The cryptocurrency market continued its downward trend over the past 24 hours, with both the total market capitalization (TOTAL) and Bitcoin (BTC) seeing declines. Metaverse-based token SAND was the market’s biggest loser, with a double-digit drop over the period.
Today's news:
Tron founder Justin Sun has invested $30 million in World Liberty Financial (WLFI), a DeFi platform backed by Donald Trump. The project has struggled to attract investors, but Sun’s investment could help revive its prospects.
Binance Labs has invested in Kernel, a re-staking infrastructure aimed at increasing the security and utility of the BNB Chain by converting BNB security into programmable trust for crypto services and applications.
Crypto asset sales gain momentum
The total cryptocurrency market cap has dropped by $82 billion in the last 24 hours. The TOTAL is currently at $3.19 trillion, with a decline towards the critical support of $3 trillion.
The 24-hour market slump resulted in widespread liquidations, with 159,554 traders liquidated and a total of $518.30 million wiped out. Long positions were the most affected, accounting for $389.13 million of the total liquidations.
On the daily chart, TOTAL’s Moving Average Convergence Divergence (MACD) indicator readings confirm increasing selling pressure. At the moment, the MACD line (blue) is about to cross below the signal line (orange).
TOTAL Analysis – Source: TradingView
This indicator measures the price trends and momentum of an asset and identifies potential buy or sell signals. When configured this way, it signals a potential downtrend, indicating that selling pressure may increase. If selling activity persists, TOTAL could drop to the $3 trillion support. If this level fails, the market could fall further to $2.72 trillion.
On the other hand, an increase in crypto market activity could push TOTAL towards its all-time high of $3.36 trillion.
Bitcoin at $100K remains out of reach
Bitcoin continues to witness an increase in distribution among market participants. At the time of writing, the asset is trading at $94,767, down 4% in the last 24 hours. During this period, its trading volume has increased by more than 50%, confirming the selling activity in the market.
When an asset’s price falls while trading volume increases, it indicates strong selling pressure as more traders are actively unloading the asset. This combination often signals bearish sentiment, with the heightened activity reflecting widespread market participation in the decline.
Bitcoin is currently trading above the critical support at $88,630. Its price could fall below $90,000 to this level if profit-taking activity intensifies.
Bitcoin price analysis. Source: TradingView
However, if new demand emerges in the market, it could boost the cryptocurrency’s value and lead it to regain its all-time high of $99,419.
The Sandbox begins to lose recent gains
Metaverse-linked token SAND has seen its value drop 18% in the past 24 hours, making it the market's biggest loser over that period.
This double-digit drop comes after SAND hit a new yearly high of $0.86 during Monday’s Asian session. The token is trading at $0.66 at press time, down 23% from its price peak. It is currently trading above support at $0.61.
SAND price analysis. Source: TradingView
If selling pressure increases, this price level could be broken. On the other hand, SAND price could rise above $0.72 if market sentiment changes and traders adopt a hold strategy.
The article Why is the crypto market falling today, 11/26/2024? was first seen on BeInCrypto Brazil.
