The overall crypto market has crashed by 3.69% today.
Bitcoin and Ethereum are struggling and could drop further down if the bulls fail to act.
The crypto fear and greed index has also moved closer to the fear zone.
Aave is showing choppy but bullish signals and could possibly see a massive price increase soon.
Flare is at a crucial resistance level, and a breakout in either direction could lead to a price jump or dump.
The crypto market has slid downwards again today by another 3.69% by market cap. This figure now sits at around $2.06 trillion, along with Bitcoin sitting at only a few dollars above the $58,000 mark.
The crypto heatmap has turned up a great deal of red, with Bitcoin and Ethereum trading at declines of more than 4% each.
The crypto heatmap
The crypto fear and greed index has also declined further towards the fear level around 43, down from a reading of 55 yesterday, as shown.
The crypto fear and greed index
So far, some of the top losers include Ordi, Sats, Brett, DogWifHat, and Celestia, all of which had declined between 8.3% and 9.34% at the time of writing.
On the flipside, some of the top gainers include Aave, Flare and eCash, with Aave being the top gainer after rising by 7.4% in the last 24 hours.
The crypto liquidation heatmap
According to data from Coinglass, the liquidation figure has spiked from a little over $80 million to around $137 million today, with the bulls suffering the worst.
While the bears lost a relatively sensible $26 million, the bulls lost around $110 million.
This means that the bears are mostly in control of the market today.
As shown in the charts, Bitcoin failed to break above the $62,000 mark once again and is now trading further downwards after its rejection from $58,000.
Bitcoin’s price rejection
The cryptocurrency is now at risk of breaking below the $57,600 mark once again if the bulls fail to take control of the situation.
According to the daily RSI, a bearish crossover is also looming, which means that if Bitcoin drops below this $57,600 mark, the resulting drop might be harsh.
Just like Bitcoin, Ethereum is also in the middle of a rejection and is now trending lower after its latest rejection from the resistance block illustrated below:
Ethereum’s price action
The upper wick of yesterday’s candlestick was noticeably longer than the lower one, which means that the bears were active in their rejection.
The drop might be devastating if Ethereum breaks again below its short-term low of around $2,510.
Ethereum's RSI, on the daily chart, sits in bearish territory, which means that the bulls might have to fight extra hard to defeat the bears.
Aave is very choppy on lower timeframes, making it difficult to determine its actual trend.
However, in the weekly timeframe, the cryptocurrency has been trading on top of an ascending trendline since the beginning of the year, as illustrated.
Aave is choppy but bullish.
As it stands, Aave is now attempting a rebound from this trendline, as well as a break above the psychological resistance range between $100 and $120.
Suppose Aave successfully breaks through this choppy price action and continues its ascent to the upside. In that case, it will likely hit the $200 price resistance pretty quickly if the bulls can maintain momentum.
However, in the short to medium term, a break above its choppy phase would lead to a possible 45% price increase from current levels to around $170.
According to the charts, Flare is trending around the $0.0156 resistance level, which is a very important price point considering its relative strength in keeping the cryptocurrency stable between December 2022 and January 2023.
Flare’s price action
This time around, we are looking at one last stand on Flare. A breakout from either side will determine the strength of Flare's trend going forward.
Investors should consider monitoring the cryptocurrency from here because a break and close might determine if it rallies by 270% to $0.056 or declines to $0.01.
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.