The crypto market has slumped, with a market cap below $2 trillion and a 4.67% decline in the last 24 hours.
The fear and greed index has dropped, too, indicating a fear sentiment among investors.
Bitcoin has fallen below the $58,000 and $57,000 zones and is showing a possible bearish trend.
While the market sentiment is bearish, some cryptocurrencies like 1Inch and Uniswap are showing signs of recovery.
The crypto market has slid downwards again today, with a capitalization below the $2 trillion mark and a 4.67% decline in the last 24 hours.
The crypto heatmap is also completely red, as shown below:
The crypto market’s heatmap
We also have a much lower reading on the fear and greed index, with a glaringly fearful reading of 36/100, despite yesterday's relative stability of 46/100.
This came amid Bitcoin's 4.5% slump below the $58,000 and $57,000 zones in the last 24 hours to a press-time price of $56,400.
The crypto fear and greed index
So far, the market has not had many gainers over the last 24 hours, aside from Monero, the FTX token, 1Inch and a handful of others.
The biggest losers, on the other hand, include Brett, Fantom, Akash, Notcoin and Cosmos, all of which have average price declines of 9% to 10%.
The crypto liquidations
The crypto liquidation heatmap for the last 24 hours shows figures much higher than yesterday's, with around $197 million taken overall from traders.
Interestingly, while the bears lost a relatively meagre $25 million, the bulls lost a staggering $171 million.
This indicates that the market is strongly in favour of the bears today and that traders should approach with caution.
According to the charts, Bitcoin just broke below the crucial $56,599 zone and is showing relatively small indications of bullish presence.
The cryptocurrency's 4.5% decline in the last 24 hours took it to a low of $55,606 before the bulls stepped in and pushed back slightly.
Bitcoin’s price performance
This decline has formed a lower low against the $56,000 bottom from mid-August and now casts a bearish shadow over Bitcoin's price outlook.
Interestingly, the most recent rejection happened around its 25-day SMA of around $59,753, which has historically caused some substantial price declines for the cryptocurrency so far.
However, the Fibonacci retracement tool shows that Bitcoin’s $55,606 bottom is relatively strong, and investors should consider watching for a rebound or break below.
Ethereum, just like Bitcoin, declined massively in the last 24 hours by an even harsher 6%.
According to the charts, the cryptocurrency crashed to as low as $2,306 before the bulls saved it from going any lower.
Price save on Ethereum
Considering the cryptocurrency’s closeness to the bottom of the descending channel above, Ethereum’s price stability around $2,300 must remain unchallenged to avoid a heavier crash towards the $2,170 - $2,000 zone.
According to the charts, 1 inch has been trading within a falling wedge for most of the year and has been trending lower and lower since.
However, the charts now show that the cryptocurrency has hit the bottom of this formation and is attempting to rebound.
1Inch’s price action
As shown, the cryptocurrency has a current price of $0.2421 and is aiming for its 25-day EMA around $0.25.
This means that its performance around this $0.25 should determine where things go next.
A break above would be the trigger for further upside and a possible retest of the formation’s upper trendline around $0.35 (maybe even a breakout).
In summary, watch out for what happens around $0.25.
To start with, the RSI on the daily chart shows that a bullish crossover happened on 2 September.
Moreover, the RSI readings also show an incoming cross into bullish territory—in essence, the bulls are gathering strength.
Uniswap’s price action
We can also see a wedge formation on the cryptocurrency, along with bullish pressure against its upper boundary.
This upper boundary also happens to be reinforced by the cryptocurrency’s 25-day EMA around $6.283.
In essence, investors should keep an eye out for a daily break and close above $6.283, which would result in a breakout and a massive rally to the upside for Uniswap.
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.