The crypto market experienced minimal changes over the past 24 hours.
Bitcoin is showing signs of a recovery and should be able to rebound towards $60,000 soon.
Ethereum is struggling to break through $2,720 but is making higher highs and higher lows.
Both Fantom and Litecoin have the biggest potential for breakouts.
Overall, despite some positive signs, the overall market sentiment leans towards the bearish side.
The crypto market has remained relatively stagnant over the last 24 hours, declining only by around 0.4% in terms of market cap.
Bitcoin is still trading at only a few hundred dollars above $58,000, but the crypto heatmap shows a good amount of green.
The crypto market’s heatmap
The crypto fear and greed index has remained at yesterday’s neutral level of 41%, and some of the biggest gainers are Fantom, THORChain, Aave and Litecoin (most of which made the gainer list yesterday).
The crypto fear and greed index
On the other hand, the worst losers include Aptos, Starknet, Pepe, and Polygon, all of which experienced an average decline of around 4.2%.
The last 24 hours have also seen around $208 million taken from leveraged traders as shown.
The crypto liquidation heatmap
The bulls have been the worst hit so far, losing $15 million compared to the bears' $48.95 million, as shown.
This means that the bears might have the upper hand in today's market, and investors should approach with caution.
According to the charts, Bitcoin seems to have found a firm footing and has delayed its freefall to around $57,632.
The charts show that while the bears caused a crash below this price level yesterday, to a low of $56,000, the bulls quickly stepped in and are now pushing hard with an ongoing rebound, as illustrated.
Bitcoin’s price action
The bulls have also managed to stop a bearish takeover from taking hold with the daily RSI, even though Bitcoin still appears to be in bearish territory.
Overall, Bitcoin's future depends on its ability to keep itself above $57,635.
Ethereum is still struggling to break and close above the $2,720 price level. However, the cryptocurrency continues to make higher highs and lows, which means that the bulls are still fairly strong compared to the bears.
Ethereum’s attempts at breaking above $2,720
Ethereum still trades underneath most of its major moving averages. However, the closest one is its 25-day EMA, which currently sits at around $2,830 (red line).
Investors will need to watch out for what happens around this price level to determine what to expect from Ethereum in the coming weeks.
As shown, Fantom trades within a steep descending wedge and has just rebounded off the base of this formation.
Fantom in the charts
The cryptocurrency is doing a solid job at a rally from here and is already attempting to break above its 25-day EMA around $0.3912 as illustrated.
Considering how close Fantom is to breaking through, investors should consider monitoring this moving average. If we see a break and close above it, the cryptocurrency will rally and be set to attempt a breakout (and pump) somewhere around $0.76.
According to the charts, Litecoin is trading within a descending channel, which means that it is bearish.
However, amid this bearishness, the cryptocurrency is also approaching the upper trendline of this formation soon, which means that a breakout might be looming.
Litecoin’s price action
If the bulls continue to push with this enthusiasm, we should see a rally further upwards and a likely breakout from the $70 mark.
This would put Litecoin under the right conditions to rally by a further 61% to its $112 local high.
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.