Daily Market Brief O@N Crypto Friday 6th August Caps | O&N Crypto ® Official - News, Analysis and...
Daily Market Brief
O@N Crypto
Friday 6th August
Caps and sentiment:
Market capitalisation: $ 1.33 trillion ( ↑6.05%) increase over the past day
Bitcoin’s dominance: 45.84% ( ↑0.78%) increase over the past day
Fear Index: 52 (↑ UP from 50)
Top 10 coin prices:
1. Bitcoin: $40,950
2. Ethereum: $2,790
3. Binance Coin: $336
4. Cardano: $1.38
5. XRP: $0.73
6. Dogecoin: $0.20
7. Polkadot: $19.92
8. Uniswap: $25.28
9. Bitcoin Cash: $545
10. Litecoin: $145
Brief analysis of the market:
The fear and greed index has risen from our lows of extreme fear and fear to a neutral rating of 50, as Bitcoin price remains just below our resistance zone of 42.5k. Bitcoins key resistance at this level has been tested by the bulls 3 times in the last week, which has led to violent rejections and a price plummet back down to the 37,400. Our expectation is a continuation of this trend whereby we can see 41k break and potentially another retest of the 42.5k resistance band, if however we see market sentiment start to wither we can expect a bleed of the Bitcoin price back down to the 36k. As soon by the fear and greed indicator we are in a 50/50 crunch point with the bears who potentially missed out on the 30k region wanting the price to drop back down to these levels and on the flip side the bulls who want to see us break the 42.5k resistance band which would push of the price highs of 45k.
The Ethereum London Hardfork was in play yesterday which has seen ETH on break many key resistance levels and settle around 2750, the next target for eth would be 3000USD however this price explosion we have experienced is due to the expectation everyone has of the EIP-1559. As we explained in a prior post this upgrade will have users participating in an open auction for every block, whereby they would have to place a bid with a miner. This structure is yet to confirm whether we will see lower gas fees than before the upgrade, but more so a dynamic fee structure which is likely to have higher fees during times of network strain.
DODO coin a favourite altcoin amongst the group in recent times, DODO coin has seen a nice price resurgence back to the 1.4 dollar range, breaking to the upside from a multimonth low, the next bullish price target for us would be the 1.88 dollar range and if that were to be broken we can expect a rally beyond the 2 dollar range. The team and I will be doing a comprehensive breakdown on the DODO platform and how it operates and this is always useful to keep in mind when trading altcoins.
