Crypto market rallies as BTC bounces from $53K
Cryptocurrency market sells off as dog-themed memecoins remain hot
Though most altcoins are taking a beating, AKITA and SHIB are still outperforming on OKEx.
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%.
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.
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.
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.
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