State of the Crypto Market

Top Tokens Update

• Upcoming Major Token Unlocks –Optimism (OP) – August 31:
  A significant unlock of 32.21 million OP tokens is scheduled. Given Optimism’s key role in Ethereum scaling, this event could generate substantial interest in the market, possibly affecting the token’s price dynamics.
• dYdX (DYDX) – September 1:On the first of September, 8.33 million DYDX tokens will be unlocked. This unlock may impact the liquidity and price movement of the token as investors and traders react to the increased supply.
• Sui (SUI) – September 3:
  The final and most considerable unlock of 83.88 million SUI tokens will take place on September 3. This large-scale token release is expected to significantly influence the SUI market, drawing considerable attention from investors and traders due to its potential impact on market dynamics.

“Big Picture: Upcoming Weeks’ Key Economic Events”

Note: “Events in red font signify severe impact, while those in yellow indicate moderate.”

Bitcoin Technical Analysis

Summary:

• The current sentiment around BTC is Neutral. (Uncertain)
• Last week, the cryptocurrency market remained choppy with no significant sell-off news. Bitcoin (BTC) is currently caught between two open CME gaps and has been moving sideways. The trend remains unclear, with the upcoming PCE index release on August 30 and the monthly unemployment rate next week potentially impacting market direction. Historically, September has been a challenging month for the crypto market, raising the likelihood of BTC dropping to the $56,000–$57,000 range to fill the CME gap. On the upside, key resistance is noted at the late $60,000s level.
• Key support levels to consider are around $58000 and $57-56000 (CME Gap). On the upside, resistance levels is at $61500-$62000 (CME Gap), $65,00 & $67,000.
• It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
• For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.

Ethereum Technical Analysis

Summary:

• The current sentiment around ETH appears neutral. (Uncertain)
• ETH has mirrored Bitcoin’s recent path, currently trading between the 50 EMA weekly resistance and the 100 EMA weekly support. It is expected to move sideways for the next few days until Bitcoin establishes a clearer direction. On a positive note, the ETH/BTC pair has found strong support, suggesting that ETH and ETH-related tokens may outperform in the coming days.
• Significant support levels include $2400 and $2190, while resistance levels to watch are at $2800 and $3050.
• These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.

Disclaimer: “The information, advise and/or views provided on this page are that of the author or company and are for informational purposes only. The Platform does not intend to: (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, or (ii) to provide accounting, legal, or tax advice, or investment recommendations, or (iii) make any representation of any kind, express or implied, on accuracy, availability, reliability or completeness of the same. Note Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. AT NO TIME WILL THE PLATFORM BE LIABLE FOR YOUR USE OR RELIANCE OF THE SAID INFORMATION, ADVISE AND/OR VIEW WHICH IS SOLELY AT YOUR OWN RISK.”