Turning to the charts we can see that BTC continues to struggle to hold on to that 20k zone of support and it looks like it’s only a matter of time before we break to the downside.
If we do the near-term target will be 18k and after that… Spoiler… BTC could fall as low as 12k in the coming months.
Get that filthy, fiat ready.
Last week’s top performing cryptocurrencies were Celsius, Chiles, XRP, Quant network and the FEY USD decentralized stablecoin.
Starting with Celsius, the Cell token is rallying on all the positive news related to the crypto platform’s bankruptcy notably the news that Celsius wants to sell off its stable coins.
I reckon the assumption there is that this capital will go to Celsius users who’ve had their crypto stuck on the platform since June.
I must admit that Cell’s recent price action has been quite impressive but I find it hard to believe that it will continue its current uptrend in the face of so many macro and crypto factors weighing on the markets.
Recall that the SEC went after Celsius as well.
Next we have Chiles whose CHC token seems to be rallying on the news that many of Chile’s fan tokens are being listed on cryptocurrency exchanges, like Cell, CHZ has been looking strong.
Lately but it’s struggling to break above that zone of resistance at 25 cents which I pointed out in previous weekly crypto reviews.
I expect to see a correction in the short term.
Then there’s XRP which is rallying because of speculation around the outcome of the SEC’s case against Library which I covered earlier.
Again if the judge sides with Library then the SEC won’t have the precedent, it needs to crack down on XRP and other altcoins.
Similarly to CHC, XRP is facing lots of resistance around the 40 cent level and is also looking oversold on the daily chart.
It looks like XRP could fall back down to the 35 cent or even 30 cent level in the coming weeks assuming the judge sides with the SEC of course.
Otherwise a move to 65 cents could occur.
When it comes to Quant Network, the QNT token is apparently rallying because of Ethereum’s transition to proof of stake.
There also seems to be lots of hype around Quant Network’s upcoming appearance at a financial services conference in Amsterdam in October.
It’s too bad that there seems to be a bearish divergence between QNT’s price and the RSI on the daily.
This discrepancy could cause QNT to fall below the 100 level in the coming weeks.
And finally we have the FEY USD decentralized stablecoin which was only a top performing cryptocurrency because it fell off its peg and then regained it.
Again sort of let’s hope crypto dev somewhere will come up with a way to create a truly decentralized stable coin that can handle the crypto market volatility.