A real recovery from the dip of the day before yesterday is yet to come, most cryptocurrency prices corrected further down yesterday afternoon and last night. At the beginning of the week, there still seemed to be a trend reversal, but little of that is now left.
The market seems to be cooling down further and without increasing trading volumes, unfortunately we may be stuck in the current range for a while longer before seeing a major breakout. Total market capitalization is down to about $1.62 trillion today. Crypto price is high.
Bitcoin (BTC) failed to hold out around $39,000 yesterday and plunged to $38,500 yesterday afternoon. At the beginning of the evening, there was an additional boost and the BTC price fell equally hard to $37,650. Bitcoin found support there and later recovered to $38,000, but that recovery was short-lived.
Overnight, and again this morning, bitcoin fell back to support around USD 37,500, which has proven to be a critical level in recent times. Bitcoin is again looking for a bottom, but whether it has found it is very questionable. Another key support zone is around $35,000.
Some analysts are talking about an imminent “death cross” as the 50-day and 200-day exponential moving average (EMA) crosses, but since we have already seen a significant decline in recent times, it is very questionable what the impact of this will be.
Ethereum (ETH) fell again more than bitcoin yesterday, briefly reaching $2,300 early in the evening after falling more than 6%. The ether price briefly rose to USD 2,380 last night, but was unable to break through and stands at USD 2,340 this morning. Solana price is high.
Several altcoins are back in the red
Decentralized finance (DeFI) tokens like Aave (AAVE), Chainlink (LINK), Synthentix (SNX), and Sushi (SUSHI) are 6 to 8 percent in the red. Polkadot (DOT) loses 7.5% and little brother Kusama (KSM) 9.5%. Shiba Inu (SHIB) and Internet Computer (ICP) continue their correction, losing 8%. Enjin Coin (ENJ) takes another big hit and is 9% in the min. Quant (QNT) and Thorchain (RUNE), which rose well recently, are both 11% in the red today.
The biggest loser today is Amp (AMP). Amp has been rallying for the past few weeks, but also started falling sharply yesterday morning. The AMP price is no less than 27% in the red today.
Still, a few altcoins are also turning green today. Arweave (AR) is up 9%, Celo (CELO) is storming into the top 100 with an 11% increase, Theta Fuel (TFUEL) and Fantom (FTM) are up again, grabbing around 15%, but the biggest riser today is XinFin Network (XDC) which is up 17%.