Several analysts shared their Analysis for various Altcoin Projects. These analyses mostly pointed to a decline. Here are the details…
/parofix.com/categories/altcoin-discussion.415/">Altcoin
-sand”>The first altcoin on the list: SAND
According to analyst Dipayan Mitra, the SAND is at risk of decline. Sandbox (SAND) is facing challenges as the next token, which accounts for more than 16% of its supply, is scheduled to open on August 14. Investors are abandoning the SAND, contributing to the price drop. The Metaverse token is under pressure due to increased supply and selling pressure. Recent data shows that SAND Wallets are transferring a significant amount of Tokens and whale activity around SAND is increasing, but the big players are selling rather than buying. In addition, SAND’s supply held by the top addresses has decreased.
Negative metrics have affected the Altcoin Price, with a decline of over 7% in the last seven days. More than 90% of SAND investors are at a loss, reflecting the bearish impact on most metaverse tokens. With the exception of the Chaikin Money Flow (CMF), which has gained upward momentum and is on the rise, Market indicators are mostly bearish. In the current market conditions, the future for Sandbox remains uncertain.
Cardano breaks support level on the downside
According to analyst Benjamin Nijiri, a short position can be opened in Cardano. Cardano (ADA) has lost more than 20% of its value from its mid-July high of $0.38 to below $0.30 at the time of writing. Technical indicators for the ADA’s price chart are giving mixed signals. The Relative Strength Index (RSI) shows that selling pressure has increased since the end of July, while the Chaikin Money Flow points to significant capital inflows over the same period, but these inflows have recently decreased.
After sellers broke the $0.30 support level, they gained leverage and turned this level into resistance. If bearish pressure continues, ADA may fall to its early July support of $0.276, offering a short position opportunity with a good risk ratio. However, closing of the H4 candlestick session above $0.30 will invalidate the idea of short selling and make $0.3 a stop loss and exit target. Market sentiment reinforces the bearish outlook, as CryptoMeter shows an overwhelming selling volume of 54.9% versus 45.1% buying volume in the spot market. The futures market is also showing a decline in demand for ADA, with the open position dropping from over $140 million to below $130 million. In addition, the futures market volume has fallen by more than 20%, leading to the liquidation of more long positions across all time frames, pointing to a potential downward spiral, especially if BTC continues to suffer losses in the coming hours or days.
Altcoin TRX experienced a pullback
Analyst Abiodun Oladokun talked about Tron. Tron (TRX) experienced a pullback at the $0.0850 – $0.0940 price levels on July 29. This resulted in a downward trend for the altcoin. The price of TRX, which is currently Trading at $0.0763, fell by 9% last week, and the key indicators on the daily chart point to a further decline for the altcoin. The Moving Average Convergence Divergence (MACD) and the Awesome Oscillator point to a bearish signal with the MACD line crossing below the signal line and the Great Oscillator showing red histogram bars below the centerline, indicating weaker short-term momentum compared to long-term momentum.
TRX’s accumulation declined as seen through the Relative Strength Index (RSI) below the centerline and the Money Flow Index (MFI) approaching oversold territory. The Chaikin Money Flow (CMF) also broke below the zero centerline, signaling weakness in the market and increased liquidity outflow. Market sentiment remains negative as TRX’s weighted sentiment remains in negative territory. This has caused many investors to close their trading positions, as evidenced by the 14% drop in altcoin open positions in the last seven days. In addition, the fact that funding rates have turned negative shows that the number of investors who are short selling altcoins is increasing.
Litecoin’s hash rate drops after halving
Analyst Aniket Verma drew attention to Litecoin. parofix.com As we reported, LTC has recently undergone a halving. One of the prominent effects of the halving is that the network experiences a noticeable drop in hash rate. After a temporary increase on the day of the halving, the hash rate entered a downward trend. This decrease in hash rate can be attributed to the profitability of miners as decreasing block rewards affect their income. In addition, LTC’s price movement sit had been in a downward trend for a few days. Miners often need to liquidate their crypto assets to cover mining and infrastructure costs. With declining returns, less efficient miners may have to exit the market, which can lead to a drop in the hash rate.
Furthermore, the drop in hash rate can also be linked to poor network activity as users avoid using LTC in transactions during the price drop. This resulted in reduced transaction fees collected by miners and caused mining machines to run below full capacity due to reduced network traffic. LTC’s downward price movement also affected the derivatives market, with a greater number of short positions taken compared to long positions. This shows the downside price expectations of investors in the near term.
This Is The Bearish Signal For 5 Altcoins: Prices May Be Melting!
XRP whales triggered a drop in price
Finally, analyst Scott Matherson pointed to whale movements in XRP. Large XRP whale wallets have launched a significant sell-off, throwing away more than 100 million tokens and putting significant selling pressure on the XRP price. On-chain data reveals that the total supply at addresses holding between 100,000 and 1,000,000 coins has fallen from 6.85 billion to 6.75 billion since July 19. The actions of whale owners often reflect market sentiment, and their sales can trigger a chain reaction of smaller owners’ sales, leading to price drops. Right now, XRP whales may be profiting after the recent price surge that followed news of a partial victory in the SEC case. The price of XRP has since fallen nearly 15% from its highest level of the year. The price drop coincided with the period when XRP whales began to sell their holdings.
This isn’t the first time this sale has happened, as a similar scenario occurred in June when whales disposed of about 120 million XRP after Ripple unlocked the escrow. Such sales could trigger further price volatility as the market adjusts to the increasing supply of altcoins. Despite the recent sell-off, the XRP price has performed relatively well compared to the general market. The whales have reportedly accumulated over $500 million in XRP since February, anticipating positive developments in the ecosystem.
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/parofix.com/categories/altcoin-discussion.415/">Altcoin
-sand”>The first altcoin on the list: SAND
According to analyst Dipayan Mitra, the SAND is at risk of decline. Sandbox (SAND) is facing challenges as the next token, which accounts for more than 16% of its supply, is scheduled to open on August 14. Investors are abandoning the SAND, contributing to the price drop. The Metaverse token is under pressure due to increased supply and selling pressure. Recent data shows that SAND Wallets are transferring a significant amount of Tokens and whale activity around SAND is increasing, but the big players are selling rather than buying. In addition, SAND’s supply held by the top addresses has decreased.
Negative metrics have affected the Altcoin Price, with a decline of over 7% in the last seven days. More than 90% of SAND investors are at a loss, reflecting the bearish impact on most metaverse tokens. With the exception of the Chaikin Money Flow (CMF), which has gained upward momentum and is on the rise, Market indicators are mostly bearish. In the current market conditions, the future for Sandbox remains uncertain.
Cardano breaks support level on the downside
According to analyst Benjamin Nijiri, a short position can be opened in Cardano. Cardano (ADA) has lost more than 20% of its value from its mid-July high of $0.38 to below $0.30 at the time of writing. Technical indicators for the ADA’s price chart are giving mixed signals. The Relative Strength Index (RSI) shows that selling pressure has increased since the end of July, while the Chaikin Money Flow points to significant capital inflows over the same period, but these inflows have recently decreased.
After sellers broke the $0.30 support level, they gained leverage and turned this level into resistance. If bearish pressure continues, ADA may fall to its early July support of $0.276, offering a short position opportunity with a good risk ratio. However, closing of the H4 candlestick session above $0.30 will invalidate the idea of short selling and make $0.3 a stop loss and exit target. Market sentiment reinforces the bearish outlook, as CryptoMeter shows an overwhelming selling volume of 54.9% versus 45.1% buying volume in the spot market. The futures market is also showing a decline in demand for ADA, with the open position dropping from over $140 million to below $130 million. In addition, the futures market volume has fallen by more than 20%, leading to the liquidation of more long positions across all time frames, pointing to a potential downward spiral, especially if BTC continues to suffer losses in the coming hours or days.
Altcoin TRX experienced a pullback
Analyst Abiodun Oladokun talked about Tron. Tron (TRX) experienced a pullback at the $0.0850 – $0.0940 price levels on July 29. This resulted in a downward trend for the altcoin. The price of TRX, which is currently Trading at $0.0763, fell by 9% last week, and the key indicators on the daily chart point to a further decline for the altcoin. The Moving Average Convergence Divergence (MACD) and the Awesome Oscillator point to a bearish signal with the MACD line crossing below the signal line and the Great Oscillator showing red histogram bars below the centerline, indicating weaker short-term momentum compared to long-term momentum.
TRX’s accumulation declined as seen through the Relative Strength Index (RSI) below the centerline and the Money Flow Index (MFI) approaching oversold territory. The Chaikin Money Flow (CMF) also broke below the zero centerline, signaling weakness in the market and increased liquidity outflow. Market sentiment remains negative as TRX’s weighted sentiment remains in negative territory. This has caused many investors to close their trading positions, as evidenced by the 14% drop in altcoin open positions in the last seven days. In addition, the fact that funding rates have turned negative shows that the number of investors who are short selling altcoins is increasing.
Litecoin’s hash rate drops after halving
Analyst Aniket Verma drew attention to Litecoin. parofix.com As we reported, LTC has recently undergone a halving. One of the prominent effects of the halving is that the network experiences a noticeable drop in hash rate. After a temporary increase on the day of the halving, the hash rate entered a downward trend. This decrease in hash rate can be attributed to the profitability of miners as decreasing block rewards affect their income. In addition, LTC’s price movement sit had been in a downward trend for a few days. Miners often need to liquidate their crypto assets to cover mining and infrastructure costs. With declining returns, less efficient miners may have to exit the market, which can lead to a drop in the hash rate.
Furthermore, the drop in hash rate can also be linked to poor network activity as users avoid using LTC in transactions during the price drop. This resulted in reduced transaction fees collected by miners and caused mining machines to run below full capacity due to reduced network traffic. LTC’s downward price movement also affected the derivatives market, with a greater number of short positions taken compared to long positions. This shows the downside price expectations of investors in the near term.
This Is The Bearish Signal For 5 Altcoins: Prices May Be Melting!
XRP whales triggered a drop in price
Finally, analyst Scott Matherson pointed to whale movements in XRP. Large XRP whale wallets have launched a significant sell-off, throwing away more than 100 million tokens and putting significant selling pressure on the XRP price. On-chain data reveals that the total supply at addresses holding between 100,000 and 1,000,000 coins has fallen from 6.85 billion to 6.75 billion since July 19. The actions of whale owners often reflect market sentiment, and their sales can trigger a chain reaction of smaller owners’ sales, leading to price drops. Right now, XRP whales may be profiting after the recent price surge that followed news of a partial victory in the SEC case. The price of XRP has since fallen nearly 15% from its highest level of the year. The price drop coincided with the period when XRP whales began to sell their holdings.
This isn’t the first time this sale has happened, as a similar scenario occurred in June when whales disposed of about 120 million XRP after Ripple unlocked the escrow. Such sales could trigger further price volatility as the market adjusts to the increasing supply of altcoins. Despite the recent sell-off, the XRP price has performed relatively well compared to the general market. The whales have reportedly accumulated over $500 million in XRP since February, anticipating positive developments in the ecosystem.
Contact us to be instantly informed about breaking news Twitter’also Facebookand InstagramFollow along at . Telegram and Youtube Join our channel.
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