares to avoid repayment tied to volatile share prices. The firm said that it envisions digital banking services as a future area of expansion, and aims to deliver superior retail banking options in Japan using its BTC-backed leverage.

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Bitcoin Price Analysis: BTC Nearing Exhaustion or Gearing Up for $130K Next?

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Bitcoin has officially entered price discovery once again, trading just below $122,000 at the time of writing. After months of consolidation and multiple failed breakout attempts, the bulls have finally regained full control.

The breakout above the previous all-time high around $112,000 was followed by explosive momentum, and investors are wondering how much further BTC will run.

By ShayanMarkets

The Daily Chart

The daily chart shows that the asset is still respecting the long-term ascending channel, as it rebounded from its lower boundary and is currently rallying toward the mid-line. The price decisively closed above the $112,000 previous all-time high, a level that acted as a distribution zone for over a month. Following this breakout, BTC printed several bullish continuation candles, pushing all the way up to $122,000.

Yet, a retracement into the $114K–$117K zone is probable to cool the market down. This pullback would not invalidate the bullish structure but instead offer a healthier continuation setup. As long as the price holds above the $114K breakout level, the medium-term structure remains strongly bullish.

The 4-Hour Chart

The 4H chart shows a clean breakout from the recent range and a near-vertical price expansion, confirming the daily momentum. After breaking above the descending channel, Bitcoin formed a strong impulsive leg. As a result, the RSI is now extremely elevated at 78+, hinting at potential short-term exhaustion.

The 4H chart also highlights the newly formed Fair Value Gaps stacked below the price, which could get revisited in the coming sessions or days. These FVGs can both attract the price and act as potential support. As long as BTC remains above the 114K block, short dips into this region would be considered bullish retests.

Moreover, if the price begins to range around the 121K–122K area, it would allow RSI to cool off and provide fresh momentum for the next breakout, without experiencing much correction.

Sentiment Analysis

Bitcoin Funding Rates

Funding rates have started to spike again, reflecting the surge in long-side leverage after the breakout. This sharp uptick in funding confirms that traders are aggressively chasing the move. While elevated funding is expected during trend continuations, it also introduces risk: the higher the leverage imbalance, the more vulnerable the market becomes to a flush.

Historically, when funding remains excessively positive while prices stall or consolidate, it often leads to a liquidation-driven pullback. So far, we haven’t seen aggressive spikes like those in Q1 2024, but it’s something to monitor closely.

If the asset fails to push higher while funding stays elevated, a quick shakeout into the 114K zone is possible. Until then, the sentiment remains bullish but slightly overheated, which aligns with current RSI readings and market structure.

 

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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