Cryptocurrency Market Update: FET and AGIX Surge as Bitcoin and Ethereum Struggle

Crypto market is consolidating, with Bitcoin and Ethereum struggling to gain momentum, while some altcoins like FET and AGIX show signs of recovery.
Cryptocurrency Market Update:  FET and AGIX Surge as Bitcoin and Ethereum Struggle

Key Insights

  • The crypto market continues to consolidate, with Bitcoin failing to reclaim $66,000.

  • Despite Ethereum's victory with the SEC yesterday and its resulting 3% surge, it has failed to break above $3,653 and isn't immune to a retest of $3,400.

  • After a devastating drop, FET is in the middle of a 30% surge in the last 24 hours, and a decisive break above $1.627 could trigger a rally to $3.5

  • Just like FET, AGIX is recovering, too. A break above $0.7 could see a surge towards $1.47. However, a rejection might cause a drop to $0.367 or lower.

The crypto market's consolidation has continued over the last day, with another 0.32% decline in the total market cap, and Bitcoin is no closer to retaking $66,000.

<div class="paragraphs"><p>The crypto market’s heatmap</p></div>

The crypto market’s heatmap

Aside from a few splotches of minor greens, the market has remained red over the last day, with Bitcoin's dominance sitting well above 54%.

The liquidations over the last 24 hours have been minor, with leveraged traders losing only around $65 million.

<div class="paragraphs"><p>The crypto market’s liquidation data</p></div>

The crypto market’s liquidation data

However, despite the mild liquidation figure, the bulls have suffered the most, losing a total of $37 million compared to the bears' 28 million.

Today, we can say that the market is neutral, as it has been for most of the week. However, the bears hold the reins more firmly compared to the bulls.

Will a Bitcoin Rebound Happen?

According to the charts, yesterday's candlestick showed a recovery effort on the part of the bulls after they saved Bitcoin from going further below $64,000.

However, yesterday's candlestick was also incredibly short, indicating a solid lack of volatility and that the bulls do not have that much strength to push back against the bears.

<div class="paragraphs"><p>Bitcoin’s price action</p></div>

Bitcoin’s price action

Not at the moment, at least.

Bitcoin's candlestick for today is starting out in a similar fashion, and sooner or later, we should see accelerated price action in either direction on the flagship cryptocurrency.

Is This It for Ethereum?

Ethereum's price action yesterday was pretty impressive, considering how the US SEC officially ended its probe into the cryptocurrency's PoS version, effectively classifying it as a commodity rather than a security.

<div class="paragraphs"><p>Ethereum’s price action</p></div>

Ethereum’s price action

Ethereum rallied by as much as 3% in a matter of minutes after the official announcement to $3,594.

However, the cryptocurrency failed to break above the $3,653 local high, indicating that the bulls tried hard but maybe not hard enough.

To restore investor confidence, Ethereum must break above $3,653 and show that its bulls are back in control—anything aside from this would result in a price decline for the cryptocurrency, as well as a possible retest of $3,400 or lower.

FET Is Back In Business

After a relatively brutal crash from $3.48, (FET) plummeted to as low as $1.1, along with the rest of the market, as illustrated below.

However, the cryptocurrency appears to be making an impressive comeback from this price level and is even up by 30% over the last 24 hours alone.

<div class="paragraphs"><p>FET in the charts</p></div>

FET in the charts

FET currently trades at around $1.627—and a reasonably strong resistance sits around this price level.

Investors are advised to wait and see what happens around $1.627 because a decisive break and close above that level could birth a possible rally back to $3.48.

However, a rejection might result in a more brutal crash than before and a retest of the $0.475 zone.

We Have The Same Story On Singularity NET ($AGIX)

The ongoing rallies seem to be concentrated around the AI tokens, considering how Singularity NET and are performing, even showing similar chart patterns.

<div class="paragraphs"><p>AGIX’s price action</p></div>

AGIX’s price action

Just like FET, AGIX declined straight down to $0.466 after a peak of $1.47 in March.

The chart above shows a recovery from this $0.466 slump, in a similar fashion as FET, as well as a retest of an important price resistance around $0.7.

If a break above $0.7 occurs, we should see AGIX soar further up and even retest the $1.47 price level again.

However, if we see a rejection, AGIX will likely decline further down and retest the $0.367 zone or even lower.

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.

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