The broader crypto market has been recovering strongly since yesterday's crash.
The total market cap and Bitcoin's price have increased so far by at least 7%
Most cryptocurrencies are in the middle of double-digit gains, including the top 10.
However, while the market is recovering, the fear and greed index is still in the "fear" territory.
Bitcoin and Ethereum are showing bullish signs, while Akash and Render indicate further gains.
According to data from CoinMarketCap, Bitcoin and the crypto market are doing a great job of recovering today.
We have an ongoing 8% increment in the total market cap, as well as a 7.9% price increase on Bitcoin from an intra-day low of $49,000 yesterday to around $56,000 today.
Ethereum, on the other hand, is back at the $2,500 price level, with Solana at $142, XRP at $0.51, Dogecoin at $0.99, and Cardano at $0.33, all of which have rallied by at least 7%.
The crypto market's heatmap
The crypto heatmap has also turned mostly green, as shown in the snapshot above, with Bitcoin's dominance retreating from a 58% high yesterday to around 55.5% today.
The crypto fear and greed index
The crypto fear and greed index shows a reading of 34, which is still in the fear territory, though.
The liquidation figures from the last day are still harsh but milder compared to yesterday's.
The crypto liquidations
In the 24 hours before writing, $510 million had been removed from the board, half of yesterday's liquidations.
On one hand, the Bitcoin bulls suffered the worst liquidations, followed by the Ethereum bears.
Overall, it is interesting that both bulls and bears all over the market had an almost equal liquidation rate, making it hard to predict whether the bulls have indeed taken back control.
While the bulls lost $206 million, the bears have lost around $242 million, an almost equal amount.
Let's see what is happening with the market on a micro-scale.
Yesterday’s candlestick shows a great deal of bullish presence, especially towards the end of the trading day.
Bitcoin’s recovery
Yesterday's extremely long lower candlestick shows that the bulls stepped in at around $49,000 and have been pushing the cryptocurrency upwards ever since.
It is also notable how Bitcoin managed to prevent a daily candle close underneath the lower trendline of the descending channel shown above.
The cryptocurrency first has to break and close above the $56,000 price level to confirm that the bulls are in control and capable of completing the recovery.
Like Bitcoin, Ethereum's candlestick from yesterday has an extremely long lower wick, indicating that the bulls stepped in massively.
We are looking at an ongoing cryptocurrency recovery after it rebounds from $2,111.
Ethereum’s price action
It should be noted that Ethereum is not fully out of the fight yet and might still consolidate for a while before a proper move to the upside.
However, in the meantime, traders can keep an eye out for what happens around the psychological $2,500 price level.
Interestingly, while the rest of the market crashed yesterday, Akash maintained its ground and managed to prevent a break below the descending channel shown below:
Akash’s price action
The cryptocurrency is now rebounding from this trendline and is even testing the small ascending trendline it formed in its initial ascent to the top.
This means that Akash looks bullish and should be able to explode to the upside if we see a sustained break and close above $2.86.
Render has been in a descending wedge for most of the year, which means that it remains bullish in the long term.
Render’s descending wedge
Yesterday’s crash brought the cryptocurrency into a retest of this formation’s lower trendline, and we are now seeing a recovery attempt.
Render currently trades at around $4.75 and should be able to retest the $6 resistance soon if the bulls continue to push upwards.
Investors should watch out for this retest and possible break above $6.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but 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.