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Crypto market attempts recovery as select altcoins lead charge

2021.04.08 Adam James

While most major altcoins have seen pullbacks, SOL and others are bucking the trend. 

The cryptocurrency market is attempting to recover from yesterday's sell-off. BTC and ETH are still down 1.3% and 2.3%, respectively — dragging the total cryptocurrency market capitalization down an even 2%, as per data from CoinGecko.

Most major altcoins are also down. Large-caps like DOT, ADA, LTC and LINK have seen declines ranging approximately between 2% and 3%, while THETA has lost nearly 8%. Outperforming the market today, however, are TRX, SOL and BTT.

The cryptocurrency market is a mixed bag as it attempts a recovery. Source: Coin360

DeFi market falls back below $50 billion

The total value locked in decentralized finance has fallen back below $50 billion, as per data from DeFi Pulse. TVL losses have been sustained by every major DeFi protocol, with Synthetix seeing a drop of over 10%.

Decentralized exchanges have not performed particularly well during the market-wide pullback. SushiSwap fared the worst after losing roughly 5% of its TVL.

The total value locked in SushiSwap has declined over the past 24 hours. Source: DeFi Pulse

Top altcoin gainers and losers: Bitcoin forks give back gains

  • MITH/USDT +35.11%
  • MCO/USDT +32.13%
  • GTO/USDT +20.51%
  • UBTC/USDT -9.37%
  • PMA/USDT -11.12%
  • BCD/USDT -15.94%

Bitcoin fork BCD has moved from being a top-performer to today's worst-performing altcoin. Among large-cap altcoins, BTT is today's top performer after gaining 16.82% on OKEx.

BTT is the top-performing altcoin with a market capitalization over $1 billion on OKEx. Source: OKEx

BTC technical analysis: Testing key level of potential resistance

The price of BTC is currently testing potential resistance in the form of the ribbon of exponential moving averages on the four-hour time frame. Its quest to recover after yesterday's sell-off could be thwarted if it fails to overcome the EMA ribbon. However, breaking through and flipping the ribbon into support would be a decidedly bullish development.

OKEx's BTC/USDT 4h chart — 4/8. Source: OKEx, TradingView

ETH technical analysis: ETHBTC seemingly finds support

ETH has seemingly found support inside the four-hour EMA ribbon and at a key level of historical interest. The foremost altcoin may be considered bullish against BTC, as long as it stays above this area. Falling back down through would turn the chart bearish.

OKEx's ETH/BTC 4h chart — 4/8. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.