The bears do have some muscles to flex against the bulls.
First of all, the crypto market’s capitalization has declined further down to about $1.25 trillion, from yesterday’s $1.26 trillion and Friday’s $1.27 trillion.
The crypto market now looks like this:
The amount of liquidations going on in the market today shows that there hasn't been much volatility. That much is clear by how little cryptocurrencies have moved over the last day, according to the chart above.
The snapshot above shows that there haven’t been many liquidations so far, with traders only losing about $42 million over the last day.
This is strange, compared to only a few days ago on October 23, when the market took a whopping $348 million from traders. Let’s take a look at why the crypto market has been so sluggish so far.
Bitcoin Stalls At $34,000
According to the charts, Bitcoin remains stuck somewhere around $34,200 and is showing little signs of volatility.
We are at a defining moment for Bitcoin. This is because the monthly candle close for the cryptocurrency is expected to arrive somewhere around tomorrow, and the weekly candle close is expected today.
Bitcoin absolutely has to close with a weekly and monthly candle above the $34,200 zone, for the bulls to continue pushing Bitcoin up. Failure to do this would result in another drastic decline to $33,000 or lower.
Ethereum Is Stuck Under $1,870
According to the charts, Ethereum is also stuck under a major descending trendline and is having some trouble breaking above $1,870.
Like Bitcoin, Ethereum continues to stall under this trendline. As it turns out, Ethereum also has to close above with a weekly and monthly candlestick (which doesn’t seem very likely).
Investors are advised to keep their fingers crossed for now. At least, until Ethereum makes a major indicative move.
Same Story With Solana
For some reason, several cryptocurrencies on the market appear stuck under a resistance zone of some kind. This is because the market’s participants may be holding back from participating in the market, likely because of the coincidence between a weekly candle close and a monthly candle close.
After an impressive rally straight up to $34, Solana now appears stuck around $32 and has failed to make any major moves to the upside since.
If a price rejection from $34 occurs, we might be seeing Solana decline straight down to $25 or lower.
LOOM’s Reign May Be Over
Seriously, close any open positions you might have on LOOM, that involve buying.
After what appeared to be a price rebound from the $0.092 zone, today’s candlestick already shows bearish conditions for the cryptocurrency. LOOM’s bears now appear to be bent on pushing the cryptocurrency into a retest and possible break below $0.092.
And until we know what we’re dealing with around this support zone, any investor’s best bet would be to stay away.
A Good Chance On MATIC
The story on MATIC is almost the same as the others on this list. Like Bitcoin, Ethereum and Solana, MATIC, too, is stuck under $0.628.
According to the charts, while the others appear stuck and too tired to make a move, MATIC is moving in tandem with its 7-day MA and is making an attempt at breaking past $0.628.
All that the bulls need to do at this point is to push MATIC further up past $0.63, and simply hold this line until Tuesday, or thereabout. In all, MATIC has a pretty good chance of retaking July's $0.89 high soon.
