20th August 2023: Weekly Crypto Trends
Bitcoin and Ethereum were sharply lower on the week by 11.6% and 10% respectively. Bitcoin has support around the 25000 mark, while Ethereum may now be in a lower range 1500-1750.
Secondary coins were sharply lower on the week, with the exception of Thorchain which was significantly up by 40%. Ripple was down by 19%, breaking support at 0.6, followed by The Sandbox, -17.5%, Chainlink, -17.4%, Fantom, 17.1% and Decentraland, at -16.8%. All of the former made new short term lows, as did Cosmos, Binance, Avalanche and Near. Polkadot and Dogecoin test recent lows.
Crypto related equities were also significantly lower. Marathon, Riot and Microstrategy all break short term supports. Hive has retraced to potential support at 3.5, while Block is at the bottom of the range at 55.
News
Binance.US has filed a motion seeking a protective order to limit the scope of discovery sought by the Securities and Exchange Commission (SEC). The U.S. part of Binance had previously entered into a consent order with the SEC after the agency sought to freeze all of its assets over concerns as to how safe were the customer digital assets held by the company.
OpenSea has said that from 31st August that it will not enforce creator fees or new NFT collections.
| Name | Close | Daily Ch % | Wk Ch | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|---|---|
| Bitcoin | 26,058.63 | -2.4% | -3410.71 | -11.6% | 27 | -8 | -3 | -4 |
| Ethereum | 1,663.50 | -1.4% | -184.93 | -10% | 33 | -33 | 0 | -8 |
Bitcoin and Ethereum were sharply lower on the week by 11.6% and 10% respectively. Bitcoin has support around the 25000 mark, while Ethereum may now be in a lower range 1500-1750.
Weekly change – highest to lowest
| Name | Close | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|
| THORChain (Smart Contract Coin) | 1.61 | 40.7% | 77 | 8 | -88 | -64 |
| Monero (Privacy Coin) | 143.63 | -8.4% | 31 | -33 | -88 | -74 |
| BNB Chain Native Token (Smart Contract Coin) | 216.36 | -9.7% | 35 | -83 | -47 | -56 |
| Cosmos (Smart Contract Coin) | 7.59 | -9.1% | 34 | -83 | -88 | -87 |
| Cardano (Smart Contract Coin) | 0.26 | -9.9% | 45 | -75 | -88 | -85 |
| Polkadot (Cross Chain Coin) | 4.52 | -9.7% | 38 | -75 | -92 | -88 |
| Avalanche (Smart Contract Coin) | 10.83 | -13% | 36 | -83 | -88 | -87 |
| Solana (Smart Contract Coin) | 21.41 | -13% | 49 | 42 | -88 | -56 |
| Near (Smart Contract Coin) | 1.15 | -14.1% | 40 | -83 | -88 | -87 |
| Polygon (Smart Contract Coin) | 0.58 | -15% | 37 | -83 | -88 | -87 |
| Theta Token (Gaming Coin) | 0.63 | -15.9% | 39 | -83 | -88 | -87 |
| Stellar (Privacy Coin) | 0.12 | -16.1% | 55 | 75 | -41 | -12 |
| DogeCoin (Memecoin) | 0.06 | -16% | 48 | -75 | -88 | -85 |
| Decentraland (Gaming Coin) | 0.31 | -16.8% | 31 | -92 | -88 | -89 |
| Fantom (Smart Contract Coin) | 0.20 | -17.1% | 34 | -92 | -88 | -89 |
| ChainLink (Cross Chain Coin) | 6.18 | -17.4% | 49 | 42 | -88 | -56 |
| The Sandbox (Gaming Coin) | 0.33 | -17.5% | 30 | -92 | -88 | -89 |
| XRP (Smart Contract Coin) | 0.51 | -19.4% | 52 | 75 | 41 | 49 |
Secondary coins were sharply lower on the week, with the exception of Thorchain which was significantly up by 40%. Ripple was down by 19%, breaking support at 0.6, followed by The Sandbox, -17.5%, Chainlink, -17.4%, Fantom 17.1% and Decentraland at -16.8%. All of the former made new short term lows, as did Cosmos, Binance, Avalanche and Near. Polkadot and Dogecoin test recent lows.