The crypto market has recovered slightly from yesterday's blues, with Bitcoin reclaiming $57,000 and Ethereum attempting to hold above $2,400.
The fear and greed index hasn't budged from yesterday's level, indicating that investors should remain cautious.
Top Performers today include Injective, Helium, Aave, Conflux, and Starknet.
Bitcoin and Ethereum do not seem very bullish, and Injective is attempting to break above a key support.
Helium has a positive outlook and could continue to rally with targets of $8.9 and $11.
The crypto market has advanced slightly today, with a 1.2% increase in its market cap to the $2 trillion mark once again.
Bitcoin has managed to reclaim the $57,000 zone after losing it yesterday, Ethereum is attempting to mark its territory above $2,400, and the crypto market has turned green.
The crypto market’s heatmap
Interestingly, the crypto fear and greed index hasn’t budged from yesterday’s fear level of around 34/100, which casts some doubt over the market’s sudden greens from the last 24 hours.
The crypto fear and greed index
So far, some of the biggest gainers include Injective, Helium, Aave, Conflux and Starknet, all of which have moved to the upside by between 7% - 10% in the last 24 hours.
On the flip side, some of the worst losers include Notcoin, Toncoin, Celestia, Mantra and Aptos—all with price declines of between 2.5% and 4.75% over the last 24 hours.
The crypto liquidation heatmap
The crypto liquidations have cooled down from the last 24 hours, moving lower than yesterday’s +$150 million to around $89 million at the time of writing.
Interestingly, the bears suffered the worst of this, losing around $53 million compared to the bulls’ $36 million.
Overall, the market still requires caution today. However, the bulls appear to be putting up an impressive fight against the bears.
According to the charts, the lower wick from 04 September's candlestick was significantly longer, indicating that the bulls came alive yesterday, somewhere around $55,600.
Bitcoin’s price performance
Today’s candlestick already appears to be trading lower, influenced by last week’s rejection of the 25-day EMA.
The outlook for Bitcoin is that investors should keep an eye out for what happens between the $57,100 zone (where Bitcoin sits at the time of writing) and $55,600.
Bitcoin rebounding off this range is possible. However, if we see a breakdown, the resulting crash might lead the cryptocurrency further down to the bottom of the descending channel shown above.
Ethereum showed promising signs of a recovery yesterday, even seeing a price rebound from the $2,300 support.
Today, however, Ethereum’s price action is mirroring the sentiment across the rest of the market, and is already printing a red candlestick.
Ethereum’s price performance
So far, the odds of an Ethereum retest of this channel’s lower trendline are substantial, and investors should keep their fingers crossed.
More importantly, watch out for what happens around $2,392, $2,300 and $2,240.
On 25 August, Injective failed to break above the upper trendline of the descending channel shown below and was instead rejected towards the bottom side.
Because of this rejection, the cryptocurrency broke below the semi-strong support around $17, which has now become a major resistance.
Injective's price action
As shown, Injective is now attempting to break above this price level once again and resume its uptrend.
With this being said, the outlook for Injective is simple.
If we see a break and close above $17 soon, the cryptocurrency will continue its uptrend and possibly make another attempt at a breakout soon.
However, if we see a rejection below $17, the resulting crash would bring the cryptocurrency down to between $14.5 and $11.5.
According to the charts, Helium appears to have successfully cleared the $7.456 resistance, which is strong according to the Fibonacci extension tool.
Helium’s price performance
This price outlook means the cryptocurrency will likely continue travelling further upwards to higher support levels.
According to the Fibonacci extension, some of the biggest targets for Helium include $8.9 and the $11 high last seen in February of this year.
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.