The crypto market has slipped further down today, and things do not look so good.
For starters, the total market cap is down by about 3.11%, slipping from yesterday’s $1.68 trillion to around $1.63 trillion.
Aside from that, the crypto market's heatmap now looks like this:
Aside from a few splotches of green here and there, the market is almost completely red, with Bitcoin now far below the $42,000 mark. The state of liquidations in the market over the last day is just what one would expect.
The liquidations have climbed to around $251 million today, with the bulls taking the worst hit at around $217 million. As shown by the snapshot above, the bulls have most of the liquidations over the last day, with the Bitcoin bulls being the worst liquidated class.
In all, we can conclude today, that the bears have control of the market, by a wide margin.
Bitcoin Slips Below $42,800. But…
As shown by the snapshot below, Bitcoin has slipped far below the $42,800 support. This should mean that the bears now have all the control.
However, Bitcoin appears to have found support somewhere around $40,657 above (red line) and is now showing signs of a recovery from here.
Investors should know that if Bitcoin has indeed rebounded off this red line, it is likely to continue further upwards. However, a break below this line would be the last straw. There would be nothing to hold Bitcoin up anymore or save it from a plummet to $40,000 - $38,000.
Ethereum “Almost” Slipped
According to the charts, Ethereum was on the verge of slipping below the $2,500 line in the decline from yesterday until today.
Ethereum was on the verge of slipping under this crucial support before its bulls took action and prevented s longer drop.
At this point, it is safe to assume that Ethereum is now out of the woods yet. The recent dip created a lower low under the closing candle for 15 January, signalling a possible drop.
Recovery On $RLC?
RLC has been on an ascending trendline since May 2022, as shown below:
RLC has tried on several occasions to rebound off this trendline and rally further upwards and is now doing so again, in what appears to be a recovery.
The price target for RLC is anywhere between $1.9 and $2.35, during which the bulls will decide whether we see a breakout or another trend reversal.
Is This An Opportunity On LOOM?
After LOOM’s massive slump from $0.5 to as low as $0.09, Loom has spent the last few months in consolidation.
LOOM looks to be in the beginning phase of recovery, and may even be poised for a 450% rally to its $0.5 ATH once again if this recovery turns out to be valid by any means
Watch Out For NEM ($XEM)
NEM has been rising steadily since the start of the month and is even up by around 42% since 8 January.
NEM currently trades at around $0.043 and is the 3rd top gainer on Binance. At the time of writing, the cryptocurrency is testing resistance at around $0.0435 and only has to break above to confirm its bullish dominance and possible rally to as high as $0.068.