The crypto market has declined over the last 24 hours, with total market capitalization decreasing by 1.3%.
Bitcoin and Ethereum both fell below their respective 25-day SMAs.
While some cryptocurrencies, such as Beam, Monero, and Flare, saw gains, others, like Floki, Dogs, and Popcat, saw significant losses.
Liquidations were relatively low compared to the previous day, with bulls suffering more than bears.
Bitcoin and Ethereum are attempting to hold support levels, and a recovery is possible if they can maintain these levels.
The crypto market slid downwards once again today, with around 1.3% removed from the total market cap.
Bitcoin is now down below $59,000, with Ethereum barely above $2,500 and a crypto heatmap that looks like this:
The crypto heatmap
As shown, the crypto heatmap has turned almost entirely red, with only a few L1s showing green.
On the other hand, the crypto fear and greed index has remained relatively stable. Its slightly fearful 46/100 reading hasn't moved in the last three days.
The crypto fear and greed index
Some of the biggest gainers overall are Beam, Monero, Flare, Ronin and MultiversX, all of which have experienced price increases of between 3% and 4.8% in the last 24 hours.
Conversely, some of the biggest losers include Floki, Dogs, Popcat, Klaytn, and Artificial Superintelligence Alliance, all of which have experienced 10%—17% declines in the last 24 hours.
The crypto liquidation heatmap
The crypto liquidations haven't been as harsh as yesterday, considering the $120 million taken from traders overall.
The bulls expectedly suffered more than the bears, losing $84.5 million. Conversely, the bears lost around $36 million to liquidations.
With all this being said, the bears have the upper hand over the market today, and investors should approach it cautiously.
According to the charts, Bitcoin appears to be holding steady above the $57,600 support, even after all the bearishness from the last week.
Bitcoin’s price action
Bitcoin lost its standing above its 25-day SMA of around $60,700 on 27 August before trying and failing to reclaim it yesterday.
Interestingly, the RSI on the daily chart shows neutrality between the bulls and the bears, which indicates that if the bulls can keep Bitcoin steady for long enough, we might see a price reversal.
In this case, the price levels to watch for are the $57,600 zone as support and $60,700 as resistance.
Like Bitcoin, Ethereum lost its 25-day SMA on 24 July and has been trying to get back above once again.
Ethereum’s price action
Ever since, Ethereum has attempted a break above $2,820 twice and was last rejected around $2,820 on 24 August.
The cryptocurrency is now working on finalizing a rebound from $2,400, and we need to see a little more bullish price action from the bulls if we are to see a reclaim of this 25-day SMA once again.
The price levels to watch for Ethereum include $2,400 as support and the 25-day SMA around $2,680.
According to the charts, Flare experienced a brutal rejection in February, which sent its price crashing down by more than 70%, from $0.05694 to $0.0133, by August.
This was only slightly lower than the crucial $0.015 support, and as it turns out, the bulls have defended this price level ever since.
Flare’s price performance
This relative stability is encouraging, and the outlook for Flare is that if the bulls can keep things going for long enough, we might see a rebound towards new highs.
The cryptocurrency is already working on a break above its 25-day SMA of around $0.016, and if we see a sustained break above, it might be the start of an incoming price recovery.
According to the charts, Ronin broke above, retested, and has just rebounded off the $1.56 support as shown in the charts.
The pressure from the bulls seems healthy enough, and we are currently looking at an attempt to retake the 25-day SMA around $1.682.
Ronin in the charts
If Ronin successfully takes the $1.682 zone, the cryptocurrency will be poised to reclaim its local $1.84 high and form a new high.
From here, Ronin will likely continue further up, retest the upper trendline of the descending channel shown above, and attempt a breakout to the upside.
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.