• Last week, Bitcoin covered a 10.2% range before closing the week near $25,975 - about 0.5% lower than the week's opening price.

• The altcoin marketcap dropped with Bitcoin, falling from $544 billion to $537 billion. 

• Keep an eye on these coins with upcoming events as Bitcoin consolidates between the June 2022 monthly gap and the June 13th, 2022 CME week opening gap.

Large Transactions

MakerDao has witnessed a large volume of whale transfers, based on data from on-chain intelligence tracker Santiment, as related FxStreet. Between August 28 and September 4, MKR’s whale transfers, valued at $100,000 or higher, climbed from 14 to 37.

Technically MakerDAO (MKR), and according to weekly parameters, could enter a distribution zone between $1087.41 and $1205.34. At the time this article was written, the price was hovering at a VWAP of 1129.85.

Tekan-Sen break at the exact point of $1100.56 could trigger selling with price averages towards resistance at $922.11, $940.49, 922.21 and $896.42 respectively, with volatility weighted average at $880.65.

Baby Doge Coin

BABYDOGE climbed almost 38% since August 17th, with 23% of this climb happening when BABYDOGE announced it would reveal something significant on September 4th.

The price is testing possible support near $0.000000001209. This level is near the low of January's now-filled monthly gap and the high of December's monthly accumulation.

It's the high of August 14th's weekly accumulation, which began August's rally. The 9, 18, and 40 EMAs also converge near this level.

If bulls can't hold this level - perhaps if traders are disappointed by the announcement and sell - $0.000000001104 could be the next level of support. This price is near the midpoint of December's monthly accumulation and where bulls rejected bears during the week of August 14th.

The price may have found resistance near July's small monthly gap low at $0.000000001277. More precise levels of resistance may exist near $0.000000001248, where bears rejected bulls on the daily chart on September 2nd, and at $0.000000001314, near the midpoint of last week's long upper wick.

If the announcement sparks excitement instead of selling, the price could push through this resistance and run for last week's high. January's monthly gap high, June's monthly gap low, and distribution during the week of June 19th overlap between $0.000000001382 and $0.000000001473 and might provide resistance.

Echelon Prime (PRIME)

PRIME has been bullish and paused after a 261.42% climb since mid-May.

Bulls are testing for support at a reclaimed weekly gap formed during the week of March 6th near $3.000. This level provided support during multiple daily runs on bulls' stops. It could continue offering support during the next seven days of PRIME events.

Bulls might find resistance near $3.883 if they can hold support. This level, slightly above August 21st's daily gap, is where bears rejected bulls on the weekly chart during the week of August 14th.

Bears rejected bulls on the daily chart near $4.166, approximately the midpoint of August 14th's weekly wick. This level may mark the high of this resistance area.

There is no price action above this resistance to offer a clear target for a more animated bullish push. The 250% extension of the April 2nd to April 13th rally, or approximately $4.650 to $5.000, could see profit-taking.

If bulls fail to hold the current support, the price might drop considerably to between $2.186 and $2.512. This region is a weekly gap that formed during the week of August 7th. It is also under the $2.512 daily swing low, so reaching this level would allow bears to run many bulls' stops clustered near this low.

Pundi X (PUNDIX)

PUNDIX has tested support levels near $0.3100 since November and is undergoing its fifth test of this region.

Bulls rejected bears on the monthly chart at $0.3130 during December. This level is supporting the price again after a shallow run on bulls' stops under June 12th's weekly swing low.

However, bulls should be cautious since the extreme amount of bulls' stops under multiple swing lows near this level creates a strong bearish draw on the price. A sudden move from Bitcoin or traders selling the news of Monday's upgrade may help push the price into or through this support.

If this support breaks, there is no historical price action below to offer clear downside targets. A run on bulls' stops under the relatively equal weekly swing lows at $0.2970 could drop as low as $0.2780. This level is the 100% extension of February 4th to February 14th's drop that preceded 2023's gradual downtrend.

Resistance is nearby at June 19th's weekly gap, around $0.3420. This region shows four overlapping weekly gaps since January 9th and showed sensitivity on retests during August.

If this resistance breaks, the price might reach an area of congested price action from $0.3620 to $0.3960. This area shows distribution during July, consolidation before July's run on bears' stops over the $0.4000 weekly swing high, and is near August 14th's weekly gap high. Its lower half may provide stronger resistance.

Coming Out Of Nowhere

Over the past seven days, IOTA (MIOTA), the native cryptocurrency of the eponymous network, went from trading at $0.14 to $0.17. In this way, it registered an increase of 15% and reached its maximum price in almost a month, as report CriptoNoticias.

IOTA's rise places it as the second best-performing cryptocurrency in the last seven days. This is taking into account the list of the hundred coins with the highest market capitalization.

The price increase of this cryptocurrency occurred amid different news related to its ecosystem. One of them was that Walt.id, a company that provides open source infrastructure, unveiled a collaboration with the IOTA foundation on August 29.

Last article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. Remember that all information presented here is a combination of third party data added to our personal opinion.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Rubikkav.

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