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Market Analysis

Weekly Technicals Pro – Vol 98

Updated: Aug 31, 2024
Published: Mar 7, 2022
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The Total Market Cap failed to hold its ground after advancing earlier in the week. When news broke out regarding shelling around Europe's largest nuclear power plant, many markets moved negatively, and naturally, crypto was no exception, closing back below $1.75T. The market is obviously susceptible to these extreme developments in the world, which are out of our control. Right now, the lower highs are unbroken, and this week's candle reflects the selling pressure that has been seen across the market.

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Disclaimer: Not financial nor investment advice. Only you are responsible for any capital-related decisions you make, and only you are accountable for the results.

Market Indicies

Total Market Cap

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Altcoins' Market Cap

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The Altcoins' Market Cap remains in a clear bearish trend with $703B as support below. Only a reclaim of $1.117T would invalidate further downside.

 

Bitcoin

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Fundamentals have, unsurprisingly, played a big part over the past week. Bitcoin has strongly rejected $45,000 and closed the week below $40,000 again, leaving us with a pretty non-convincing higher-low. Looking at the daily chart, the momentum suggests further downside.

Ether

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With its bearish structure unbroken, ETH closed the week looking a little worse than BTC, hinting towards another test of the lows towards $2,000. Of course, that would be invalidated by a weekly reclaim of $2,750.

DOT

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The bearish structure continues. DOT is still moving down, leaving another visit to $15 highly likely. Should we see a closure below $15, $10 would be next.

SNX

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As we mentioned, SNX continued to test support at $3.60 day after day, resulting in a weekly candle closure below. SNX now has $2.50 as support and would only look good if it were to close above $5.50.

RUNE

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With the hype around LUNA, RUNE has seen a nice pump over the past week, closing bullish above $4.25-$4.40 but unable to close above the significant $5.70 level. Now faced with a potential change in market structure, we'll see if RUNE can first mature the potential bullish structure or reclaim $6.

SOL

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SOL continues to look bearish on the weekly timeframe and moves down through its range ($75-$125). Of course, any closure below support wouldn't be great and would bring a $50 SOL into play.

SRM

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The downtrend continues, and, as we've mentioned, with another close below $2, it looks like SRM is on its way towards $1.40.

FTT

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It's still moving within the never-ending $35-$50 range, and we're awaiting a breakout of this range.

MINA

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MINA's inability to reclaim the broken $2.10 support suggests that we'll see it at $1 (on the weekly timeframe). Of course, we know that there is daily support at $1.50 first, so we'd see how it reacts there first.

dYdX

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dYdX is not any different to the majority of the market as it continues its downward journey. It's back in our area of interest that is $3-$5.

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