Key Insights: – Bitcoin (BTC) is on target for a fourth weekly rise in six, with the total crypto market cap eyeing a sixth consecutive weekly rise.- US economic indicators and a shift in the investor outlook towards the September Fed monetary policy decision delivered support to riskier assets.- The shift in sentiment was evident in the technical indicators for BTC, ADA, ETH, MATIC, and SAND, suggesting the bullish trend to continue.For the week ending August 14, the total crypto market cap is on target for a sixth consecutive weekly rise.The current upswing could also support a second consecutive monthly rise.Monday through Sunday morning, the crypto market cap was up $79 billion to $1,154 billion.Recent crypto network news updates have put several coins back in the spotlight.
While Ethereum (ETH) Merge updates remained the focal point, other updates have highlighted a pickup in activity across the digital asset space.Coins to monitor in the week ahead include Cardano (ADA), bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), and The Sandbox (SAND).In addition to further network updates, the US economic calendar will continue to provide direction.US industrial production (Tues), retail sales (Wed), Philly Fed Manufacturing Index (Thurs), and jobless claims (Thurs) are the key stats of the week.Following the better-than-expected NFP and service sector PMI numbers, another set of positive indicators could fuel bets of a more aggressive September rate hike.While inflation softened to 8.5% in July, inflation sits well above the Fed target.Favorable economic and labor market conditions could allow the Fed to deliver another 75-basis point rate hike or more.
Therefore, on Wednesday, the FOMC meeting minutes will have a material impact on riskier assets.We expect the NASDAQ 100 to continue to drive appetite for BTC and the broader market.Bitcoin (BTC) This week, Monday through Sunday morning, bitcoin (BTC) was up 5.72% to $24,505.A mixed start to the week saw BTC fall to a Wednesday low of $22,675 before making a move.Finding support from softer US inflation numbers, BTC struck a Thursday high of $24,896 before easing back.BTC responded to the US economic indicators and sentiment towards Fed monetary policy.The Bitcoin Fear & Greed Index reflected investor optimism, rising from 30/100 on September 7 to 46/100 on Sunday morning.
Looking at the trends, a BTC move through the August high of $24,896 to $25,000 would support a run at the June high of $31,956.From $31,956, a move through $35,000 would bring the May high of $40,004.However, a fall back to sub-$20,000 would give the bears a look at the current year low of $17,601, Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal.
This morning, bitcoin sat above the 50-day EMA, currently at $23,878.The 50-day pulled away from 100-day EMA, with the 100-day EMA widening from the 200-day EMA, delivering bullish BTC signals.A further 50-day EMA widening from the 100-day EMA would support a return to $25,000 to give BTC a look at $30,000.However, BTC would need to hold above the 50-day EMA to avoid the 100-day EMA, currently at $23,468, and a return to sub-$23,000.Cardano (ADA) This week, Monday through Sunday morning, ADA was up 10.75% to $0.5843.Tracking the broader market, ADA fell to a Wednesday low of $0.5023 before striking a Sunday high of $0.5859.While finding support from the latest US economic indicators, network news updates were also ADA positive.News of progress towards the delayed Vasil hard fork provided ADA support.
Looking at the trends, a return to $0.60 would give the bulls a run at the June high of $0.6688.From $0.6688, ADA would have a free run at the May high of $0.9047 to target $1.00.A fall back to sub-$0.50 would give the bears a look at the June low of $0.4026 and the current year low of $0.3919.Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal.ADA sat above the 50-day EMA, currently at $0.5336.The 50-day pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish ADA price signals.Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after testing support at the 50-day EMA on August 12.However, a fall through the 50-day EMA could bring the 100-day EMA, currently at $0.5222, into play.
Ethereum (ETH) This week, Monday through Sunday, ETH was up 16.64% to $1,984.A bearish start to the week saw ETH fall to a Wednesday low of $1,657 before striking a Saturday high of $2,020.While broader crypto market sentiment delivered support, Merge updates drove ETH to $2,000 for the first time since May 31.Looking at the trends, a move through this week’s high of $2,020 would support a run at the May high of $2,968.ETH would need plenty of support to break out from the psychological resistance level at $2,500.
A return to $3,000 would then give ETH a free run at the April high of $3,581.A fall through $1,750 to the week low of $1,675 would see the bears target $1,500 before any recovery.Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal on Sunday.
ETH sat above the 50-day EMA, currently at $1,835.The 50-day pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish ETH price signals.Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after the August 10 breakout from the 50-day EMA.However, a fall through the 50-day EMA could bring the 100-day EMA, currently at $1,740, into view.
Polygon (MATIC) This week, Monday through Sunday morning, MATIC was up 12.67% to $1.022 A bearish start to the week saw MATIC fall to a Wednesday low of $0.8713 before rallying to a Sunday high of $1.045.Polygon network updates delivered another bullish week.Reportedly, the number of Dapps on Polygon has risen 400% year-to-date.
Sentiment towards Polygon has been bullish since the Disney (DIS) announcement and the launch of Polygon ID.
Looking at the trends, a return to $1.50 would support a run at the May high of $1.187 and $1.20.From $1.20, MATIC would have a free run at the April high of $1.729.However, a MATIC fall to sub-$0.90 would give the bears a look at the week low of $0.870 and the August low of $0.8494.Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal on Sunday.MATIC sat above the 50-day EMA, currently at $0.9397.The 50-day pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish MATIC price signals.After the August 12 breakout from the 50-day EMA, a further widening of the 50-day EMA from the 100-day EMA would continue to support the bullish trend.However, a fall through the 50-day EMA could bring the 100-day EMA, currently at $0.9118, and sub-$0.90 into view.
The Sandbox (SAND) Monday through Sunday morning, SAND is up a modest 1.82% to $1.343.Range-bound throughout the week, SAND rose to a Monday high of $1.391 before falling to a low of $1.258 before steadying.There were no updates or big metaverse news stories to influence.A lack of sensitivity to US economic indicators left SAND trailing the broader market, which could put SAND in the spotlight for investors looking for crypto laggards.
Looking at the trends, a breakout from the July high of $1.545 would give SAND a free run at the May high of $2.456.However, SAND needs to return to the $2.00 handle to avoid a reversal.A pullback to the July low of $1.007 could see SAND retreat towards the June current year low of $0.7322.Looking at the 4-hourly chart and the EMAs, the signal was bullish.
SAND stood above the 50-day EMA, currently at $1.3247.The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA, both positive SAND indicators.After breaking out from the 50-day EMA, a further widening of the 50-day EMA from the 100-day EMA would support a breakout from the July high of $1.545 to target the $2.00 handle.However, a fall through the 50-day EMA would bring the 100-day EMA, currently at $1.3152, and the 200-day EMA ($1.2894) into view.A fall through the 200-day EMA could signal a near-term bullish trend reversal..
