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Cryptocurrency market sells off as dog-themed memecoins remain hot

2021.10.27 Adam James

Though most altcoins are taking a beating, AKITA and SHIB are still outperforming on OKEx. 

Crypto Market Daily image

The cryptocurrency market has experienced a sell-off today, with its global capitalization falling by roughly 6% to under $2.6 trillion. The price of BTC has dropped by nearly 7% over the past 24 hours, while most altcoins have seen more severe losses. DOGE, for example, has dropped by 12%.

The cryptocurrency market is a sea of red today. Source: COIN360

On the news front, there hasn’t been any particularly interesting development that would negatively impact cryptocurrency valuations — meaning the sell-off is primarily driven by technicals.

Top altcoin gainers and losers: 1INCH leads market

  • 1INCH/USDT +54.61%
  • MASK/USDT +30.54%
  • AKITA/USDT +19.85%
  • ALV/USDT -15.77%
  • ORS/USDT -15.52%
  • UBTC/USDT -14.58%

Decentralized exchange 1inch’s token, 1INCH, is up a whopping 54% today — per OKEx’s default time settings. Meanwhile, memecoins AKITA and SHIB are both up by more than 19%. AAVE is also up by double-digit percentages.

1INCH is the top-performing altcoin on OKEx today. Source: OKEx

BTC technical analysis: Look out below?

The price of BTC looks a bit sick across global cryptocurrency exchanges today after falling down through the four-hour ribbon of exponential moving averages. The short-term bias is currently bearish, with a lot of empty space in between the current price and major support around 50,000 USDT.

OKEx’s BTC/USDT 4h chart — 10/27. Source: OKEx, TradingView

ETH technical analysis: Looking for support against BTC

The price of ETH is retracing against BTC and will soon be testing the four-hour EMA ribbon as support — an area that coincides with its favorite level of roughly 0.067 BTC. Should ETHBTC find support there, 0.072 BTC is the logical target for bulls.

OKEx’s ETH/BTC 4h chart — 10/27. 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.



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