Cryptocurrency Market Dips: Bitcoin Eyes Support, Solana and Render Rebound

Crypto market dips with Bitcoin eyeing support, Ethereum testing $3,100, Solana moving above average eyeing $180, and Render rebounds targeting $13.8.
Cryptocurrency Market Dips: Bitcoin Eyes Support, Solana and Render Rebound

Key Insights

  • The total market cap fell 1.42% to $2.32 trillion, with Bitcoin leading the decline.

  • Despite the dip, Bitcoin remains in a consolidation phase, and a break below $62,538 could signal a bearish takeover.

  • Ethereum is struggling below $3,100. Losing this support could lead to a further drop towards $2,900, and a break below $2,817 would be a strong bearish sign.

  • Solana successfully broke above its 25-day moving average and is retesting $160 resistance. A break above this could lead to a rally towards $180 or $200.

  • Render is bouncing back after a bear pullback. A continued rise could see it challenge the $13.8 resistance level.

The crypto market has taken another step back over the last 24 hours, with a 1.42% decline in the total market cap, and a $2.32 trillion figure.

This decline is mostly due to Bitcoin’s dip below the $64,000 price level, as shown in the heatmap below:

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

The crypto market’s heatmap

The heatmap above shows that the crypto market decline is almost market-wide, with only a few L1s like Solana and XRP staying green.

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

The crypto market’s liquidation heatmap

In terms of liquidation, it turns out that the bulls weren’t expecting the dip below $64,000 on Bitcoin, explaining how $215 million got wiped off the board from leveraged traders across the market.

As expected, the bulls suffered the worst of the liquidations, losing around $149 million compared to the bears’ $65 million.

Overall, the bulls remain in control despite how things look, and the market is merely going through a consolidation.

Bitcoin Consolidates Around $64K

As shown by the chart snapshot below, Bitcoin is consolidating around its medium-term moving average (red line) between $62,538 and $65,500.

This explains its consolidation over the last day, compared to its rapid climb from the $56,550 support.

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

Bitcoin’s price action

 Bitcoin’s prospects—as far as bullish price action is concerned—remain intact.

The bears can only take control of the market if we see a break in the cryptocurrency below $62,538, leading us to believe that Bitcoin might be testing the $67,000 - $70,000 zone pretty soon.

Ethereum’s Dip Below $3,100

One of the reasons the market slump was especially harsh over the last day, is because of Ethereum.

As shown by the charts, Ethereum is down below the $3,100 zone and is now trying to make its way back above this crucial support.

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

Ethereum’s price action

As expected, if the bulls are unable to stage a comeback and bring Ethereum back above $3,100, the cryptocurrency remains at risk of dropping further down and retesting the $2,900 zone.

Overall, the price level to watch would be the $2,817 zone because a break below would result in total bearish control.

A Clean Rebound on Solana

As shown by the charts, Solana entered an impressive rebound off the $118 zone last week on Wednesday and has been making its way higher ever since.

<div class="paragraphs"><p>Solana’s price performance</p></div>

Solana’s price performance

Solana has successfully broken above the 25-day moving average and is doing pretty well with its current retest of the crucial $160 resistance.

If Solana were to break above $160, it would constitute a higher high, and therefore a better chance at rallying further and retesting $180 or even $200.

Render Is About to be Explosive

What we have here in the chart below is Render’s weekly timeframe.

As shown, the crytocurrency broke above the $7.9 zone in early March but was caught up by the bears around $13.8.

The bears successfully pulled it straight down much lower to $6.2, where Render spent the next few months attempting a rebound.

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

Render’s price action

As shown above, we are finally seeing this rebound, with the cryptocurrency sitting at around $10.4.

If the bulls continue to apply this much pressure against the bears, we are set to see the cryptocurrency rally further up to the $13.8 resistance, and even further up.

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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