So, Tron [TRX] has been doing the cha-cha within an ascending channel for two whole months. Healthy pullbacks? Check. At the time of writing, TRX was trading at $0.357 after taking a tiny 2.12% tumble on the daily charts. But hey, before this mini-dip, TRX had been strutting its stuff with gains of 5.48% weekly and a whopping 19% monthly. Not too shabby for a digital coin, eh?
The reliable bores at Whale Alert sounded the gong (as they do, periodically reminding us they exist), insisting the provenance of this wallet was shrouded in thrilling mystery. Of course, upon inspection, and to no one’s ultimate surprise, it was discovered to be Binance’s own wallet structure-less cloak-and-dagger, more accountant-with-a-stamp.
Sui (SUI), that once-proud digital currency, now trades at the modest sum of $3.81, having surrendered 6% of its value over the last day, with a staggering $1.56 billion in turnover. This descent was precipitated by a tempest of liquidations that swept through the major exchanges, leaving in its wake a trail of closed positions-longs worth $14.34K and shorts worth $119.18K. Binance, ever the battlefield, bore witness to the largest casualties, with $67.37K in short liquidations and $13.59K in longs. The lesser exchanges, such as OKX, Bybit, and Gate, also experienced their share of losses, though on a more modest scale.
According to some genius named Arab Chain (no relation to Aladdin, we checked 🧞♂️), the leverage ratio on major platforms has taken a chill pill since early August. It went from a wild 0.27 to a mellow 0.25, with a tiny rebound. 🌊 Meanwhile, May and July were like traders on a caffeine binge, placing bets like they were at the Vegas roulette table. 🎰💸
“For the first time,” declared Miss Gupta, with a twinkle in her eye, “we find ourselves in a peculiar situation where there is a significant shortage in available Ethereum for acquisition.” This scarcity, she noted, is largely due to the increasing number of long-term holders, who, much like the landed gentry of old, are reluctant to part with their precious holdings, thereby reducing the liquid supply. 📊
A Security Saga 🎭
Amidst this tumultuous backdrop, it seems a caricature of fortitude prevails among Bitcoin’s short-term holders (STHs). Their stance-a peculiar blend of stoicism and strategy-might just be the hidden hand guiding the next surge.
But hey, don’t lose hope yet! Traders are crossing their fingers that ETH will hit new highs any day now. On Thursday, it got as close as $4,779-just 2.07% shy of its ATH. Then Friday came along and was like, “Not so fast!” pulling it back to $4,630. Still, crypto trader RealMissNFT optimistically asked, “What day will we break this?” Spoiler alert: No one knows. 🤷♀️
XRP dropped more than 6% in the last 24 hours, falling to $3.00 before recovering slightly. The fall came during a broad selloff in the crypto market, triggered by over $1 billion in liquidations. This marked the asset’s lowest price in over a week. 🤯
Market sage Miles Deutscher recently dropped a truth bomb on X (née Twitter): LINK might just be the most overlooked gem in this crypto cycle. Imagine finding a diamond in your cereal box but being too distracted by the marshmallows to notice. That’s LINK for you-a sleeping giant waiting to roar while everyone else chases shiny altcoins.
