The crypto market has been through a slight downturn with a 0.76% decline in total cap.
Bitcoin and Ethereum have maintained their dominance despite the slump.
Some of the altcoins to keep an eye out for include Near Protocol, Celestia, and Arweave.
The liquidation data shows that the bears are retaking control.
Traders should therefore approach the market with caution.
The crypto market hasn't moved by much over the last 24 hours and has even declined by around 0.76% to $2.2 trillion in terms of market cap.
Bitcoin has managed to maintain its standing above the $63,000 mark, however, with Ethereum trading at above $2,600.
So far, the crypto heatmap has turned almost completely red as shown:
The crypto market’s heatmap
Bitcoin and Ethereum have both maintained their dominance, with 56.25% and 14.26% respectively.
The crypto fear and greed index has held its ground within the same timeframe though, with a neutral reading of 51/100, same as yesterday’s.
The crypto fear and greed index
Data from CoinMarketCap shows that amid the slight downturn over the last 24 hours, some of the best gainers include Near Protocol, Celestia, Arweave, Ronin, Nevos Network, and Stacks with price increases between 6.5% and 16.4%.
On the flipside, the worst losers include Sui, Bittensor, Akash, Helium, and Fantom, with price declines between 4% and 7%.
The crypto liquidation heatmap
The crypto liquidations for today aren’t as harsh as yesterday’s, with only $88 million taken from traders, compared to yesterday’s $108 million.
The bulls have expectedly suffered the worst of this arrangement, losing $51.62 million compared to the bears’ $36.75 million.
So far, this means that power is shifting again into the hands of the bears, and investors should again approach with caution.
Bitcoin has done a good job of rebounding from the base of the multi-month descending channel shown below and even hitting the upper trendline of the formation.
However, while many investors expected a breakout, Bitcoin is now showing signs of yet another rejection.
Bitcoin’s price action
Right around its 200-day Simple Moving Average (blue line) around $63,900, the bears appear to have initiated a rejection, preventing the cryptocurrency’s price from closing above on Monday, 23 September.
In essence, unless the bulls can pull a surprise move and force a massive green candle sometime soon, the bears’ influence might continue to grow.
This will push Bitcoin lower and lower, possibly towards its 99-day EMA around $61,000 or even further down if the bulls continue failing to take action.
Despite the bearishness across the market, Ethereum remains in a strong place according to the charts.
So far, the cryptocurrency has managed to hold its ground above the $2,500 price level and is now in a consolidation phase.
Ethereum’s price action
The long and short of Ethereum’s price action is that as long as the bulls continue to defend $2,500, the bears cannot take control of the market just yet.
Etheruem is still underneath its 99-day moving average (red line) which sits at around $2,784 but is showing relative stability regardless.
This said, an entry opportunity remains open for this cryptocurrency, with an SL order just underneath the $2,550 - $2,500 range.
To start with, Celestia’s bulls did a commendable job of holding the cryptocurrency up from falling below the $3.94 yearly low.
The cryptocurrency rebounded from here after consolidating between 5 July and 6 September, eventually breaking above the descending trendline shown above.
Celestia’s price performance
However, while the breakout is a strong sign of bullish presence, it still isn’t enough on its own.
The Fibonacci retracement tool shows that a significant resistance sits around $7.616, just slightly above the cryptocurrency’s current price of $6.289.
This said, the bulls will need to push slightly harder to initiate this breakout above $7.616.
If said breakout doesn't occur though, Celestia still presents a valid 50% shorting opportunity with a target of $3.94.
The charts show that Near protocol has just broken out of the falling wedge formation shown below:
Moreover, the cryptocurrency is attempting to break above $5.27 before hitting $6 and then breaking out towards the upside.
Near Protocol’s price performance
The question remains: Can $NEAR accomplish these milestones?
All of the above being said, means that investors should keep an eye out for what happens with Celestia between its current price standing around $5.27 and the $6 mark.
If we see a rejection at any point, the cryptocurrency will likely reverse and retest the upper trendline of the wedge again before the real rally.
However, if we do not see a rejection and Near breaks above $6, the resulting rally could take it further up to as high as $8.55.
According to the charts, Arweave has just broken out of a multi-month falling wedge as illustrated:
Arweave’s price action
Arweave currently trades at around $23.09.
According to the readings from the Fibonacci retracement tool, a significant resistance sits just around $23.39, only a few cents above the cryptocurrency’s current price.
This means that if Arweave advances only slightly from here, it would count as a breakout.
If we see a close above this price level, the cryptocurrency should be able to hit any of its other resistances including $28.96, $32.90, and $36.85.
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.