Crypto Analysis 31/7: BTC, TON, ADA, TRX, AVAX.

Bitcoin continues its losing streak as it gradually nears three consecutive days of notable declines. The apex coin reflects what the crypto market is experiencing at this time.

One of the top losers in the last 24 hours ASTRO. The token suffered a tremendous loss of over 60% as Terra experienced an exploit due to an unpatched vulnerability. The hackers carted away almost $5 million in assets ranging from BTC to USDT and ASTRO.

The market is yet to recover from the retracements that started on Monday as several asset are grappling with its effects. Nonetheless, traders are hopeful, as indicated by the fear and greed index, which is above 60.

Let’s examine how some cryptocurrencies are performing

BTC/USD

Bitcoin is seeing a notable decline at the time of writing. It retraced to a low of $63,500 after starting the day at $66,170. Although it rebounded, it is yet to erase the losses and is down by over 2%.

The latest drop surprised many, as they expected a change in price trajectory after the coin rebounded and almost erased all the previous day’s losses. While many blame the current state on several factors, one piece of on-chain data points to a probable cause.

Mt.gox recently moved over $3 billion in BTC a few hours ago. The market initially shrugged off the large movement but succumbed to its effects as the news spread. The cryptocurrency lost the $65k support following the announcement and has since traded below it.

The dip comes amidst the growing tension in the Middle East as Israel and Iran threaten to enter another round of escalations.

The moving average convergence divergence has fully completed its bearish convergence with both EMAs touching. With the divergence imminent, the apex may experience further decline in the coming days.

Additionally, selling pressure continues to mount as the relative strength index is at its lowest in the last fourteen days, dipping to 49.

TON/USD

Toncoin is receiving some bullish sentiment at the time of writing. It recently surged to a high of $6.88, but the resistance is close to its opening. The candle is indicative that that coin succumbed to the prevalent market sentiment.

The attempt at the top happened following the previous day’s performance, which saw it register gains of almost 2%. It left its flirt with $6.62 as it traded around this mark for more than five days. Nonetheless, the most recent retracement comes after it peaked at its six-day high.

Indicators have turned bullish in response to trading actions in the last three days. One such indicator is MACD. The 12-day EMA halted its downtrend and is trending upwards in what is described as a bullish convergence. The trajectory of the 26-day EMA suggests that the interception may happen in the next 24 hours if trading conditions remain the same.

RSI is also positive as selling pressure is reduced to a minimum. The metric surged from 36 to 42, indicative of the growing buying pressure.

Toncoin has traded around the first pivot support over the last six days. It failure to decisively flip the level suggests that there is notable demand concentration around it and may continue to hold for the rest of the week.

ADA/USD

Cardano has been largely silent for the past thirty days. Since the founder announced a possible collaboration with Bitcoin Cash, there has been no significant fundamentals from it. Nonetheless, crypto proponents raged as Charles Hoskinson made several comments damning Bitcoin.

ADA failed to yield any notable price improvements in the last four days as it registered consistent declines. However, it made a notable attempt at surging on Monday. It opened trading at $0.40 and peaked at $0.42 but retraced. It hit its six-day high and failed to break it as it lost momentum.

The decline is ongoing and the coin is heading for its biggest drop in almost ten days. It peaked at $0.40 but retraced and lost the $0.40 support. Currently trading at $0.39, it is down by almost 3%.

With the downtrend stretching, indicators are yet to flip bullish. For example, the moving average convergence divergence continues a downward trend. The 12-day EMA recently crossed 0, with the 26-day EMA soon to follow.

The relative strength index is also showing the same trend. Its persistent downhill trajectory is indicative of the mounting selling pressure it is facing.

 

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