Something strange is happening with the market.
The global crypto market cap seems healthy enough and sits at a current value of about $1.08 trillion. It has a slight 0.6% correction from yesterday's $1.09 trillion but is still healthy enough.
The crypto fear and greed index also sits at a semi-neutral position (around 43), and isn’t much different from yesterday’s reading. However, this is what the market looks like:
Notice how the market is starting to turn red?
Coinglass’ liquidation data shows that the buyers (bulls) have suffered the most over the last 24 hours, with Bitcoin buyers alone losing $14 million over the last 24 hours.
Overall, Coinglass says that in the past 24 hours, 15,146 traders were liquidated in a $43.38 million loss.
Let’s go into the crypto market’s contents and see what we’re up against.
Bitcoin: Is A Market Decline Really Incoming?
The short answer is: maybe.
Bitcoin appears to have bounced off the larger ascending trendline on the daily timeframe.
However, it still faces significant resistance from its 99-day moving average (cyan around $28,240) and has been failing to break through for a few days now.
We can also draw an ascending trendline on Bitcoin’s chart, to visualize what Bitcoin is facing, as shown below.
Needless to say, if the cryptocurrency fails to break through this line to the upside, we may see a price reversal as Bitcoin reconsiders a dip back to $26,000.
When Is A Rally Happening On Ethereum?
Ethereum took a bigger beating than Bitcoin over the last 24 hours. According to CoinMarketCap, Ethereum is missing 1% on the daily timeframe, and about 2% on the weekly timeframe.
According to the charts, like Bitcoin, Ethereum was facing resistance somewhere around its 99-day moving average.
However, the bulls lost the battle against the bears along the line, and Ethereum has declined into a retest of its larger ascending trendline.
Ethereum should bounce off this trendline, and target a retest of the $2,000 zone. However, if a breakdown of this zone happens, we may see the cryptocurrency drop very steeply.
Loom’s Consistency Should Be Studied
$LOOM has been part of Binance’s top-gainer list for the past week.
According to Binance, this cryptocurrency is now the #1 top gainer on the exchange and is registering a 43% price increase over the last day.
Loom’s chart pictured below is pretty self-explanatory.
Yesterday’s candle showed a clear continuation signal, and today’s candle appears to be doing something similar. What do you think? Observe some more, or get in?
Do You Like Football? Try Juventus FC
Juventus FC, an Italian football club has a fan token. And as it happens, this fan token is the $2 top gainer on Binance.
Juventus fan token now has a 24-hour gain of about 16%.
Could this price increase be as a result of the upcoming match against Atalanta FC tomorrow, or because of the football club being ranked 4th in the Serie A league?