The crypto market has seen an impressive rebound, with a 3% increase in total market cap.
Bitcoin is now trading above $60,000, with an impressive 57.1% dominance.
The crypto fear and greed index has risen from a fear level of 33/100 yesterday to 44/100 today.
Strong Performers include Pop Cat, Sei, Fantom, Sui, and Near Protocol.
Leveraged saw liquidations of $198 million collectively, with bears suffering the most.
The crypto market has recovered strongly over the last 24 hours. The total market cap has risen 3% over the last 24 hours, and Bitcoin trades well above $60,000.
The crypto heatmap has also turned mostly green, with Ethereum trading above $2,400.
The crypto market’s heatmap
The heatmap also shows an interesting spike in Bitcoin's dominance to as much as 57.1%.
So far, the crypto fear and greed index has recovered strongly within the same timeframe.
This metric now sits at 44/100 despite being under the 35/100 level only yesterday.
The crypto fear and greed index
Some of the biggest gainers in the last 24 hours include Pop Cat, Sei, Fantom, Sui, and Near Protocol. All of the above have intra-day price increases of between 13% and 22.5%.
On the flip side, Nervos Network, Kucoin, and Monero are some of the worst losers in the market. Interestingly, their declines were relatively low, with between 2% and 4.45% in the last 24 hours.
The crypto liquidation heatmap
Crypto liquidations have shot up over the last 24 hours, with $198 million taken from the leveraged traders so far.
This time around, the bears suffered the worst liquidations. They had $125 million taken from them compared to the $73 million taken from the Bulls over the last day.
All of the above indicates that the market is skewed in the favour of the bulls today.
According to the charts, Bitcoin has been climbing upwards lately. As shown, the cryptocurrency has just flipped the $57,500 resistance into support.
Bitcoin’s price performance
Interestingly, it has formed a new high above $60,625 and broken above the 25-day and 99-day exponential moving averages.
So far, Bitcoin is approaching the $65,000 - $66,000 zone—a break above which would signal freedom from the descending channel shown above.
If we see a break and close above $66,000, Bitcoin will be poised to hit and even surpass $70,000.
According to the charts, Ethereum is also turning massively bullish. The charts show that the cryptocurrency has broken above the $2,400 price level and is now aiming for higher highs.
Ethereum’s price action
We have an ongoing retest of the 25-day EMA (red line), as shown. This moving average is around $2,432 at the time of writing, and investors should keep an eye out for it.
If we see a valid break and close above $2,432, Ethereum will become fully poised to rally towards its 99-day EMA around $2,800, assuming the bulls can keep up the momentum.
Sei broke out of the falling wedge shown below on 23 August. However, it failed to initiate a post-breakout rally.
Sei’s price action
Instead of starting a post-breakout rally, the bears rejected the prices at around $0.36.
Sui has now spent the last month consolidating between a $0.36 high and a $0.259 low.
The charts show that the cryptocurrency is attempting to break out of this consolidation.
With this being said, investors should watch out for a break and close above the $0.36 price level to confirm that the bulls are indeed back in action.
Some of the major resistances to watch include $0.4, $0.5491, $0.6498, $0.75, and beyond.
According to the charts, unlike Sui, Fantom is already in its post-breakout rally from the falling wedge it broke out of.
The cryptocurrency is now aiming for higher highs and has just crossed an important resistance zone.
Fantom’s price performance
This resistance is around $0.66, as illustrated by the Fibonacci extension tool. Investors should pay extra attention to this level because the bears are likely active around it.
If we see a break and close above, the cryptocurrency should be able to rally further and hit $0.768 or even $0.877.
If we do not see a break and close above, however, Fantom would still present a valid shorting opportunity, with a valid target of $0.5
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.