And get this, in the wee hours of August 19, LINK hit a high of $26.6, a feat not seen in seven months. As of right now, the cryptocurrency is trading at $24.17 with a market cap of $16.4 billion. Talk about a comeback kid! 🏆🔥
The 4-hour frame exposes a preposterous bull flag, not unlike a contraption devised by a sleep-deprived inventor. The bulls attempt one escapade up and numerous deceiving dips downward, yet, alas, they mercifully find themselves in a sideways frenzy. However, they’ve been herded back into the flag, where their futile attempts towards the summit are soundly quashed by the bears, returning them flat-footedly to their confinement.
“How quaint,” mused the indefatigable analyst and economist Alex Krüger on Tuesday, “that every time the markets execute a modest plié from their peaks, the masses commence their ritualistic hand-wringing over the cycle’s demise.”
Word has drifted, carried on the whispers of the news-writers, that the Financial Services Commission (FSC), that venerable body charged with safeguarding the nation’s coffers, intends to unveil a set of rules governing these won-pegged stablecoins. Within two months, they say. One suspects, however, that “two months” is a fluid concept, much like the value of these very tokens they seek to control. 😮
Raydium [RAY] tried slipping about 10% in the past 24 hours, giving the $3.28 support zone the kind of test usually reserved for poorly designed bridges.
SEI, once languishing at $0.32, now dangles at $0.32 after a 5% nosedive. Analysts, ever the optimists, scrutinize the price with the intensity of a man searching for his lost sock. On the 4-hour chart, SEI waltzes within a symmetrical triangle, a dance of lower highs and higher lows that often culminates in a dramatic exit. 🕺
With a sage nod, Schwartz predicts a rather dismal fate for the company should the Bitcoin price take a nosedive. “Very poorly,” he muses, as if contemplating the fate of a ship lost at sea. 🚢
XRP did wander within a range of $0.11, betwixt $2.94 and $3.10 during the past twenty-four hours, a volatility of nearly 4%! A bullish outburst during the trading hour of seventeen did propel prices from $2.97 to $3.10, sustained by a volume of 131 million-double the usual bustle. This did establish a temporary respite near $3.00.
One MMB Trader-who sounds suspiciously like the sort of vendor who sells intergalactic lemonades at black-hole margins-points to two magical lines on a graph that supposedly make dips look like trampolines. These robust safety nets hover somewhere around $0.000010 and, for the truly desperate, $0.000007.
History records that every time the price nose-dives and belly-flops onto these zones, buyers appear-presumably from pan-dimensional bargain bins-catch the falling puppy, and tiptoe away whistling nervously. The manoeuvre has been repeated so often that some traders now refer to the zone affectionately as “woof-bottom,” a name unlikely to appear on any official charts because regulators appear to have souls, if not standards.
The CoinDesk 20 (CD20), that grand index of crypto’s titans, has fallen 2.4%, a somber reminder of the market’s whims. 📉