The crypto market has been going down in the last 12 hours: over 90% of cryptocurrencies are now in red.
Among the first 100 cryptocurrencies per capitalisation, only three are able to stay above parity. These are Rif Token (RIF) – an almost unknown token used for services offered by the RSK Smart Bitcoin platform – with a rise over 2% from yesterday’s levels, as well as Ethereum Classic (ETC) and Metaverse (ETP), both just above par.
Scrolling through the long list of the worst declines of the day, Chainlink’s (LINK) drop emerges, which is close to 10% from yesterday’s levels, cancelling out the rise accumulated in the last five days.
The same is true for BitTorrent (BTT), Monero (XMR), Dash, Pundi X (NPXS), to mention but a few of the best known, with daily declines of over 8%.
Damage is minimised by the first five in the class with Bitcoin, Bitcoin Cash and Ethereum dropping by over 6 percentage points.
Litecoin (-5.8%) and Ripple (XRP) also manage to limit the drop, with the latter, which despite being the best of the worst (-4%), returns to dangerously test last year’s support in the $0.2550 area.
The return of bearish force sweeps over 20 billion dollars of capitalisation in less than 24 hours, bringing the market cap below $260 billion, one step away from the lowest levels recorded during the summer.
Despite the negative day, the market dominance of the first three remains unchanged with bitcoin anchored at 69% – the highest levels of the last 29 months – Ethereum at 7.6% and Ripple at 4.3%. This situation shows that the decline of the crypto market in these hours is affecting the altcoins in particular.
Bitcoin values are once again below 10,000 dollars, confirming the recent rebound caused more by the coverings than by the new purchases.
In the last few hours, the return to test area 9500, increases the chances of going to revise the 9200-9000 area while at the same time opening a possible incomplete bearish head & shoulders, as the head’s developments are not in line with the maximums of the period.
An incomplete technical figure, but not to be underestimated in such a context where the Bears continue to excel. A break of the 9200 dollars area, supported by the volumes, would open spaces for descents down to the 7500-8000 dollars area. Only above 11200 dollars will the bull be able to return to breathe a sigh of relief.
The backward step of these last 36 hours brings prices back to test the dynamic trendline that has supported the bullish trend for over eight months.
It is becoming increasingly important to maintain the $175 area in the long run. For ETH, it is necessary to overcome the current stalemate that sees prices fluctuate dangerously above and below the $200 area for more than a month.
The breaking of the $175 support would cause an increase in speculation and the possibility of returning to see the levels of late April in the $155 area.