Bitcoin is facing downward pressure, while Ethereum holds steady and altcoins like CRO, SOL, KCS, HYPE, and IP remain poised for a potential recovery in the coming week.
Summary
- CRO wipes out nearly 20% value on the day after rallying 90% in the last seven days.
- Solana eyes come back to $250, hovers above $200 support on Friday.
- KuCoin token posted nearly 12% gains in the last seven days.
- Hyperliquid added 10% to its value this week.
- IP rallied nearly 6% and hovers above the $6 support level.
Bitcoin (BTC) is down nearly 5% on the day and hovers near the $108,000 support level. The largest cryptocurrency lost nearly 4% of its value in the past week.
Ethereum (ETH) holds steady above the $4,300 support level, up 3% in the same timeframe.
Cronos token (CRO), Solana (SOL), KuCoin (KCS), Hyperliquid (HYPE) and Story (IP) gained between 6% and 90% in the past week.
Top 5 altcoin seven-day gains
Cronos
Cronos is currently trading at $0.2713, close to the psychologically important $0.2552 level. CRO has established support at two key levels, $0.2013, and $0.2552. CRO could test resistance at $0.3878, as seen in the CRO/USDT daily price chart below.
Two key indicators, RSI and MACD support a thesis of recovery, RSI reads 69 and MACD flashes green histogram bars above the neutral line, meaning there is an underlying positive momentum in CRO price trend.
Solana
Solana holds steady above support at $200, the altcoin eyes a re-test of the $250 resistance if it sustains its upward trend. Solana has consistently outperformed Ethereum in terms of DEX metrics, while lagging behind in total value locked of the blockchain.
Solana’s momentum indicators on the daily timeframe support a bullish thesis for the token, and it is currently less than 25% away from a re-test of the $250 resistance.
KuCoin
KuCoin’s KCS token extended its gains on Friday, August 29. The native token of the exchange added nearly 12% to its value in the past week. The closest resistances are $14.30 and $14.60, and KCS could find support at $13.
RSI and MACD support a thesis of further gains in KCS in the coming week.
Hyperliquid
Hyperliquid’s HYPE token could re-test resistance at $51.189, the closest resistance level. HYPE’s daily price chart shows that there is an underlying positive momentum in HYPE’s upward trend, however this could wane as the green histogram bars are consecutively shorter in size.
HYPE could sweep support at $42 or $35, the two major support levels for the token.
Story Protocol
Story Protocol’s IP token could sweep liquidity and face a correction to $5.30, the nearest support level, before attempting another break from consolidation. A daily candlestick close under $5.30 could send IP to $4.
The technical indicators on the daily timeframe support a bearish thesis for the token.
However, if the underlying momentum changes to positive and IP extends its recent gains, it could face resistance at $7.50, 25% above the current price level. The next key resistance is $9, marked as R2 on the daily price chart.
Bitcoin whale movement
What happens next in altcoins depends on key factors, such as Bitcoin’s price trend and selling pressure across exchanges. While the king crypto made no significant moves in the past seven days, on-chain activity tracks a whale’s recent Bitcoin moves.
The whale in question sold 24,000 Bitcoin last week and is seen moving funds from the same wallet. A transfer of 10,000 BTC is marked on-chain, with 2,000 BTC directed to an exchange.
Data from a Bitcoin address explorer indicates that selling pressure on Bitcoin could increase in the coming week, unless buyers step in to absorb the additional BTC flowing into exchange platforms.
Derivatives data analysis
Derivatives data from Coinglass shows that the crypto market faced over $540 million in liquidations with a majority of long positions paying for shorts.This implies bullish traders are getting punished as prices of top cryptocurrencies decline and traders turn bearish.
The open interest has taken a hit, down to $200 billion, marking a 3% decline within a 24-hour timeframe.
Derivatives data indicate that further correction is likely in the market, and additional deleveraging could occur before tokens begin their recovery.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
