More

    Celestia, Arweave, Jasmy lead as crypto fear and greed rises

    Cryptocurrency prices have pointed upwards in the past few days as the market digest the recent central bank decisions. 

    Bitcoin, the biggest crypto in the industry, has held steady above $63,000, although signs indicate its recovery is waning. Similarly, the combined market cap of all cryptocurrencies rose to over $2.2 trillion. 

    In the stock market, most indices, like the Dow Jones, S&P 500, and Nasdaq 100, have done modestly well, although the momentum has faded.

    Meanwhile, the closely-watched crypto fear and greed index has moved from the fear zone of 33 to the neutral point at 51. 

    The key economic numbers to watch this week will be Tuesday’s US consumer confidence and Friday’s personal consumption expenditure (PCE). These are important numbers because they help the Fed to make its decisions.

    However, the impact on financial assets like cryptocurrencies, stocks, and forex will be a bit limited since the bank has already delivered its interest rate decision. 

    Celestia price has rebounded

    Celestia (TIA) is a leading blockchain project that is helping developers build projects effectively. It provides modular data solutions that help them scale their applications with time. 

    The TIA token peaked at $21 in January and then retreated to a low of $3.7. This retreat was mostly because of the weakness in the crypto market and the slow growth of its modular data platform.

    Most notably, traders sold Celestia because of its dilution potential. Numbers show that Celestia has over 212 million in circulation and a total supply of over 1 billion tokens. 

    This means that there will be big token unlocks for a long time. In October, the network will unlock over 175 million tokens, representing 16% of all coins. In most periods, cryptocurrencies often tumble when there is such a big unlock.

    In some instances, however, as we saw recently with Immutable X, a token can surge after a big unlock. This typically happens when a network has some important internal catalysts.

    On the positive side, Celestia has formed a triple-bottom pattern at $3.78. In price action analysis, this is usually one of the most popular bullish patterns in the market.

    It has also jumped above the 50-day Exponential Moving Average (EMA). Therefore, Celestia will likely continue rising as bulls target the next key resistance point at $7.70, its highest point on July 22. 

    Arweave futures open interest rises

    Meanwhile, the Arweave token has rebounded sharply in the past few days, helped by the soaring futures open interest. This interest has risen to $87 million, its highest point since June 7 and higher than this month’s low of over $46 million. 

    Arweave token bottomed at $16.26 in August and has bounced back by over 41% to the current $22.8. It has flipped the important resistance point at $21.43 – its April 13 low – into a support level.

    Arweave has also jumped above the 50-day moving average and is attempting to flip the 200-day moving average.

    Therefore, the outlook for the token is neutral with a bearish bias. If this happens, the token may resume the downward trend and retest this month’s low of $17.85. 

    On the other hand, a move above the 200-day moving average will point to more upside as bulls target the next important resistance level at $25. 

    Jasmy price analysis

    Jasmy is one of the most popular cryptocurrencies in the industry. It is often seen as Japan’s Bitcoin because former Sony executives founded it. 

    Jasmy token surged to a high of $0.044 in June and then retreated sharply to a low of $0.015 in August. Most recently, the token’s open interest has bounced back, rising from this month’s low of $22.7 million to over $33 million.

    Jasmy has rebounded and invalidated the dangerous death cross pattern that was about to form. A death cross forms when the 200-day and 50-day moving averages cross each other while pointing downwards. It has also moved above the two moving averages. 

    The Relative Strength Index (RSI) has continued rising and has crossed the neutral point of 50 while the MACD indicator has flipped the zero line. 

    Therefore, Jasmy has more upside, with the next point to watch will be at $0.027, its highest point on March 4th. This price is about 23% above the current level.

    Technically, Jasmy, Celestia, and Arweave prices will react to what Bitcoin does from here. The coin initially jumped to a high of $64,540 after the Fed decision but there are signs that the momentum has faded. 

    On the positive side, it has invalidated the death cross pattern and moved above the 200-day and 50-day moving averages. On the other hand, it has formed a double-top chart pattern. 

    Therefore, if Bitcoin rises and flips the double-top point at $64,540, it will point to more upside, which will benefit these other coins.

    The post Celestia, Arweave, Jasmy lead as crypto fear and greed rises appeared first on Invezz

    Stay in the Loop

    Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

    Latest stories

    - Advertisement - spot_img

    You might also like...