Market
Major Market Events to Watch
Crypto markets are off to a shaky start, but several events this week could impact portfolios. Traders and investors will be watching closely, hoping to take advantage of the price swings these events might cause.
The common “buy the rumor, sell the news” strategy could come into play as traders make moves around key crypto events this week.
US CPI Data Could Impact Bitcoin and Broader Crypto Market
The Consumer Price Index (CPI) report, set for release on September 11, is one of the most important events this week. After a quiet period in 2023, macroeconomic data is once again impacting Bitcoin (BTC) and crypto markets. Traders are seeing increased volatility around key reports, with CPI being a major focus.
“Bitcoin made a significant bounce and reached $54,800-55,200. I do not know whether we are continuing that pace in one go. It’s CPI week, another big data point. Expecting liquidity to be taken and then <$53,000 before we go back up. Invalidated if break above $56,000 -> positive,” renowned crypto investor Michaël van de Poppe wrote.
Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030
Zero1 Labs Announces Technical Roadmap
Decentralized AI ecosystem Zero1 Labs is set to unveil its technical roadmap. Zero1 Labs is focused on building AI systems on the blockchain, promoting a more equitable, democratic approach to AI development.
As the network positions decentralized AI as a key driver of innovation, its token, DEAI, may experience volatility around the roadmap release. Zero1 Labs has also hinted at “something special” for financial solutions company Cypher in its upcoming announcement.
SushiSwap Enters Meme Coin Race
Amid the ongoing meme coin battles between Solana’s Pump.fun and Tron’s SunPump, SushiSwap is entering the scene on September 10 with its new meme coin launchpad, Dojo. As BeInCrypto reported, Dojo aims to address pump-and-dump issues common in the meme coin space.
To make this initiative stand out in an overcrowded market, SushiSwap has partnered with Goat Trading. This collaboration seeks to position Dojo as a safer alternative amid growing concerns about rug pulls and scam tokens in the meme coin ecosystem.
“Using narrow-range liquidity on Sushi V3, we’re able to allow users to sell tokens without any slippage. Instead of dumping on the market, users can provide liquidity that is sold as price rises so it causes no dumps. Whales, snipers, and teams can sell without large dumps,” SushiSwap explained on X (Twitter).
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Like Tron’s TRX token, which benefited from the excitement around SunPump, the SUSHI token could see a similar boost from this new initiative. BeInCrypto previously reported that August was TRX’s most bullish month since April-May 2021.
Starknet Proposes STRK Staking
Ethereum Layer-2 scaling solution Starknet recently announced plans to launch STRK staking through a community vote, marking a new chapter in its governance. For the first time, STRK holders will be able to vote on the Mainnet, giving them direct influence over the staking mechanism and the network’s future.
By staking their STRK tokens, holders can enhance Starknet’s security while earning rewards. The proposal includes a minting mechanism to manage token creation and rewards, alongside a protocol for modifying these parameters, balancing network security with inflation control.
As the proposal moves forward, STRK may experience volatility, presenting opportunities for investors anticipating the token’s future growth.
Polygon’s POL Listing on Binance
Binance, the largest exchange by trading volume, will list Polygon’s POL token on September 13. Polygon recently transitioned from MATIC to POL, boosting token flexibility and network functions.
POL will play a key role in the Polygon 2.0 roadmap, supporting staking and gas functions across its ecosystem.
Read more: Polygon (MATIC) Price Prediction 2024/2025/2030
Traders are increasingly focused on POL, making it a token to watch this week. BeInCrypto data shows growing interest in POL , with the price trending upward to $0.378 at the time of writing.
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Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
Market
Will Bulls Push It Higher?
Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.
- Ethereum started a fresh surge above the $2,650 resistance zone.
- The price is trading above $2,700 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above $2,850 and $2,880.
Ethereum Price Extends Surge
Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.
It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.
Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.
An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.
A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,850
Major Resistance Level – $2,720
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