The crypto market dipped with the total market cap falling 1.11% to $2.23 trillion.
Bitcoin lost the $61,000 zone again, and Ethereum fell further from $3,000. Further declines from both might trigger further drops.
Solana is inside a symmetrical triangle and could be headed for a retest of the $127.9 support level.
Bulls might push for a Solana rebound from here, but a break below $118.46 could turn things bearish.
Tron might be ready to rebound from $0.1245 and retake its previous all-time high.
The crypto market has started the week on a bearish note, considering the ongoing 1.11% decline in the total crypto market cap, and the current $2.23 trillion figure.
Bitcoin has lost the $61,000 zone again so far, and Ethereum inches further and further away from the $3,000 price level.
The crypto market’s heatmap
Judging by the amount of red across the market, we can say that the bears have been busy lately and have most of the control.
The crypto liquidation heatmap
Over the last 24 hours, leveraged traders across the crypto market have lost around $129 million, with the bulls suffering the worst of it at around $100 million, and the bears coming in at around $29 million in liquidations.
Judging by all of the above data, the bears have control over the market today.
According to the charts, Bitcoin might be under some bearish pressure but is still holding strongly above the $60,000 zone.
As shown in the chart below, the cryptocurrency's bulls seem to be holding the fort against the bears pretty well, despite a slightly bearish RSI reading and the cryptocurrency's relatively low volatility over the last few days.
Bitcoin’s price action
The outlook on Bitcoin remains valid.
As long as a decisive break below the $60,000 level doesn’t occur from here, Bitcoin remains poised to bounce and retest the $65,000 zone.
According to the charts, Ethereum strays further below the $3,100 and $3,000 range with every passing day.
However, the falling wedge on the cryptocurrency remains valid regardless, and Ethereum seems to have hit support between the $2,900 and $2,800 range as illustrated:
Ethereum’s price action
This price range should provide valid support for the cryptocurrency, considering how it has remained unbroken since February.
However, if we do see a break below this support, Etherum is sure to decline further down and retest the lower trendline of the falling wedge around $2,720.
According to the charts, Solana currently trades at around $139 and is currently inside a symmetrical triangle.
This price action is favourable in several ways, considering how the cryptocurrency seems to be headed for the lower trendline of this formation.
Solana’s price outlook
The outlook for the chart above is that Solana might likely decline further and retest the $127.9 support.
However, the bulls are likely lying in wait around this price level, looking to push Solana up into a rebound from here.
As long as Solana doesn’t break below the $118.46 price level, the market is unlikely to turn bearish, and we might even be seeing a retest of $210 soon.
According to the charts, Tron recently broke above the $0.1245 resistance and is now consolidating above this price level as the bulls and bears struggle for dominance:
Tron’s price action
So far, the RSI On the daily chart shows that we are currently in bullish territory and that the bulls have everything they need to launch a rebound from here, as well as a retest of the previous high at around $0.14.
If we do see this rebound move on Tron, the cryptocurrency is unlikely to stop around $0.14 and will attempt to retake its previous all-time high at around $0.177 or anywhere close, depending on how hard the bulls can push.
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.