The crypto market is down by 0.85% today, with Bitcoin nearing a break below the $57,000 support.
Ethereum is also struggling around $3,100 after being rejected from $3,800 yesterday.
Near Protocol is showing signs of a rebound off a descending trendline and needs to break above a certain support for further upside.
Maker (MKR) shows something similar and could break above $3,000 soon if the bulls continue to apply pressure.
The crypto market has hovered around the same spot for most of this week and is down today by around 0.85% in terms of market cap.
Bitcoin is now only inches from dropping below $57,000, and the crypto market's heatmap remains persistently red, as shown below:
Somehow, Ethereum has remained relatively unaffected and is still attempting to break above the $3,100 resistance.
Coinglass data shows that crypto liquidations are harsher today for some reason and have predictably mainly affected the bulls.
The snapshot above shows that the leveraged traders have lost around $150 million over the last 24 hours, with the bulls losing around $111 of the total and the bears emerging relatively unscathed with $37 million.
All of the data above shows that the bears are in control of the market today, and unless the bulls take decisive action, the bearish sentiment might escalate.
The chart below shows that Bitcoin shows worrying signs of rejection from $59,800.
The longer upper wicks of the candlesticks for 10 and 11 June show significant bearish action around this $59,800 price level, explaining why Bitcoin has been trending lower since.
If the bearish action continues, Bitcoin will continue to trend downwards and retest the base of the descending channel shown.
This time around, if we see a break below, the resulting drop would be devastating, and a dip below $50,000 might not be so impossible after all.
Just yesterday, Ethereum broke above $3,100 and even hit $3,217.
However, the bears took action almost immediately, sinking the cryptocurrency down below again, as shown by the long upper wick of yesterday’s candlestick.
This means that unless the bulls take action from here, we might see further downside action, and Ethereum might end up with a retest of the ascending trendline above.
Near Protocol is showing signs of incoming bullish action, considering the chart below:
The cryptocurrency rebounded off the descending trendline shown and broke above the $4.9 resistance sometime yesterday.
What we can see in the chart is a consolidation above $4.9.
Suppose the bulls can hold the fort until a daily candlestick closes above this price level. In that case, we are bound to see the cryptocurrency continue further upwards and retest anywhere between $6 and $6.7.
According to the charts, Maker is just like Near, considering the medium-term descending trendline on its chart.
The cryptocurrency’s rebound off the descending trendline shown above has been impressive so far.
However, we might need to see confirmation of the cryptocurrency’s bullish presence with a break above the previous local high of around $2,700.
A break above would constitute a higher high and increase the cryptocurrency's chances of rallying further up and retesting the $3,234 price level at the least.
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