The crypto market entered a dip this week on Thursday, with several cryptocurrencies losing their footing around important price levels and retesting supports.
The global cryptocurrencies market cap has also taken a hit over the last day, falling straight down to $1.18 trillion from Wednesday's $1.2 trillion in a 2% decline in less than a day.
The total crypto market's trading volume also sits at around $42 billion, marking a decrease of about 8%.
Bitcoin, for example, has dipped by 2.3% over the last 24 hours, and Ether's price has declined by 2.2% as well, leaving the cryptocurrency struggling around the $1,850 zone after almost hitting $2,000 on Wednesday.
What exactly is going on, and how are cryptocurrencies across the market faring in these perilous times? In this article, we shift the spotlight to cryptocurrencies like Bitcoin, Ethereum, Dogecoin, XRP and Arbitrum.
We will take a deep dive into why some of these cryptocurrencies are doing relatively well, and why Arbitrum in particular appears to be suffering the most.
Let's jump right in.
According to data from CoinMarketCap, Bitcoin is suffering in terms of price action.
After almost hitting the $29,000 zone again in another attempt at $30,000, the benchmark cryptocurrencies took a beating and has declined again to the $27,800 zone where it now sits.
Bitcoin, according to CoinMarketCap, has declined by 2.6% over the last week, and by 2.4% over the last day.
The 5 April (Wednesday) candlestick on Bitcoin's daily charts formed a long-legged Doji, indicating a coming trend change.
This also shows extensive selling on the part of the bears and may mean that these bears are actively preventing the cryptocurrency from going above $29,000.
At the time of writing, Bitcoin is heading for a retest of its 20-day moving average (red line), where the bears are likely waiting.
The 20-day moving average sits around $27,300, which means that this is an important level to watch out for.
A break below $27,300 will translate to a decline on Bitcoin's part, and a retest of the $25,200 support.
Conversely, a retest of $29,000 becomes possible if the 20-day moving average ($27,300) holds.
Just like Bitcoin, Ethereum is also suffering in terms of price action.
CoinMarketCap data shows that Ethereum is down by 2.27% over the last day's dip, but is still 3.74% in the green, owing to last week's bullishness.
The cryptocurrency has declined to the $1,850 zone from Wednesday to Thursday, after almost hitting the $2,000 zone at around $1,930.
In the charts, Ethereum leapt off its 20-day EMA and used the resulting momentum to push itself into a breakout of the $1,850 resistance.
However, the bears have taken action against the bulls, and have now pushed the cryptocurrency's price into a rejection from $1,930.
Ethereum now appears to be testing the $1,850 resistance again, where the bears are most likely waiting to sink its price lower.
If this price level fails to hold, a retest of the cryptocurrency's 20-day moving average (around $1,780) becomes the next line of action.
CoinMarketCap data shows that Dogecoin is still remarkably green from a weekly perspective.
While other cryptocurrencies in the market have recorded significant losses over the last seven days, Dogecoin is still 18.9% in the green.
Dogecoin's impressive 7-day price action is due in part, to Dogecoin rising by more than 30% this week after Twitter (temporarily) dumped the traditional logo on its homepage and replaced it with a picture of the Dogecoin Dog.
Don't let Dogecoin's 7-day performance fool you though.
From a daily perspective, the cryptocurrency has taken a massive 10% hit and is doing twice as bad as Bitcoin and Ether combined.
A look at the charts shows that just like Ethereum, Dogecoin took off from its 20-day EMA and jumped in an attempt to retest (and possibly break) $0.1.
However, the charts also show a massive rejection from this price level, leading to a 10% dip in cryptocurrencies today alone.
After breaking through the weak support around $$0.09883, the next line of action for Dogecoin is a retest of its 20-day EMA around the $0.08 zone.
After this, an oscillation between the $0.07 and $0.11 zones may be in the works for the memecoin.
XRP appears to be doing much worse on the weekly timeframe, compared to its 24-hour timeframe.
The snapshot above shows that XRP is down by 10% from a 7-day perspective, and by 3.82% from a 24-hour perspective.
A look at the charts shows that XRP broke through its 20-day moving average sometime in late March, and began a powerful rally that took it up to a retest of the $0.55 resistance on the last day of March.
However, the charts also show a very long tail on the breakout candle, indicating that the bears sold aggressively at this point.
XRP has declined by 17.5% from this point and is trading at $0.497 at the time of writing.
XRP is headed for a retest of its 20-day EMA around $0.476 at the time of writing.
And if this support level cracks, the cryptocurrency will plunge straight down to the $0.435 support level.
Arbitrum takes the cake in terms of bearish cryptocurrencies on this list.
CoinMarketCap shows that cryptocurrency is doing poorly from a daily and weekly perspective.
According to data, ARB is down by about 6.2% from a daily perspective, and by about 13% from a weekly timeframe.
A quick look at the charts shows that after hitting a $1.1 bottom on 3 April, the cryptocurrency rebounded for another retest of the $1.44 resistance up ahead.
However, the bulls were cut short by the bears around the $1.3 zone, leading to a price rejection that left ARB at $1.19 where it now sits.
ARB has already broken through its 20-period EMA on its hourly chart and is now testing support around $1.17. a break below this point will lead to a decline that takes the cryptocurrency straight down to $1.1 again.
Conversely, if a rebound from 1.17 happens, ARB may be on its way into a retest of the $1.3 zone or higher.