Meanwhile, the US markets have closed again. So we look at the live Bitcoin (BTC) price and the prices of the top 25 crypto. Then we look at what’s going on with the Cardano (ADA) Vasil hard fork. We also see why analysts are bullish on Ripple (XRP). Finally, we look at whether there will be a bull trap for meme-coins Dogecoin (DOGE) and Shiba Inu (SHIB).
We begin, of course, with the live Bitcoin (BTC) price and the prices of the top 25 crypto.
Live bitcoin (BTC) price and prices top 25 crypto flat
We currently see that the crypto market is flat in anticipation of FED Chairman Powell’s Jackson Hole speech. The live Bitcoin (BTC) price at the time of writing is EUR 21,643.02 ($21,571.90). This is 0.11% higher than yesterday around this time and slightly lower than during our Bitcoin update this afternoon.
Most of the other coins in the top 25 crypto are also flat. The crypto coin with the most losses is Leo Token (LEO), which is losing -2.09%. Shiba Inu (SHIB) is the positive exception to the rule, posting +6.16%. On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day.
Ripple (XRP) is keeping crypto investors busy. Is there going to be a huge bull-burst?
Over the past week, Ripple (XRP) posted hefty losses and the on-chain metrics do not bode well. For example, the number of active addresses is declining and there is less development going on. In addition, several technical indicators point to a difficult market and further falling prices.
Yet there is also reason to be positive. For example, statistics from Santiment show that there is currently more positive sentiment for Ripple (XRP) than for Bitcoin (BTC) and Ethereum (ETH), which is remarkable, especially as the merge update is getting closer. This positivity is mainly because positive news from the lawsuit between Ripple (XRP) and SEC is expected. Indeed, according to rumors, the judge will admit the so-called Hinman statement as evidence. At the moment there seems to be no movement yet, as the live Ripple (XRP) price at $0.3492 is only 0.63% higher than yesterday.
Rumor mill spinning full steam around Cardano (ADA) Vasil hard fork
In the crypto market, speculation is currently running rampant about Cardano (ADA). This is because developer Adam Dean sounded the alarm when he announced that a critical error had been discovered in the test network of the Cardano blockchain. This would also further delay the rollout of the Vasil hard fork. Meanwhile, the matter has escalated to the point where Cardano (ADA) founder Charles Hoskinson is getting involved. He acknowledges that there are errors in the testnet, but indicates that they will be fixed with the recently rolled out release (1.35.3) of the node software.
This reassures investors somewhat, but tension remains among investors. First, it must be shown that this update is truly flawless. In addition, the Vasil hard fork cannot be rolled out until at least 75% of the nodes have this update installed.
A second condition for the rollout of this hard fork is that at least 25 crypto trading platforms with at least 80% liquidity of tokens can integrate the Vasil hard fork. Developer Input Output indicates that due to the changed update, more work needs to be done to integrate the platforms and thus they have put the upgrade on hold. Until when is not known.
Adding to this, investors are apparently losing patience. The bears have control over the prices and big sleeping whales are moving in. As a result, some 2.24 million tokens are on the move. What this means for the Cardano (ADA) price you can see in the analysis below.
As we can see, the currency needs to record a daily close above $0.59 in the candlestick chart to break the bearish pattern. This will not be easy because although the price has risen 1.79% since yesterday the live Cardano (ADA) price is at $0.4672,
Warning for crypto investors in meme-coins. Bull trap threatens for Dogecoin (DOGE) and Shiba Inu (SHIB)
Currently, the live Dogecoin (DOGE) price is $0.0692. This is 1.51% higher than yesterday. With this, the price is forming a so-called descending wedge pattern and this is a bullish signal. On top of that, this pattern has been confirmed several times. This seems to open the way for a bullish pattern.
Nevertheless, there is a good chance that the bulls will be lured into the trap. Indeed, we also see that the price of $0.75 (the middle of the wedge) is currently serving as resistance. This has not been broken despite several attempts. This increases the chance that there is correction in the bullish pattern and the price will move to the bottom of the wedge.
Also the live Shiba Inu (SHIB) price, which as we just saw, is currently offering the highest return seems to be too rosy. Indeed, here the price is at a make-or-break point. A negative outcome of the Jackson Hole conference could quickly reverse the bullish trend. In that case, there is a bull-trap here as well. You can study the full analysis with charts for both meme crypto here.
Thus, despite the flat price, it will be exciting days in the crypto market.
Want to stay up to date with the latest price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”