In terms of stability, the crypto market has held its ground so far.

The bears haven't won yet, and the total crypto market cap continues to hold steady at around $1.09 trillion.

This is despite the weekend claiming a 38.6% chunk of the market's trading volume over the last 24 hours.

The crypto market’s trading volumes sit at $16.27 billion over the last day. Overall, the weekend has turned out to be a bad time to open buy-trades.

According to Coinglass, the bulls/buyers drew the short end of the stick, and have lost a total of $11.52 million over the last 24 hours.

This is a steep decline, compared to the bears/sellers who lost 5.33 million. You know the drill: Let’s go over the crypto market today, and attempt to figure out what’s going on.    

Bitcoin: Wen Breakout?

As we mentioned yesterday, Bitcoin’s price action is secure in terms of bullishness over the long term.

As shown above, the long-term ascending trendline on the cryptocurrency’s chart has remained active for most of the year.

However, there is also a smaller ascending channel on the cryptocurrency’s shorter timeframe.

So far, the upper trendline of this formation is the only thing keeping the bulls cashing in rewards for all their patience (because this trendline is validated by the 99-day moving average).

Keep an eye out for this line. A break and close above $29,000 would be the ultimate buy signal.  

Ethereum: Keep An Eye Out For This Week

Ethereum in the charts, is still under a heavy price reversal.

The cryptocurrency currently trades at $1,630 at the time of writing and is headed for a retest of its long-term ascending trendline. This week is bound to be a great one for the cryptocurrency, if we indeed see an ETH bounce.  

Loom Again?

This is LOOM’s third week in a row, of dipping in and out of the top-gainer list on Binance. At the time of writing,

Loom is the #1 top-gainer on Binance (again) and is the 4th “hottest” cryptocurrency on the exchange.

In terms of trading volume, Loom is also the 5th largest and is up by 18% over the last 24 hours.

Loom’s chart is pretty self-explanatory. However, don’t let the bullishness fool you. Keep an eye out for the $0.195 zone, and only jump in if the cryptocurrency breaks and closes above this line.

Any hasty trade opening may turn out to be a massive bear trap. We may see a decline to $0.153 (25-day MA) or even lower to $0.12 (99-day MA).  

Why Is Trust Wallet Token (TWT) A Top Gainer?

The last time TWT made the news for being especially bullish was when FTX crashed in November 2022, and investors became wary of (centralized) exchanges. Investors started to consider self-custody options like personal crypto wallets.

As a result, cryptos like Trust Wallet Token exploded in price. Just take a look at the chart below.

TWT exploded by 175% in just four days amid the panic, from $0.99 to $2.75. Today, however, TWT is the 2nd largest gainer on Binance, with a 17.66% gain over the last 24-hours

Makes you wonder if something is about to happen in the crypto market. So far, TWT is facing resistance around $1.

TWT’s price prediction Source: Binance Ready your horses.

If a break and close above this price level happens, it is likely that we see an 84% price increase to $1.85. #Ethereum #bitcoin #crypto2023 #crypto #cryptocurrency