The market has jumped slightly with a 2.51% rise in total capitalization.
The crypto fear and greed index now has a more bullish reading than yesterday's.
Several altcoins particularly the memecoins like including Shiba Inu have seen impressive gains.
The leveraged traders so far, saw around $151 million in liquidations.
Some cryptos to keep an eye out for include Shiba Inu, Conflux, and Pepe.
The crypto market is going strong today, with a 2.51% increase in the last 24 hours and a total market cap of $2.29 trillion.
Bitcoin is now back above the $65,000 mark for the first time in months, with Ethereum trading at around $2,650.
The crypto heatmap has also turned almost completely green as shown below, in an apparent display of bullishness.
The crypto market’s heatmap
The crypto fear and greed index declined to the 48/100 reading yesterday, as the bears exerted their influence.
Today, however, we have a reading of 54/100—which indicates that the bulls are back in action.
The crypto fear and greed index
Market data also shows that so far, some of the top gainers on the market include Shiba Inu, Conflux, Wormhole, Bonk and Floki—all with between 15.5% and 22% price increases in the last 24 hours.
Interestingly, the memecoin market, in particular, is reacting well to Bitcoin's newfound strength.
On the other hand, some of the top losers on the market include Monero, Artificial Superintelligence Alliance and Aptos with between 0.5% to 1.5% price declines so far.
The crypto liquidation heatmap
The crypto liquidation heatmap shows a massive spike in liquidations.
Now for the first time in a while, the bearish liquidations are significantly higher than the bullish ones, which shows a legitimate shift in power.
The market in general, has lost around $151 million in the 24 hours before writing.
While the bulls lost only around $48 million, the bears lost a significantly higher $102 million.
All of the factors illustrated above, show that the market is experiencing a significant dominance shift, from the bears to the bulls.
But can the bulls maintain their strength?
To answer the question, Bitcoin does seem strong enough to stamp things down and begin the rally to $70,000 or higher once again.
The chart shows that Bitcoin is in the early stage of breaking above the multi-month descending channel shown:
Bitcoin about to breakout
The cryptocurrency hasn’t broken or closed fully above this major trendline yet though.
This means that the price outlook of Bitcoin is purely speculative at this point.
However, if the bulls keep up the momentum as they have since 6 September, this month could be Bitcoin's time to shine.
As shown by the charts, Ethereum is currently consolidating above the $2,500 price level and is showing no signs of an incoming rebound yet.
However, in terms of relative strength, the bulls have prevented a break below this psychological resistance for yet another day, which shows that they are stronger than the bears.
Ethereum’s price action
According to the charts, Ethereum is now trading in between its 25 and 99-day EMAs (red and blue lines respectively).
This indicates that a break in either direction can occur at any point, with each moving average determining Ethereum’s next trend.
This said, considering the relative strength the general market is gaining, Ethereum should be more likely to break above its 99-day EMA than below the 25-day EMA.
According to the charts, Shiba Inu has been trading closely with its 25-day EMA acting as support.
This trend saw the cryptocurrency break above the falling wedge illustrated above in August.
However, instead of rallying upwards, the memecoin entered another consolidation phase for the next month.
Shiba Inu’s price performance
As shown above, Shiba Inu is now done with its consolidation phase and is attempting to break above the major $0.00001828 resistance.
Investors should keep an eye out for what happens around this $0.00001828 resistance because if SHIB successfully closes above, we should see a retest of the next resistance around $0.00002413.
Conflux is another one of the biggest bullish cryptocurrencies on the market.
The cryptocurrency is up by around 20% in the last 24 hours and is therefore the 2nd best gainer among the top 100 cryptocurrencies.
Conflux in the charts
The charts show that the cryptocurrency is now forming the base of a cup and handle formation.
If this outlook holds for Conflux, we should see a slow but steady grind upwards to its previous $0.55 local high, in an incoming 195% increase from current price levels.
According to the charts, Pepe has been through some bearish weather so far, especially considering its rejection from the $0.00001725 price level in late May and the massive decline that followed.
However, the charts also show that PEPE is bullish and is even trading atop an ascending trendline as illustrated:
Pepe climbing further upwards
Pepe is now showing signs of a bullish return and is using its 25-day EMA as a dynamic support.
The rebound shown above has also taken it above its previous local high of $0.00000986—which counts as a higher high.
This said, the likelihood of Pepe continuing further to the upside is stronger than that of a crash, and we should be seeing a lot more green candlesticks for the green memecoin.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it 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.