Key Insights: – It is a bullish Monday to Saturday for the broader crypto market.- Fed fear eased over the week, with mixed US economic indicators raising questions over how aggressively the Fed can return inflation to target.- Several cryptos stood out from the pack.LDO and CEL lead, with ALGO, LTC, and MATIC also making solid gains.Monday to Saturday, September 3, the total crypto market cap is up $33.59 billion to $955.11 billion.A bullish start to the week delivered the lion’s share of the gains.However, US economic indicators and sentiment towards Fed monetary policy continued to test the crypto support levels.
Crypto news updates cushioned investor sentiment towards Fed monetary policy, leaving the market cap in positive territory going into the weekend.
US economic indicators delivered mixed results for the global financial markets.Consumer confidence, JOLTs job openings, private sector PMI, and weekly jobless claims supported the Fed’s aggressive path beyond monetary policy normalization.However, ADP nonfarm employment change and the all-important nonfarm payroll and wage growth figures raised question marks.Despite softer nonfarm payroll figures, the headline figure is likely strong enough to support the Fed’s policy mantra.
US Treasury Secretary and former Fed Chair Janet Yellen reminded the markets of the Fed’s inflation objective, pressuring riskier assets.However, network news updates were crypto-positive, with progress towards the Vasil hard fork and the Merge providing market support.Nonetheless, the influence of the NASDAQ 100 on the broader crypto market was evident throughout the week, though going into the Saturday session, the crypto market remained in positive territory.
Across the CoinMarketCap top 100, several cryptos stood out from the pack.
Lido DAO (LDO), Celsius Network (CEL), Algorand (ALGO), Litecoin (LTC), and Polygon (MATIC) are among the crypto 100 front runners.Lido DAO (LDO) For the week, LDO is up 27.51% to $2.0341.Bullish from the start of the week, LDO rallied from a Monday low of $1.5525 to a Friday high of $2.2798.However, bearish through the early hours of Saturday, LDO slid back to test support at $2.00.
Progress towards the Ethereum (ETH) merge was key to LDO’s bullish week.LDO performance is intertwined with ETH price action.Ether staking numbers provided direction, with the ETH return to $1,650 behind the LDO rally.Looking at the trends, a move through the August high of $3.1044 would give the bulls a run at $3.5.
For the bears, an LDO fall through August low of $1.5525 would bring the June and the current year low of $0.3996 into view.Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday.LDO sat above the 50-day EMA, currently at $1.9866.The 50-day narrowed to the 100-day EMA, with the 100-day EMA converging on the 200-day EMA, delivering bullish price signals.
A bullish cross of the 100-day EMA through the 200-day EMA would support a breakout from this week’s high of $2.2797 to target the August high of $3.1044.However, a pullback from the 50-day EMA ($1.9866) would bring sub-$1,00 levels into view.
A fall to sub-$1.00 would bring sub-$0.50 and the August low of $0.1725 into view.Celsius Network (CEL) For the week, CEL is up 28.03% to $1.4374.Bullish from the start of the week, CEL rallied from a Monday low of $1.12267 to a Friday high of $1.59100.News of an incoming loan repayment to cover fund operations and plans to return $50 million to clients delivered support.Looking at the trends, a fall through the August low of $0.5817 would bring the June current year low of $0.15 into view.For now, a return to $1.00 will be the key to bringing the August and 2022 high of $4.4000 into view.
Failure to return to $1.00 would leave the current year’s low of $0.15 in play.Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal going into Saturday.CEL sat above the 50-day EMA at $1.42368.The 50-day narrowed to the 100-day EMA, while the 100-day EMA slipped back from the 200-day EMA, delivering mixed price signals.
A CEL breakout from the 100-day ($1.64229) and 200-day ($1.66068) EMAs would support a run at the August high.However, CEL news updates will need to remain favorable for a return to $2.00.A slide back from the 50-day EMA would bring the August low of $0.5817 back into play.Algorand (ALGO) For the current week, ALGO is up 6.91% to $0.30287.Tracking the broader market, ALGO rose from a Monday low of $0.28035 to a Friday high of $0.30700 before easing back.
While ALGO found support from the broader crypto market, crypto market news updates were also ALGO price positive.This week, FIFA announced plans to launch an NFT platform on the ALGO blockchain.The announcement follows Algorand’s partnership with FIFA.
Looking at the trends, an ALGO move through the August high of $0.38459 would give the bulls a free run at the May high of $0.75591.An Algo return to $0.80 would support a run at the March high of $0.98784 to bring $1.00 and the January and 2022 high of $1.84287 into view.
Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal going into Saturday.ALGO sat below the 100-day EMA, currently at $0.30494.A breakout from the 100-day EMA ($1.30494) would support a move through the 200-day EMA ($0.31692) to target the August high of $0.38359.However, a fall through the 50-day EMA ($0.32537) would bring the August low of $0.27920.
Litecoin (LTC) For the week, LTC is up 12.02% to $59.82.A choppy start to the week saw LTC fall to a Tuesday low of $51.85 before rallying to a Friday high of $62.41.However, despite a bullish week, LTC came up short of the August high of $65.83.There were no apparent news updates to support the breakout week.Looking at the trends, an LTC move through the August high of $65.83 would give the bulls a free run at the May high of $107.03.From the May high, the March high of $134.11 would come into play.
LTC struck a 2022 high of $153.91 on January 17.However, a fall through the August low of $51.69 would bring the June and the current year low of $40.32 into view.Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday.LTC sat above the 200-day EMA, currently at $57.23.
The 50-day closed in on the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA, delivering bullish price signals.A bullish cross of the 50-day EMA through the 100-day EMA would support a run at the August high of $65.83.However, a fall through the 200-day EMA ($57.23) would bring sub-$55.00 and the August low of $51.59 into view.Polygon (MATIC) For the week, MATIC is up 12.66% to $0.881.Bullish throughout the week, MATIC rallied from a Monday low of $0.762 to a Friday high of $0.913 before easing back.This week, Robinhood (HOOD) announced the inclusion of MATIC.According to the announcement, Robinhood supports the sending and receiving of MATIC tokens via Polygon and Ethereum.Looking at the trends, a MATIC move through the August high of $1.055 would support a run at the May high of $1.187 and a return to $1.50.
A breakout from $1.50 would give the bulls a run at the March high of $1.752.MATIC struck a 2022 high of $2.665 on January 1.However, a fall through the August low of $0.754 would bring the June and the current year low of $0.317 into view.Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday.MATIC sat above the 100-day EMA, currently at $0.842.
Significantly, the 100-day EMA crossed through the 200-day EMA, with the 50-day EMA converging on the 200-day EMA.A bullish cross of the 50-day EMA through the 200-day EMA and the 100-day EMA would support a bearish trend reversal and a run at the August high.However, a pullback from the EMAs would support a fall through the August low to bring the 2022 low ($0.317) into view..
