If we do the research, you can get alpha!
Get exclusive reports and key insights on airdrops, NFTs, and more! Subscribe to Alpha Reports now and enjoy the game!
Go to Alpha Report
Crypto is having a bleak day as it battles headwinds. The total market capitalization of cryptocurrency is $2.33 trillionUnder 4.81% Over the past day, according to CoinGecko. Meanwhile, April is now the first month since January that the Crypto Fear Greed Index has returned to neutral territory, canceling out the overall greedy mood for 2024.
The trend on Tuesday is overwhelmingly to the downside, with all coins in the top 100 showing negative performance over the past 24 hours.
Unus Sed LEO (LEO) is down 0.19% and at its current price of $5.84 it is still the best-performing token in the top 100, followed by Cronos (CRO), down 0.05% at 0.1296%. In general, all of the top 100 most valuable cryptocurrencies by market capitalization are currently posting losses, with SEI (#57 of the top 100) being the worst performer, down 12.95% over the past 24 hours.
Bitcoin, an indicator of the cryptocurrency market, also showed a downward trend, plummeting to $60,000 today, and the liquidation amount also decreased by more than $300 million. The coin is changing hands around $60200 with a loss of -4.19% in the last 24 hours and -9.72% in the last 7 days.
In terms of technical analysis, the coin’s compression period that began on April 9, 2024 was broken and its failure to break the $71.5K resistance point led to a series of lower highs, culminating in today’s bearish move.
Meanwhile, Bitcoin’s EMA 10 and EMA 55 are touching each other, indicating the start of a dead cross with EMA 55 rising above EMA 10. This means traders need to hold their assets for longer to make a profit. Therefore, the bearish forecast is still in play and support is possible near the current price (white line) before testing a new minimum at around $60,000 (yellow line). The most immediate bullish scenario would be to simply offset today’s losses without any significant near-term strength.
Ethereum, the second-largest cryptocurrency, is mirroring Bitcoin’s downward trend and today is the strongest red candlestick since April 13th. The coin rose from $3,164 to its current price of $2,966. It is down 6.26% in the last 24 hours and down 8.18% in the last 24 hours. 7 days. Ethereum indicators are also showing weakness in the compression zone in the short term.
Ethereum indicators suggest a bearish outlook in the short term, with a rebound possible in the long term. The dead cross occurred two weeks ago and the coin is currently in a prime volume zone. The Average Directional Index (ADX) shows that the bearish correction is losing strength, hinting at a potential “squeeze” or transition from a strong bearish trend to a brief bullish bounce.
If the current bearish trend holds, ETH could break the current support level and take the coin near $2,500. This is a strong support line on both daily and weekly time frames. If a bullish bounce occurs, the coin could recover to $3,260 and still remain in compression territory.
It’s not just a cryptocurrency
The cryptocurrency market is experiencing a downward trend today due to a combination of factors such as concerns about the U.S. Federal Reserve’s (Fed) next interest rate decision, uncertainty surrounding corporate profits, and expectations of important macroeconomic events. We are responding significantly to global trends.
“Recent selling pressure in U.S. financial markets shows that expectations have adjusted to the likelihood of a rate cut by the end of the year,” said Ruslan Lienkha, head of markets at YouHodler. decryption. “Although it will not have a direct impact on the cryptocurrency market if the exchange rate does not change anyway, Powell’s comments could continue to send a risk-aversion signal to the market that could strengthen selling pressure in the cryptocurrency market.”
Investors are closely tracking the Federal Reserve’s stance on interest rates as the central bank’s two-day monetary policy meeting gets underway, with a decision and press conference scheduled for tomorrow.
Looking ahead, updated inflation data and the next US jobs report will be key factors influencing market sentiment, with around 200 companies in the S&P 500 scheduled to report results this week. April was the only weak month for the S&P 500 since October 2023.
The stock market’s Fear Greed Index entered the fear phase for the first time since October 2023. This also affects the cryptocurrency market. This is especially true now that Bitcoin has become part of more trading portfolios following the approval of spot ETFs.
editor Ryan Ozawa.
