Crypto roundup: Bitcoin and Ethereum edge towards wedges; AUDIO plays its own tune
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While much of the crypto market hangs to the side of the dance floor waiting to see what shapes Bitcoin throws, Audius (AUDIO) has been moving to a beat of its own.
The decentralised music-streaming platform, which announced a partnership with TikTok yesterday, is up 90% in the past 24 hours, although has pulled back somewhat from its daily peak of US $3.94 set a few hours ago. It’s currently trading at US $3.10.
Bitcoin (BTC), meanwhile is looking like it might want to dance, fall over drunk or just go home and lie down. It’s a bit difficult to tell. It’s down 0.8% since this time yesterday and changing hands for US $45,921 at the time of writing.
The no.1 crypto has been forming into a “rising wedge” pattern in the past few days, with lowering volume. This “volume divergence” is a bearish signal, according to quite a few analysts, many of whom are expecting the BTC price to pull back in the short term.
#bitcoin price closing under rising wedge, MACD bearish crossover on daily, and RSI showing bearish divergence.
This does not mean I am a bear or that BTC is about to die, it means we have had an awesome few weeks and some better buying opportunities may be coming! pic.twitter.com/5bNoeUiJHb
— Lark Davis (@TheCryptoLark) August 17, 2021
The first lower-support levels chart watchers are looking at tend to fall in a range between US $42K and US $43K.
Ethereum (ETH), down 0.37% at US $3,183, is in a rising-wedge formation of its own. It could be looking for support around the US $2,960 level.
One analyst, Rekt Capital, meanwhile, wouldn’t be surprised to see the entire altcoin market correct by a “healthy” amount. And a cross-section of expert opinion seems to hold that a market dip after such a strong recent run is likely and even necessary.
That said, the crypto market frequently surprises even the most analytical of analysts.
In fact, in Dutch trader Michaël van de Poppe’s latest video, and second of today, he suggests there’s a decent chance both Bitcoin and Ethereum could actually be forming bull pennants. This means a breakout to the upside is not out of the question after some gentle, consolidating sideways action.
So… this leads us to the only conclusion we can possibly make at this point: Bitcoin, Ethereum and the alts could be going up, down or sideways.
When in doubt, zoom out.
Having been on a tear so far this week, Solana has slowed down and dipped a little in the past five hours or so. But it’s still in a good place, up 4.31%, trading at US $69.93 and showing signs of strength with a highly active ecosystem narrative building by the day.
It reached an all-time high of US $74.08 about eight hours ago at the time of writing.
Other top-100 altcoins having a good 24 hours, and indeed great week, include: Helium (HNT) +23.9%; Terra (LUNA) +17.4%; Avalanche (AVAX), +15.5%; Sushi (SUSHI) +14.7%; and Axie Infinity (AXS) +11.7, which lately never seems far from the action.
Well outside of the top 100 (no. 538), and one to watch, is a coin called Exeedme (XED). Before the big May dip, this was a project that was beginning to receive some social media attention, thanks to its play-to-earn gaming and esports connections and Venture Capital backing from the likes of Morningstar and Moonrock Capital.
The token is up 50.7% today and 126% over the past seven days, which is probably thanks to affiliations like this…
TODAY IS THE DAY!
🪖ULTIMATE WARZONE SERIES🪖
1 Week | 10 000$ Prize Pool
CALL OF DUTY arrives at @Exeedme 6pm GMT
— Exeedme (@Exeedme) August 13, 2021
• Mike Novogratz’s Galaxy Digital has become the latest firm to file a Bitcoin Futures Exchange Traded Fund (ETF) with the SEC.
• Austrian crypto investment platform Bitpanda has closed a $263 million funding round, led by Peter Thiel’s Valar Ventures, giving it a valuation of US$4.1 billion.
• Ledger Live has said it will support an “accessible” Ethereum staking option in partnership with Lido Finance, allowing users to stake less than 32 ETH.
• Major European music festival Untold has partnered with the Elrond Network to allow tickets for its 2021 festival to be purchased with EGLD crypto.