This week, crypto market forces aligned with US economic indicators, providing network updates and a broad-based crypto rally. Crypto analyst Bob Mason analyzes rival altcoins Cardano, Polkatot, Solana and Ethereum.
The top altcoin Cardano (ADA)
For the current week, from Monday to Saturday morning, Cardano is up 6.52% to $0.5620. A mixed start to the week saw ADA drop to $0.5023 on Wednesday before surging to Saturday’s high of $0.5636. Moving away from below $0.50 and the August low of $0.4890, Cardano broke the July high of $0.5556. The bulls escaped the June high of $0.6688.
cryptocoin.comFor Cardano, the Vasil hard fork delay limited the uptrend towards the weekend. Based on trend analysis, ADA will need to break through the current week’s high of $0.5636 to target June’s high of $0.6688. However, a break below $0.50 would trigger the August low of $0.4890. An extended sell could see ADA slide back to test support at $0.40 before any recovery. Here the hard fork updates the main driver.
Looking at the EMAs on a 4-hour basis, this was a bullish signal. On Saturday, ADA hovered above the 50-day EMA, which is currently $0.5277. The 50-day EMA receded from the 100-day EMA and the 100-day EMA expanded from the 200-day EMA. These are positives for Cardano price.
Further expansion of the 50-day EMA from the 100-day and 200-day EMAs will support a run from the June high. However, ADA needs to stay above the 50-day EMA to avoid a drop to the 100-day EMA, which is currently $0.5172. This is likely to raise the 200-day EMA ($0.5065) and below $0.50.
After Cardano (ADA) there is Polkadot (DOT)
From Monday to Saturday morning, DOT was up 10.6% to $9.57. Following the broader market, the DOT dropped to $8.55 on Wednesday before rising to $9.68 on Saturday. US economic indicators were behind the DOT movements during the week. For the bulls, breaking the July high of $9.20 was a bullish signal. Looking at the trends, a DOT move to the August high of $9.68 is likely to support a run at $10.00 and the June high of $10.73. The DOT is likely to make a clear rise from the $10.73 high to the May high of $16.44.
However, the DOT will need to stay clear of below $8.00 to avoid a return to the current year low of $5.99. Network updates continue to affect the price. In addition, sensitivity to the Fed’s monetary policy is important. So it will need to remain crypto-friendly to support the upside move towards $10.00.
Looking at the EMAs on a 4-hour basis, the signal was bullish. The DOT is currently sitting above the 50-day EMA at $8,9915. On Saturday, the 50-day EMA pulled out of the 100-day EMA. The 100-day EMA has expanded from the 200-day EMA. Both are positive for the DOT price.
A hold above the 50-day EMA will support the current run at $10.00. However, the DOT needs to avoid the 50-day EMA and below $8.00 to secure a break from the August high ($9.68).
And next is the leading altcoin Ethereum (ETH)
For the current week from Monday to Saturday, ETH is up 17.9% to $2,005. Updates to Ethereum Merge and US economic indicators have provided an ETH exit. ETH returns to $2,000 for the first time since May 31. Progress towards Merge in September provided strong support for Ethereum.
Looking at the trends, ETH now needs to break through to $2,500 to target the May high of $2,968 and $3,000. However, downside risks remain if the developers announce any delays to Merge. A drop below $1,500 is likely to set the July low at $1,010.
Looking at the EMAs on a 4-hour basis, this was a bullish signal. ETH settled above the 50-day EMA, currently at $1,805. The 50-day EMA has split from the 100-day EMA. Also, the 100-day EMA has diverged from the 200-day EMA. Both are positive for ETH price.
Further expansion of the 50-day EMA from the 100-day EMA will provide another breakout week. However, a drop in the 50-day EMA is likely to see the ETH test support at $1,750 and the 100-day EMA currently at $1,715.
Latest altcoin project Solana (SOL)
From Monday to Saturday morning, SOL was up 17.0% to $47.52. SOL showed a bearish trend in the first half of the week. It slumped to Wednesday’s low of $39.17 before hitting Saturday’s high at $48.40. The breakout week saw the SOL move from the June 14 current-year low of $25.84 to the July high of $47.45 to support the continued recovery.
Solana managed to dust off the previous week’s news of the Solana wallet heist. Looking at the trends, a return to $50 is possible for the bulls to run the May high of $95.17. SOL will need ample support to break out of $75. However, it’s important to avoid below $40 and the August low of $37.48. Because these levels remain the key to a long bull run.
Looking at the EMAs on a 4-hour basis, this was a bullish signal. SOL is currently sitting at the 50-day EMA at $42.41. The 50-day EMA has moved away from the 100-day EMA. Also, the 100-day EMA has expanded from the 200-day EMA. Both are positive for the SOL price. Further expansion of the 50-day EMA from the 100-day EMA will bring $50 into the game.
But SOL needs to avoid the 50-day EMA. A drop in the 50-day EMA will activate the 100-days EMA ($41.57) and the 200-days EMA ($40.59). A drop in the 200-day EMA is likely to cause a bullish reversal.
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