The crypto market has slightly increased with a 1.62% rise in total cap.
Bitcoin and Ethereum have maintained their dominance within the market (which is now almost completely green).
Several altcoins have rallied significantly while others are in the middle of losses.
There has also been a surge in liquidations (to the tune of $115 million) which mostly affected the bears.
The cryptocurrencies to watch out for include Bitcoin, Ethereum, Sei, Sui, and DogWifHat.
The crypto market has advanced a bit more today, with a 1.62% increase in total capitalization.
The crypto heatmap has also turned almost completely green, in an obvious display of strength from the bulls.
The crypto heatmap
Bitcoin’s dominance has remained relatively stable at a value of 56.34% and a price of $64,240.
The same holds for Ethereum, which hasn't moved much but has managed to stay above a 14% dominance.
The crypto fear and greed index has also moved up slightly, and now sits at a 53/100 neutral reading, as opposed to yesterday’s 51/100.
The crypto fear and greed index
So far, some of the biggest gainers include Sei, Sui, DogWifHat, Popcat, and Notcoin, with price increases between 12.3% to 24.57% over the last 24 hours.
On the flip side, some of the worst losers include Nervos Network, Injective, Maker, and Bittensor, with price declines between 1.5% and 5.9% in the same timeframe.
The crypto liquidation heatmap
According to the crypto liquidation heatmap, the figures have shot up from yesterday’s $83 million to a slightly more severe $115 million as shown.
The bears took a worse hit than the bulls, losing around $72 million compared to the bulls who lost around $42 million.
All of this said, the market appears skewed in the favour of the bulls today. Let’s see how specific cryptocurrencies are performing.
Bitcoin’s price action is impressive. We are looking at a cross over $60,000 over the weekend, and then a $62,000 breakout between Monday and Tuesday, before a current price of $64,171.
But is Bitcoin out of the woods yet?
Bitcoin still hasn't broken out.
The long and short of it is that Bitcoin has still not displayed the ultimate signal of a bullish takeover.
This signal is a break above the descending channel shown above.
Bitcoin, despite its impressive price action, is still trading within the same range as it has for months and is therefore not bullish yet—not in the medium term, at least.
Investors should consider waiting for the trigger before jumping in, as a price reversal is still possible as long as the cryptocurrency trades underneath the $65,000 - $67,250 zone.
Etheruem hasn't moved by much over the last 24 hours and has a current price of $2,655.
On the bright side, the cryptocurrency is strongly above the psychological $2,500 mark, which indicates that the bulls are holding the fort strongly.
Ethereum’s price performance
So far, the bulls still need to push the cryptocurrency up and above its 99-day EMA around $2,781 to confirm bullish bias on the cryptocurrency.
This said, it is sensible to think of Ethereum as trading between $2,781 and $2,500, with the future trajectory of the cryptocurrency dependent on which of these supports/resistances breaks first.
Sui made the list yesterday as a top gainer.
This time around, the cryptocurrency is back with a 16.57% price increase over the last 24 hours, making it the second best-performing asset among the top 100.
But what do the charts say about this?
Sui’s price action
To begin with, the charts show that Sui is bullish because it broke out of the descending channel shown above.
However, the interesting part about this is that the Fibonacci extension tool shows that the cryptocurrency is now trading right underneath a major resistance at $1.7755.
This indicates that Sui is either presenting a continuation signal or a major shorting opportunity.
If we see a break and close above $1.7755, the upward trend will continue. However, if rejection occurs, possible supports to target include $1.5244, $1.3214, $1.1185, and $0.8295.
Sei overtook Sui in the last 24 hours and has emerged as the best-performing crypto among the top 100, with nearly 25% gains.
Sei’s price performance
According to the charts, the cryptocurrency is trending upwards after rebounding off the $0.2590 support earlier in the month.
At the time of writing, Sei is attempting to retest the $0.5491 mark and is now struggling with the psychological $0.4 price level.
This said, some price targets to keep watch for include $0.4, $0.5491, $0.6498, and $0.75.
If the Bulls keep up the ongoing momentum, then Sei should have no problem hitting this high.
According to the charts, DogWifHat appears to have broken out of the multi-month falling wedge shown below, after months of consolidation.
The cryptocurrency has been stuck within this formation since it hit its all-time high sometime between late March and early April.
DogWifHat’s price action
One interesting thing to note about the price action illustrated is that WIF might have broken out of the formation.
However, it still has to break above the major $1.98 resistance, which it is now attempting to do.
To put things simply, investors should set sights on the psychological $2 resistance.
If the memecoin successfully flips this into support, then WIF will become ripe for entry.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it 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.