Market Analysis

Multi-Format Thursday - Volume 5

Updated: Jul 25, 2024

Published: Aug 26, 2021

Welcome to Multi-Format Thursdays where we analyse the cryptocurrency market in both text & video formats.

BTC

Bitcoin has been looking rather weak in recent days as the $50,000 break came with very low volumes - did not sustain either. The recent down swing however have been more voluminous which reduces the odds of upside continuation in the near term. The market structure has not set a lower low as of now so making the assumption of a $40,000 test in the coming weeks is still a bit premature.

ETH

ETH did set a slightly different stage as it was unable to set new highs when BTC went for $50,000. From a technical perspective $3,200 is acting as resistance here and, unless reclaimed, the most probable route would be a drop towards $2,500.

DOT

DOT did turn $27 from support into resistance in a textbook (clear) manner which now sets the stage for a test of $19.40.

SNX

Similar to DOT, SNX turned a key level from support into resistance which is $12.40 on this chart. The next upcoming support is the ~$11 liquidity area.

RUNE

So far, RUNE's price did not close a daily under $10.35 but it does look likely to happen tonight which would call for a test of $8.85. If the market pulls up by EOD and RUNE closes a daily candle above $10.35 then $12.85 would be on the menu.

SOL

Buyers seem to be interested in buying $65 SOL but the consolidation is likely to last some more as indecision still reigns on this asset.

SRM

$6.40 held as support and offered a price bounce. SRM would choose a direction through a breakout from either $6.40 (downside) or $8.50 (upside).

FTT

FTT turned $50 from support into resistance and price even retested it as resistance yesterday which makes a test of $42.50 likely over the coming days.

MINA

MINA's right at the $2.80 support (lower end of the liquidity area). If that levels breaks it'd be the end of this short-term trend and can push price back down towards [$1.50-$2.00]

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