Daily News 19

Tag: Bitcoin correlation

  • Bittensor (TAO) Falls 7% After Raydium Rally: What’s Next?

    Bittensor (TAO) Falls 7% After Raydium Rally: What’s Next?

    Bittensor ($TAO) ranked among the altcoins posting notable drawdowns over the past 24 hours, slipping nearly 7% in a single session. The token has traded in the red each day since Monday, September 7, extending a losing streak that now spans five consecutive sessions.

    Derivatives and Spot Demand Weaken

    Data from Coinalyze shows Open Interest declining 14.3% in 24 hours, while spot Cumulative Volume Delta (CVD) has also trended lower since Monday. The combined drop signals a lack of conviction from both spot buyers and derivatives participants. If the current trajectory holds, $TAO could record a fifth straight day of losses—a setback for bulls who recently watched the asset climb to a three-month high near $277 following its launch on Raydium.

    Weekly Structure Remains Bearish

    On the weekly timeframe, the technical picture underscores the downtrend. A swing low registered at $167.8 in April 2025 was breached by a weekly candle close at $163.2 in February 2026, confirming a bearish swing structure. Key levels to monitor include:

    • $142.8 and $377.8 — primary swing points on the weekly chart
    • $291.6 — a June high that, if cleared, could unlock short- to medium-term upside
    • $300 — psychological round number and critical supply zone

    The weekly Relative Strength Index (RSI) sits at 49, indicating neutral momentum, yet On-Balance Volume (OBV) has declined steadily since October, reflecting persistent bear-market conditions. A genuine bullish recovery would require a decisive break above the $377.8 swing point, with $300 acting as the first major hurdle.

    Resistance Cluster at $291.6–$300 Caps Upside

    Despite a relief rally from below $200 to nearly $280 in recent weeks, price structure remains bearish. The $291.6 high from June sits just beneath the $300 supply zone, creating a dual-layer resistance cluster. Overcoming this zone would demand aggressive, sustained buying pressure—demand that may not materialize if Bitcoin struggles to reclaim the $80,000 level after its recent rejection.

    Trader Outlook: Wait for Deeper Discount

    Swing traders and investors are advised to exercise patience. A pullback toward the $190 region could offer a more favorable risk-reward entry for those anticipating the next bullish $TAO reaction.

    Key Takeaways

    • $TAO declined ~7% in 24 hours; Open Interest fell just over 14%.
    • Weekly structure is bearish; bulls have failed to flip $300 into support.
    • Next meaningful upside requires a weekly close above $377.8.
    • Near-term bias favors further drawdown unless Bitcoin regains $80K and spurs broad risk-on flows.
  • XRP Faces Key Test as Historical Pattern Points to Possible Pullback

    XRP Faces Key Test as Historical Pattern Points to Possible Pullback

    XRP Weekly Super Trend Flips Bullish, But Analyst Warns of Historical Pattern

    XRP’s weekly Super Trend indicator turned bullish on August 17 after the token rallied roughly 70% from $0.98 to $1.70. However, analyst ChartNerd cautions that this exact signal has marked local tops before deep pullbacks in every previous cycle dating back to 2019, and XRP is currently stalling at the resistance level that decided those earlier setups.

    Bullish Signal Meets Key Resistance Zone

    ChartNerd’s analysis focuses on the price action following XRP’s recovery from the $0.98 area. The token advanced about 70% toward $1.70, where it encountered the 50-week exponential moving average (EMA), currently near $1.52. Simultaneously, XRP has been trading between that resistance and the 20-week EMA around $1.29 to $1.30.

    “Whilst beneath the 50 and above the 20, we’re simply compressing,”

    ChartNerd said, describing the recent price action as a period of chop while traders wait for a clearer direction.

    That caution stems from XRP’s earlier cycle history. In 2022, the token rallied about 90% from its cycle low before a bullish Super Trend flip appeared around the 50-week EMA, a move followed by a 45% correction. In 2019, another bullish flip during the bear market preceded a 56% correction, and after the 2020 cycle low, XRP also printed a bullish flip before falling 32%.

    ChartNerd argues this pattern has appeared often enough to warrant caution.

    “Bullish super trends usually mark local tops,”

    the analyst said, while stressing that historical behavior does not guarantee the same outcome this time.

    He also placed a greater structural change around $1.90, noting that XRP would need to clear the $1.50 to $1.90 zone before the move toward its previous high looks more convincing. A short-term push above $1.52 is still possible, the analyst said, but even a close above the 50-week EMA would not automatically remove the historical warning.

    Price Action Remains Choppy This Week

    As CryptoPotato reported earlier, XRP dipped toward $1.39 during one leg of Bitcoin’s recent slide before buyers stepped back in to push it to $1.44. At the time of writing, the token had fallen close to 4% in the last 24 hours and was again trading near $1.38, according to CoinGecko data. It is up 1.5% over the past week but down more than 53% from a year ago, and remains about 62% below its all-time high of $3.65 from July 2025.

    Bitcoin has been chopping between $77,600 and $80,000 over the past few days, and XRP’s swings have largely tracked that back-and-forth rather than moving on independent catalysts.

    Futures Volume Surges, ETF Inflows Slow

    The Ripple token’s futures volume picked up in August, with trading across the three biggest exchanges topping $64 billion, the busiest month in half a year. Spot XRP ETFs continued adding money, although the pace slowed significantly, with weekly inflows dropping to just under $19 million last week after bringing in more than $110 million the week before. So far this week, SoSoValue data shows net inflows have hit about $13.83 million.