Bitcoin and altcoins prices spiked the previous week as positive adoption news helped push the cryptocurrency’s market cap back above the 2T mark. With regard to the bull run, the assessment of the on-chain analysis states:
Almost everywhere #crypto investors who have stayed exclusively long in the past 30 days have enjoyed a pretty good looking spike in their portfolio values. $ LUNA, $ AVAX and $ AR led the top 100 #alts to see massive price hikes.
However, at the time of writing, Bitcoin and the majority of altcoins were trading in red as investors took profits. Bitcoin was down 1.28% to trade at $ 48,560 while Ethereum was trading at $ 3,188, down 2.66%. The withdrawal of applications for approval of Ether Futures ETFs from the SEC by the investment firms Van Eck and ProShares, just two days after their filing, also contributed to the negative sentiment.
On the flip side, AdvisorShares, an investment management company that offers a range of themed ETFs, recently filed an application with the Securities and Exchange Commission (SEC) for an exchange-traded Bitcoin futures fund (ETF). It is worth recalling that SEC chairman Gary Gensler suggested in his remarks earlier this month that Bitcoin ETFs, which only trade Bitcoin futures contracts, should be given a positive rating.
Selected altcoins such as Cardano (ADA, + 4.49%), Litecoin (LTC, + 0.18%), Telcoin (TEL, + 7.58%), Harmony (ONE, + 7.90%), Celo (CELO , + 3.37%), Nano (NANO, + 14.46%), Bakery Token (BAKE, + 21.02%), Kava.io (KAVA, + 12.03%) were trading in the green at the time of going to press.
One notable winner of the day remains Loopring (LRC), which is up nearly 70% as of press time. Loopring rose from lows of $ 0.3508 to highs of $ 0.60 on August 22, ahead of a major announcement bordering Layer 2 NFT. Loopring is an Ethereum (Layer 2) zkRollup protocol that was developed for setting up decentralized crypto exchanges.
This is what analysts are currently saying about BTC, ETH, LTC, DOGE
While the leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) are battling major resistance, popular Twitter analyst Pentoshi remains optimistic and says:
“The next pullback for $ btc and $ eth seems to me structurally to be the last big chance. When this trend starts up, I think that even the best traders (the short / sell spots) will be left behind if they don’t change the trend quickly and adapt to the market. “
He goes on, “if $ btc can break out here. People who trade too much will lose their BTC and Hodlers will win. I said this another time before it made an unrelenting 6x. Know when to act and when not to act. All you have to do is do nothing. My strategy is to do nothing when it happens. “
Cryptanalyst and trader Rekt Capital believes LTC has broken out of its flagging structure. He goes on to say, “The daily close above the structure confirms the breakout, although an ideal breakout would occur through a daily close above the orange area (weekly resistance).”
Analyst Michael Van de Poppe saw this when he said, “Litecoin is ready for $ 300”. At the time of writing, Litecoin (LTC) was trading at $ 180.27.
Cryptanalyst Kaleo believes a spike to $ 1 is likely if the dog coin breaks above 900 sats in their BTC pairing. The statement “don’t sleep here on $ DOGE”. he continued, “Here is the game plan – Dogecoin will continue to melt higher until it hits the HTF resistance of the BTC pair at around 900 sats. This is where you should stack because if it breaks that line. It’s over (aka $ 1.00 Giga Send). “
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