10th August 2024: Weekly Crypto Trends
Bitcoin and Ethereum had a very volatile week, with Bitcoin falling sharply to around 5000, before reversing out all of the losses. Ethereum did not fare so well, recording a loss on the week of 12.9%, but reducing that from intra week losses of 27%. Ethereum has resistance at 2870, while Bitcoin has probable top formation.
Secondary coins were also generally down on the week, but off the worst readings. Weaker coins made new short term lows during the week, maintaining the recent sharp downtrends. Stellar, Ripple and Solana made modest gains on the week.
From a trend perspective, Secondary coins are still poor, with only BNB, Near and Solana retaining top quartile trend scores. The rest have negative scores, with Gaming coins, Polkadot, Cardano, Polygon and Cosmos all bottom quartile.
Crypto related equities were generally lower, with falls of 9% in Microstrategy, 5.9% in Hive and 4% in Coinbase. Microstrategy tested 100 intra week before closing above support at 119; Coinbase recovered support at 180 intra week.
Major Coin Summary
| Name | Close | Daily Ch % | Wk Ch | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|---|---|
| Bitcoin | 60,880.11 | -1.3% | -534.95 | -0.9% | 51 | 0 | 47 | 36 |
| Ethereum | 2,599.60 | -3.1% | -386.41 | -12.9% | 39 | -83 | 7 | -15 |
Bitcoin and Ethereum had a very volatile week, with Bitcoin falling sharply to around 5000, before reversing out all of the losses. Ethereum did not fare so well, recording a loss on the week of 12.9%, but reducing that from intra week losses of 27%. Ethereum has resistance at 2870, while Bitcoin has probable top formation.
Ratio Chart
Bitcoin made new short term highs versus Ethereum.
Secondary Coin Summary
Weekly change – highest to lowest
| Name | Close | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|
| Stellar (Privacy Coin) | 0.10 | 4.7% | 56 | -42 | -92 | -80 |
| XRP (Smart Contract Coin) | 0.58 | 3.6% | 58 | 42 | -41 | -20 |
| Solana (Smart Contract Coin) | 156.46 | 2.5% | 54 | 75 | 88 | 85 |
| Decentraland (Gaming Coin) | 0.28 | -2.9% | 43 | -83 | -88 | -87 |
| Monero (Privacy Coin) | 153.08 | -3.1% | 41 | 75 | -45 | -15 |
| Cardano (Smart Contract Coin) | 0.35 | -4.2% | 43 | -83 | -88 | -87 |
| Cosmos (Smart Contract Coin) | 5.09 | -5% | 38 | -83 | -92 | -90 |
| Theta Token (Gaming Coin) | 1.18 | -5.3% | 42 | -83 | -41 | -51 |
| BNB Chain Native Token (Smart Contract Coin) | 509.18 | -6.2% | 45 | 0 | 47 | 36 |
| Polkadot (Cross Chain Coin) | 4.79 | -6.5% | 39 | -75 | -92 | -88 |
| DogeCoin (Memecoin) | 0.10 | -6.8% | 45 | -75 | 7 | -13 |
| The Sandbox (Gaming Coin) | 0.26 | -6.5% | 43 | -83 | -88 | -87 |
| Avalanche (Smart Contract Coin) | 21.77 | -7.7% | 43 | -83 | 7 | -15 |
| Polygon (Smart Contract Coin) | 0.42 | -9.8% | 39 | -83 | -88 | -87 |
| Near (Smart Contract Coin) | 4.06 | -11.8% | 43 | -75 | 47 | 17 |
| ChainLink (Cross Chain Coin) | 10.55 | -11.5% | 40 | -83 | 7 | -15 |
| THORChain (Smart Contract Coin) | 3.24 | -12.7% | 44 | -83 | 7 | -15 |
| Fantom (Smart Contract Coin) | 0.34 | -12.4% | 38 | -75 | 7 | -13 |
Secondary coins were also generally down on the week but off the worst readings. Weaker coins made new short term lows during the week, maintaining the recent sharp downtrends. Stellar, Ripple and Solana made modest gains on the week.
Trend score – best to worst
| Name | Close | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|
| Solana (Smart Contract Coin) | 156.46 | 2.5% | 54 | 75 | 88 | 85 |
| BNB Chain Native Token (Smart Contract Coin) | 509.18 | -6.2% | 45 | 0 | 47 | 36 |
| Near (Smart Contract Coin) | 4.06 | -11.8% | 43 | -75 | 47 | 17 |
| Fantom (Smart Contract Coin) | 0.34 | -12.4% | 38 | -75 | 7 | -13 |
| DogeCoin (Memecoin) | 0.10 | -6.8% | 45 | -75 | 7 | -13 |
| THORChain (Smart Contract Coin) | 3.24 | -12.7% | 44 | -83 | 7 | -15 |
| Avalanche (Smart Contract Coin) | 21.77 | -7.7% | 43 | -83 | 7 | -15 |
| ChainLink (Cross Chain Coin) | 10.55 | -11.5% | 40 | -83 | 7 | -15 |
| Monero (Privacy Coin) | 153.08 | -3.1% | 41 | 75 | -45 | -15 |
| XRP (Smart Contract Coin) | 0.58 | 3.6% | 58 | 42 | -41 | -20 |
| Theta Token (Gaming Coin) | 1.18 | -5.3% | 42 | -83 | -41 | -51 |
| Stellar (Privacy Coin) | 0.10 | 4.7% | 56 | -42 | -92 | -80 |
| Polygon (Smart Contract Coin) | 0.42 | -9.8% | 39 | -83 | -88 | -87 |
| Cardano (Smart Contract Coin) | 0.35 | -4.2% | 43 | -83 | -88 | -87 |
| Decentraland (Gaming Coin) | 0.28 | -2.9% | 43 | -83 | -88 | -87 |
| The Sandbox (Gaming Coin) | 0.26 | -6.5% | 43 | -83 | -88 | -87 |
| Polkadot (Cross Chain Coin) | 4.79 | -6.5% | 39 | -75 | -92 | -88 |
| Cosmos (Smart Contract Coin) | 5.09 | -5% | 38 | -83 | -92 | -90 |
From a trend perspective, Secondary coins are still poor, with only BNB, Near and Solana retaining top quartile trend scores. The rest have negative scores, with Gaming coins, Polkadot, Cardano, Polygon and Cosmos all bottom quartile.
| Name | Close | Daily Ch % | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|---|
| Ark Innovation ETF | 41.46 | 0.4% | 0.6% | 43 | -75 | -92 | -88 |
| Block Inc | 62.14 | 1.5% | 2.9% | 47 | -75 | -92 | -88 |
| Coinbase Global Inc Cl A | 196.29 | 2.1% | -4% | 43 | 0 | 43 | 33 |
| Hive Blockchain Technologies Ltd | 2.88 | -2.7% | -5.9% | 48 | 42 | -41 | -20 |
| Marathon Digital Hldgs Inc | 17.03 | -2.1% | -0.9% | 41 | -33 | 7 | -3 |
| Microstrategy Cl A | 135.37 | -0.5% | -90.7% | 29 | -25 | 81 | 55 |
| Riot Blockchain Inc | 8.06 | -2.8% | -6% | 44 | -75 | -88 | -85 |
| Robinhood Markets Inc Cl A | 17.92 | 1.1% | 0.2% | 36 | 0 | 47 | 36 |
| Tesla Inc | 200.00 | 0.6% | -3.7% | 43 | 75 | -92 | -51 |
Crypto related equities were generally lower, with falls of 9% in Microstrategy, 5.9% in Hive and 4% in Coinbase. Microstrategy tested 100 intra week before closing above support at 119; Coinbase recovered support at 180 intra week.