Top 5 Crypto Pairs to Watch This Week: ADA, CHZ, ETH, MATIC, and SHIB

Key Insights:

• Chiliz (CHZ) avoided a weekly loss, with football fan tokens enjoying fan support at the start of the 2022/23 season.
• However, US economic indicators, and sentiment towards the Fed left the broader crypto market in the deep red.
• The shift in sentiment was evident in the technical indicators, suggesting a mixed week ahead.

For the week ending August 21, a six-week winning streak looks set to come to an end. Down $135 billion to $1,003 billion, the crypto market also faces the prospect of a fourth monthly decline in five months and a seventh since the peak of $3,009 billion in November.

While crypto network news updates have provided direction in recent weeks, economic indicators and sentiment towards central bank monetary policy have gripped the crypto market.

Last week, better-than-expected US economic indicators and hawkish FOMC member chatter sent the broader market deep into negative territory.

In the week ahead, several key US economic indicators and Fed speeches will influence investor appetite. There is also a possible SEC v Ripple Court ruling on the Hinman speech-related documents. A Court ruling in favor of Ripple should deliver XRP and broader market support.

On Tuesday, US private sector PMIs will draw interest ahead of Q2 GDP and jobless claims figures (Thurs). Inflation and personal spending numbers wrap things up. However, of significant influence will likely be the Jackson Hole Symposium on Thursday and Friday. Fed speeches and Fed Chair Powell will give the markets some clarity on what to expect in the coming months.

Therefore, the market focus on the US economic indicators and the Fed may lead to a stronger correlation with the NASDAQ 100.

From a crypto network perspective, the Vasil hard fork and the Merge remain areas of focus. Positive updates should give Cardano (ADA) and Ethereum (ETH) strong support. Uncertainty over the Fed and the economic outlook also puts Chiliz (CHZ) into the limelight.

With the football season underway, investors may consider Chiliz recession-proof. Fans are unlikely to stop supporting teams if the Fed takes a more aggressive rate path beyond normalization.

Greater fan engagement is evident in the performance of the football fan tokens. In contrast to the broader crypto market, numerous fan tokens are in positive territory for the week.

Two other cryptos worth considering include Shiba Inu Coin (SHIB) and Polygon (MATIC).

Cardano (ADA)

Monday through Sunday, ADA was down 18.60% to $0.4640.

A choppy start to the week saw ADA strike Monday and Wednesday highs of $0.582 before hitting reverse. The reversal saw ADA fall to a Saturday low of $0.435 before a bullish end to the week.

While broader market sentiment weighed, Vasil hard fork chatter added further selling pressure. On Thursday, Cardano developer Adam Dean reportedly announced that Cardano’s Testnet is “catastrophically broken: due to a bug.

On a trend analysis basis, ADA would need to move through the August high of $0.595 to target the June high of $0.6688. However, a fall through this week’s August low of $0.435 would bring the July low of $0.403 into view. Updates on the Vasil hard fork will remain the key driver.

Looking at the EMAs, based on the 4-hourly, it was a bearish signal. ADA sat below the 50-day EMA, currently at $0.502. After the Saturday bearish cross of the 50-day EMA through the 200-day EMA, the 50-day EMA pulled back from the 200-day EMA. The 100-day EMA narrowed to the 200-day EMA, delivering negative price signals.

A bearish cross of the 100-day EMA through the 200-day EMA would give the bears a look at the July low ($0.403).

However, ADA would need to return to $0.500 and move through the 50-day EMA to shift the bearish sentiment.

Chiliz (CHZ)

Monday through Sunday, CHZ was up 2.88% to $0.18634. CHZ was one of just three coins out of the top 100 to avoid the red.

A bullish start to the week saw CHZ rally from a Monday low of $0.1725 to a Wednesday high of $0.2298. However, succumbing to market forces, CHZ slid back to sub-$0.18 before wrapping up the week in positive territory.

Network news delivered support early in the week. The Scoville testnet launch provided CHZ support. Investor sentiment towards Socios.com investing $100 million to support Barca FC’s Web3 goals was also CHZ positive.

Looking at the trends, a move through this week’s high of $0.2298 would support a run at the April high of $0.2943. A return to $0.30 would give the bulls a free run at the March high of $0.3312 to bring $0.40 into view.

A fall back to sub-$0.1500 would give the bears a look at the August low of $0.1214. A fall to sub-$0.10 would bring the current year low of $0.0798 into play.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. CHZ sits above the 100-day EMA at $0.1761.

The 50-day narrowed to the 100-day EMA, while the 100-day EMA widened from the 200-day EMA, delivering mixed price signals.

A breakout from the 50-day EMA ($0.1892) would support a run at the August high of $0.2298 to bring $0.30 into play. However, a fall through the 100-day EMA would likely lead to a shift in sentiment. Steering clear of the 200-day EMA ($0.1564) will be the key for the bulls.

Ethereum (ETH)

This week, Monday through Sunday, ETH was down 16.53% to $1,616.

A choppy start to the week saw ETH rise to a Monday high of $2,014 before sliding to a Saturday and August low of $1,524. A bullish end to the week reduced the deficit.

Merge updates took a backseat as investor angst over Fed monetary policy weighed.

Looking at the trends, a move through the August high of $2,031 would support a run at the May high of $2,968. ETH would need plenty of support to break out from the psychological resistance level at $2,500. A return to $3,000 would then give ETH a free run at the April high of $3,581.

A fall through the August low of $1,524 would see the bears target the July low of $1,005 before any recovery.

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal on Sunday. ETH sat below the 200-day EMA, currently at $1,684.

After Sunday’s bearish cross, the 50-day pulled back from the 100-day EMA. The 50-day and the 100-day EMAs narrowed to the 200-day EMA, delivering bearish price signals.

A bearish cross of the 50-day EMA through the 200-day EMA would give the bears a look at the July low. However, an ETH move through the 200-day EMA could bring the 50-day and the 100-day EMA ($1,756) into play.

Polygon (MATIC)

This week, Monday through Sunday, MATIC was down 18.90% to $0.8116.

A choppy start to the week saw MATIC rise to a Monday high of $1.0333 before sliding to a Saturday low of $0.7585. However, a bullish weekend reduced the deficit for the week.

Looking at the trends, a MATIC move through the August high of $1.0540 would support a run at the May high of $1.187 and $1.20. From $1.20, MATIC would have a free run at the April high of $1.729.

However, a MATIC fall through the August low of $0.7585 would give the bears a look at the July low of $0.4482.

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal. MATIC sat below the 200-day EMA, currently at $0.8585.

The 50-day converged on the 200-day EMA, with the 100-day EMA narrowing to the 200-day EMA, both bearish price signals.

A bearish cross of the 50-day EMA through the 200-day EMA would bring the August low and sub-$0.70 into view. A particularly bearish week could also see a bearish cross of the 100-day EMA through the 200-day EMA that would bring the July low into play.

Shiba Inu Coin (SHIB)

Monday through Sunday, SHIB was down 21.17% to $0.00001333.

A choppy start to the week saw SHIB rise to a Monday high of $0.00001770 before hitting reverse. Falling short of the August high of $0.00001792, SHIB slid to a Saturday low of $0.00001250. Finding support from the broader market, a bullish end to the week delivered a return to $0.000013.

There were no network news or Elon Musk tweets to influence, leaving SHIB in the hands of investor sentiment. Despite the heavy loss, meme coins have seen a pickup in investor interest that would deliver a sharp rebound should broader market sentiment improve.

Looking at the trends, a move through the August high of $0.00001792 would give the bulls a run at the May high of $0.00002215. From $0.000022, SHIB would target $0.000030.

However, a fall through the August low of $0.00001146 would give the bears a look at the June 18 current year low of $0.00000713.

Looking at the 4-hourly chart and the EMAs, the signal was bearish. SHIB sat below the 100-day EMA at $0.00001347.

The 50-day EMA narrowed to the 100-day EMA, while the 100-day EMA flattened on the 200-day EMA, delivering bearish price signals.

A move through the 100-day EMA ($0.00001347) would support a run at the 50-day EMA ($0.00001380) to bring $0.000015 back into play.

However, a bearish cross of the 50-day EMA through the 100-day EMA would support a slide through the 200-day EMA. A fall through the 200-day EMA would give the bears a run at sub-$0.000010.