The crypto market is in the middle of a downturn, with a 4% drop in market cap and Bitcoin back below $60,000.
Most cryptocurrencies are trading at a loss, and several of them have dipped by more than 10% in the last 24 hours.
Bitcoin and Ethereum have both faced price rejections from important resistances and are trending lower.
Sui is attempting to break out of a downtrend and, if successful, could be poised for a 60% gain at least.
CurveDAO is also close to a massive breakout and is eyeing a 146% move to the upside.
The crypto market cap is down by another 4%, trending at the $2 trillion mark with Bitcoin below $60,000 once again.
The crypto market's heatmap
The market now has a plentiful amount of red, with almost all its offerings trading at losses between Sunday and the time of writing.
Interestingly, though, the crypto fear and greed index maintains its neutral level, at a perfect 50%, as illustrated.
The crypto fear and greed index
Some of the biggest losers are Beam, Worldcoin, DogWifHat, Mantra, Celestia, Optimism and Arweave, all with at least 10% price dips in the 24 hours before writing.
The crypto liquidation heatmap
The crypto liquidations have been relatively harsh over the last day, with $155 million wiped off the leveraged market.
As expected, the bulls suffered the worst of it, losing around $124 compared to the bears’ $31 million.
In summary, the bears appear stronger today, and caution is advised.
Bitcoin, as shown, appears to have been rejected from the $62,777 price level—which explains why it is now trending lower.
Bitcoin in the charts
The death cross between its $200 DMA and 50 DMA appears to be getting more pronounced, which might be a worrying sign as the bears continue to push the cryptocurrency lower.
However, at the time of writing, the $58,500 price support appears solid and capable of holding Bitcoin up as it did on 24 June.
Bitcoin still has a chance at recovery as long as a break below this price level doesn't occur.
After its last rejection from $3,500, Ethereum appears to have faced another one at around $2,700, and is now down to trading around $2,550.
Ethereum’s price action
This is especially worrying because an Ethereum rejection so close to the bottom of the channel above might spell trouble for the cryptocurrency.
The bulls need to act quickly from now on to prevent a further decline or a breakdown of the formation above.
Amid the general market bearishness and not a single cryptocurrency among the top 100 in the green today, we are seeing SUI do something interesting.
Sui's Price Action
According to the snapshot above, the cryptocurrency is attempting to break above the $0.89 price level again, after breaking below in mid-June and trying to get back up ever since.
If we see a sustained break and close above $0.89 on Sui, the resulting rally is bound to take it up by around 60% to $1.446, or even higher.
According to the charts, CurveDAO is trading in a small descending wedge on its medium to short terms, as illustrated:
A wedge on Curve DAO
As it turns out, the cryptocurrency is now testing the upper trendline of this formation and is incredibly close to breaking out.
If the bulls continue to apply this much pressure, we expect to see a breakout soon around $0.2689, which could lead to a 146% rally towards $0.6558.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.