Today again, the crypto market’s direction has neither head nor tail.
We can see another 0.01% increase in the crypto total market cap, as shown by CoinMarketCap data.
This metric sits at around $1.96 trillion and has remained relatively steady for days now.
The total crypto heatmap also looks like this:
In terms of liquidations, the crypto market's traders have lost around $133 million to liquidations over the last day, with an almost even footing between the bulls and bears.
While the bulls lost a relatively higher figure of $75 million, the bears came in at around $58 million, leading us to believe that the bulls still expect prices to continue further upward, despite the ongoing consolidation.
Overall, we can argue that the crypto market is still in a consolidation phase, and we might see this phase continue for a while.
Bitcoin Is Starting To Normalize
Every day, it appears that the consolidation we are currently seeing with Bitcoin between $50,000 and $52,000 is a necessary one, as shown below:
The RSI on the daily chart is starting to normalize once again, retreating from overbought conditions and approaching neutrality.
This phase, while tedious to wait through for investors, is a very necessary one.
The bulls will need to gather their strength for the next bullish move to the upside, and this might be the best way to do that without a brutal correction.
Can Ethereum Consolidate For Much Longer?
According to the charts, the $3,000 wall on the Ethereum chart remains solid, as the bulls continue to test it for weaknesses.
So far, we can say that the bulls have failed to step up and initiate the crucial breakout from this $3,000 zone, and remain at risk of getting caught in a breaish takeover.
Investors hoping to get in on the action are advised to wait and see what happens with the $3,000 zone.
If we see a break and a confirmed close above this price level, Ethereum presents a strong bullish case for $3,500.
Anything aside this means that a decline to $2,700 or lower is still in the cards, and investors should be prepared for that.
Watch Out For Litentry (LIT)
According to the charts, LIT has been trading under the $1.27 resistance and has been attempting to break above since losing its footing around this level in February 2023.
After three failed attempts to break above this level in the past year, LIT is attempting the second one in 2024.
The cryptocurrency is currently above this price level and is simply aiming for a close above.
If we do see this close above $1.27, LIT will have full license to rally as far up as $1.74 or even higher.
Will AMP Break Out?
Amp is currently the 3rd best-performing asset on Binance and has registered more than a 26% price increase over the last day alone.
In the charts, we can see a similar scenario with Litentry on AMP.
The cryptocurrency has been trying to break fully above the $0.0058 resistance since 2022 and has been unsuccessful so far.
The only difference is that AMP has been successful on some occasions, and has issues with sustaining, rather than initiating breakouts.
If we see a successful break and close above $0.0058 this time around, AMP will become fully poised to retake the $0.0089 resistance.