Key Insights: – It is a bullish week, with the total crypto market cap up by $28.9 billion to $950.4 billion.- Cardano (ADA) and Ethereum (ETH) lead the way, with the Vasil hard fork news and sentiment towards the Merge delivering breakout weeks.- However, technical indicators remain mixed, with market sentiment towards the Fed a headwind.In the current week, the total crypto market cap is up $28.9 billion (3.14%) to $950.4 billion.
US economic indicators and market sentiment towards Fed monetary policy provided direction in the week.While Fed fear remained a headwind, crypto network news delivered support.For the current week, Monday through Sunday, Cardano (ADA) leads the way.
Ethereum (ETH) also found strong support, while Solana (SOL) and Polkadot (DOT) trailed.
Cardano ADA For the current week, Monday through Sunday, ADA was up 15.6% to $0.496.Bullish from the start of the week, ADA rallied from a Monday low of $0.424 to a Sunday high of $0.510 before easing back.
Despite the bullish week, ADA came up short of the August high of $0.595.Throughout the week, Vasil hard fork updates delivered ADA price support.Early in the week, news of 75% of SPO nodes upgrading to v1.35.3 provided price support.However, Friday’s announcement of a September 22 Vasil hard fork date delivered a breakout weekend and a return to $0.51.On a trend analysis basis, ADA would need to move through the August high of $0.595 to break through the June high of $0.6688 and target the May high of $0.906.A return to $0.55 in the early part of the week will be the key.
However, a fall through this week’s August low of $0.425 would bring the May and the current year low of $0.384 into view.Vasil hard fork chatter should continue to provide direction.
Looking at the EMAs, based on the 4-hourly, it was a bullish signal.ADA sat above the 200-day EMA, currently at $0.481.
The 100-day EMA narrowed to the 200-day EMA, with the 50-day EMA closing in on the 100-day EMA to deliver positive price signals.
A bullish cross of the 50-day EMA through the 100-day EMA would support a run at the August high.However, a fall through the 200-day EMA ($0.481) would likely test support at the 100-day EMA ($0.470).Barring a crypto-meltdown, ADA should steer clear of the August low of $0.425.
Polkadot (DOT) Monday through Sunday, DOT is up 4.80% to $7.20.A mixed start to the week saw DOT fall to a Monday and an August low of $6.79 before rallying to a Friday high of $7.57.However, a bearish weekend left DOT back at sub-$7.30.There were no network updates to provide DOT support, with DOT briefly re-entering the top ten cryptos by market cap before falling back out.
Looking at the trends, a DOT move through the August high of $9.68 would support a run at $10.00 and the June high of $10.73.From $10.73, DOT would have a clear run at the May high of $16.44.However, DOT has to avoid the August low of $6.79 to prevent a continued retrace to the current year’s low of $5.99.While network updates will influence, Fed Fear keeps US economic indicators in the spotlight.Looking at the EMAs, based on the 4-hourly, the signal was bearish.DOT sat below the 50-day EMA, currently at $7.24.The 100-day EMA fell back from the 200-day EMA, while the 50-day EMA narrowed to the 200-day EMA.
The indicators delivered mixed price signals.A DOT slide from the 50-day EMA would likely see DOT slide through the August low of $6.79 to bring the current year low of $5.99 into view.However, a DOT move through the 100-day EMA ($7.43) to $7.50 would give the bulls a run at the 200-day EMA ($7.67).A return to $8.00 would bring the August high of $9.68 into play.Ethereum (ETH) Monday through Sunday, ETH was up 8.98% to $1,554.
A mixed start to the week saw ETH fall to a Monday and an August low of $1,421 before rallying to a Friday high of $1,650.Investor sentiment towards the upcoming Merge continued to provide ETH price support.Looking at the trends, an ETH return to $1,700 would support a breakout from the August high of $2,013 and a move through to $2,500.From $2,500, the bulls would target the May high of $2,968 and $3,000.A return to $3,000 would give the bulls a run at the April high of $3,582.A fall through the August low of $1,421 would bring the June and the current year’s low of $880 into view.Looking at the EMAs, based on the 4-hourly, it was a bearish signal.ETH sat below the 50-day EMA, currently at $1,568.
The 50-day EMA fell back from the 200-day EMA, with the 100-day EMA easing back from the 200-day EMA, both ETH price negatives.An ETH move through the 50-day EMA ($1,568) would support a run at the 100-day EMA ($1,602) and the 200-day EMA ($1,620).A breakout from the 200-day EMA would give the bulls a run at the August high of $2,031.However, a fallback from the 50-day EMA would bring the August low of $1,421 into view.Solana (SOL) Monday through Sunday, SOL was up 3.95% to $31.6125.Tracking the broader market, SOL fell to a Monday and an August low of $29.9150 before rallying to a Tuesday high of $33.1725.
US economic indicators and market sentiment towards the Fed provided direction throughout the week.Looking at the trends, a move through the August high of $48.42 would give the bulls a run at the May high of $95.19.SOL would need plenty of support to break out from $75.However, a fall through the August low of $29.9150 would give the bears a run at the June and the current year low of $25.78.Looking at the EMAs, based on the 4-hourly, it was a bearish signal.SOL sat below the 50-day EMA, currently at $32.0634 The 50-day EMA fell back from the 200-day EMA, with the 100-day EMA pulling back from the 200-day EMA, both price negatives.
An SOL slide from the 50-day EMA would bring sub-$30 and the August low of $29.9150 into play.From sub-$30, the bears will target the June 14 and current year low of $25.78.However, an SOL breakout from the 50-day EMA ($32.0634) would support a run at the 100-day EMA (33.8112).An SOL move through the 100-day EMA gives the bulls a run at the 200-day EMA ($36.0668) and $40..
