From Bitcoin’s imminent breakout to Binance Kazakhstan officially receiving full regulatory approval from the Astana Financial Services Authority (AFSA), here are some of the top stories in the crypto space.
A widely Watcher analyst is predicting that Bitcoin (BTC) is about to form a major breakout.
Trader Michaël van de Poppe told his 724,100 Watcher on the media platform X that BTC could soon surge if the Fed begins the process of cutting interest rates later this month.
The analyst said that the rate cut would inject more liquidation into the market, which could boost risk assets like Bitcoin.
He also believes that investors will pour money into the leading digital asset as a safe haven from the uncertainty in the US economy and currency devaluation.
“Bitcoin will surge on interest rate cuts and the possibility of quantitative easing (QE). The worse the economic data, the greater the impact on Bitcoin’s gains, as the leading asset will Vai as a safe haven like Gold did in the 1930s, not as a hedge against inflation but as a hedge against the uncertainty of the US economy.”
The analyst predicts that the next breakout of the crypto market will not be dominated by memecoin.
“We are poised for a potential big breakout after unemployment data or a rate cut from the FED later this month. We will see a full crypto cycle where RWA (real world assets), dePIN (decentralized physical infrastructure networks) and DeFi (decentralized finance) will be the backbone of the real adoption cycle. Not memecoin.”
The analyst also believes that Bitcoin will be the top-performing asset in the economic cycle until it reaches its cyclical peak. He predicts that Bitcoin will form a bearish top pattern, which in technical analysis is a chart pattern that shows a sharp increase in price followed by a sharp decline.
Whale Alert has detected two large transactions carrying nearly 200 million XRP. About half of that amount went to the Binance platform.
The two transactions included 95,000,000 XRP – equivalent to $49,681,608 – and 102,881,561 XRP – approximately $54,034,011 at the time of the move.
Together with the previously detected transactions, the total XRP traded in the past 24 hours has reached 358 million Token.
Binance Kazakhstan has received official approval from the Astana Financial Services Authority (AFSA) with a full regulatory license, marking a major step towards becoming Kazakhstan’s first fully regulated Digital Asset Trading Facility (DATF).
The approval comes after rigorous reviews, including financial audits and ISO certification. Once licensed, Binance will manage virtual assets, provide custody services, and make investments.
Binance Coin (BNB) showed a bearish divergence a few days ago and the Token ’s price has dropped by 2% since then. The asset is still trading below the psychological $600 level.
Source: TradingView
The orange and green levels at $454.8 and $605.6 mark recent Dip and highs on the weekly chart, forming an 8-week consolidation range.
The weekly market structure is bullish, but the drop below $450 in August means that the dominance of sellers is clear. CMF has dropped below +0.05 on the daily chart to emphasize the weakness of buyers.
OBV has been rising slightly over the past month, giving holder some hope for a bullish move. As things stand, $600 and $450 are strong resistance and support levels.
The weekly resistance zone also forms a high-density liquidation pool for BNB at $615. Therefore, the Token price will be attracted towards this level, but is likely to be rejected soon after breaking above $600.
Dogecoin has seen a huge surge in one key metric. According to data provided by CoinGlass, Doge has seen an 87% spike in volume.
However, despite the impressive volume , Doge price has dropped by 5.2% in the past 24 hours. Over the past week, Dogecoin has lost zero as its price has dropped by more than 7% amid negative investor sentiment and a stock market correction.
Source: TradingView
Losing zero is a huge blow to Doge investors. As the market moves into “extreme fear” territory, buyers will have to wait for the right moment to appear.
Dogecoin has been steadily falling over the past several months, struggling to break above key resistance levels formed by moving Medium . The bearish sentiment is reinforced by the 200-day EMA, which remains well above the current price, suggesting a long-term downtrend.
The native cryptocurrency of the Solana blockchain, SOL, appears to be poised for a recovery, given the recent market outlook.
Su Zhu, co-founder of Three Arrows Capital (3AC), highlighted the potential of SOL in a post on X.
Zhu predicts that Solana ’s price could skyrocket as it approaches the Breakpoint event. To put it in perspective, the Breakpoint event is a conference held annually by Solana to discuss new developments in the ecosystem and chart new paths for the future.
This annual event attracts the attention of developers, investors, and other stakeholders in the cryptocurrency community.
Zhu is optimistic that SOL will increase in price as the community anticipates partnerships and important announcements for the event. Zhu has observed SOL ’s price performance to be quite positive around the Breakpoint event in the past, so he speculates that this will continue.
An update from Shibburn shows that the SHIB burn rate has increased sharply since yesterday. Along with that, hundreds of millions of SHIB have been sent to “burn” wallets thanks to the participation of an anonymous whale wallet burning a large amount of Token.
Source: Shibburn
Over the past 24 hours, the SHIB burn rate has spiked to 1,664.7%. Overall, the SHIB community has successfully burned 250,898,588 memecoins.
However, this surge would not have happened if it weren't for a whale who sent 250,000,000 Token to an unspendable blockchain address. According to Etherscan, this is not the first time this whale has performed such a large SHIB burn.
Cardano recently activated the Chang 1 upgrade, officially entering a new era.
Cardano founder Charles Hoskinson Chia his thoughts and enthusiasm as the network progresses towards a decentralized and community-run governance model.
The Chang upgrade is the implementation of CIP-1694, which marks a significant shift towards a decentralized and community-driven governance model and moves Cardano into the Voltaire phase. This CIP proposes and details the transition of Cardano governance from the founding entities Input Output Global (IOG), the Cardano Foundation, and Emurgo to the Cardano community.
As part of this shift, IOG's last centralized Shelley relays on DNS are now facing closure.
ADA Price Analysis
Cardano is trading near a strong support level around $0.3172. This level has been important in the past, Vai as a potential recovery zone.
However, ADA is trading below the descending trendline, which could suggest that bearish pressure could resume if this support level breaks.
If the bears succeed in pulling the price below the overhead support, ADA is likely to target the next support level at $0.2774.
Source: TradingView
On the on-chain data side, large transactions have spiked 8.56% over the past 24 hours, suggesting that large investors are preparing for potential price volatility.
The spike in whale activity could have a stabilizing effect on the market, especially if accumulation continues at lower prices.
Additionally, the 109.41% spike in active addresses shows that Cardano is gaining traction, which could fuel speculative interest and trading activity.
Render (RENDER) has erased most of the gains it made during the August 21-26 rally and is currently trading around $4.81, close to the $4.1 – $4.4 support zone.
Source: TradingView
Technical indicators turned bullish, but buyers failed to maintain pressure. OBV continued its downtrend and RSI also fell below the neutral level of 50.
Source: Santiment
Daily active addresses have been trending down since the July surge, indicating a drop in demand.
However, the 30-day MVRV has dropped below zero indicating that short-term holder are incurring small losses.
Therefore, the Token is undervalued but is in the process of accumulation, creating a good buying opportunity.
Coinbase has added the ZKsync (ZK) Token to its tentative listing list.
Specifically, ZKsync (ZK) is a Token that is currently on Coinbase's expected listing list. If nothing changes, an official listing announcement will be announced by Coinbase in the future.
Coinbase notes that Token transfers and trading will not open until an official listing announcement is made.
The exchange also noted that this is only a forecast and the listing decision may be canceled due to various factors.
ZKsync is a Second-Layer Solutions for Ethereum, using zk-Rollup technology to scale the network, increase transaction processing capacity and reduce Gas Price. Developed by Matter Labs, zkSync aims to solve the current congestion and high cost problems of Ethereum.
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Viet Cuong
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