Crypto Price Analysis August 3: OP, STX, 1INCH, YFI, RUNE

Aaryamann Shrivastava
Published: Aug 3, 2022, 19:56 UTC

The crypto market cap rose by almost $23 billion in the trading hours bringing the market capitalization to $1.6 Trillion.

Crypto Price Analysis August 3: OP, STX, 1INCH, YFI, RUNE

Key Insights:

  • Optimism led the bullishness with a 23.74% rise today.
  • The likes of Yearn.Finance could be seen countering the bullishness with a 4.5% drop.
  • Bitcoin and Ethereum joined the broader market trend to rise to $23k and $1.6k.

While the crypto market did not gain a lot today, the $23 billion rise was still a good sign after days of losing out money.

This slight recovery was also backed by the king coin and the altcoin king as both rose to trade at $23,092 and $1,664, respectively.

Optimism (OP)

The altcoin gained significantly today, rising by 23.74% in the last 24 hours to inch closer to $2. This places the OP’s month-long rally at 314.59%.

The Bollinger Bands indicate excessive volatility in the market, which makes the altcoins susceptible to price swings and corrections.

Stacks (STX)

STX also noted an incline, although of just 7.5%, to keep its price from falling by a lot. At the time of writing, the white dots of the Parabolic SAR moved below the candlesticks once again, indicating an uptrend.

This would be helpful to the coin in recovering the losses it witnessed during the 42.26% crash of June.

1Inch (1INCH)

The altcoin followed in the footsteps of STX as it also rose by just 7.45% from yesterday’s lows to maintain $0.75 as support.

Despite the red bar on the Awesome Oscillator, 1INCH is still noting bullishness which is crucial in the recovery of June’s 45% dip.

Yearn.Finance (YFI)

The altcoin was one among the few that observed a decline today, slipping by 4.58% to trade at $11,116.17. However, despite this decline, YFI still has the 116.29% rally from July intact.

This will counter the outflows observed on the Chaikin Money Flow to push the recovery of May’s 46.37% dip.

ThorChain (RUNE)

RUNE also managed to clock in a 7.83% rise thanks to the broader market bullish trend. This saved the altcoin from losing the recovery of June’s losses.

However, the mixed signal visible on the MACD might make it difficult to ascertain when RUNE could recover the 60.49% losses of May as well.

About the Author

Holding a Mass Media Degree has enabled me to better understand the nitty-gritty of being a journalist and writing about cryptocurrencies’ news and price movements, effects of market developments, and the butterfly effect of individual assets nurtured me into a better investor as well.

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