The crypto market today is caught up in a power struggle between the bulls and bears.
Over the last day, there has been a minimal 0.59% decline in the total crypto market cap, with this metric dropping from $1.61 trillion yesterday to $1.60 trillion today.
The crypto marketâs heatmap shows that the market still has some greens. However, the green cryptocurrencies are only barely bullish. Take Bitcoin for example, which is green but is only up by about 0.11%.
The crypto market's liquidations are shown to have affected the bulls more than the bears, leading us to assume that the market may be tilting towards the bearish side.
This metric sits at $122 million over the last day, with the bulls taking $81.59 million, compared to the bearsâ $40 million. In essence, the market is bearish today. Â
Bitcoin Holds Up Above $40,500
Bitcoin, after rebounding off $40,500, appears to be holding up well between this level and $45,000.
Bitcoin currently trades around $42,840 and seems likely to reattempt a break above $45,000 once again. Â
Is Ethereum At Risk?
The Ethereum bears made another attempt at sinking it below $2,150 again yesterday. This marks the second attempt in two days, leading us to wonder: How long can Ethereum hold up above $2,150?
Overall, the $2,150 support is a fundamentally strong one and is unlikely to break so easily.
At the same time, the bears will need to put in a lot more effort to secure Ethereum's rebound and cause a retest or even a break above $2,400. Â Â
A Bullish Breakout On Stacks (STX)
According to Binanceâs rankings, Stacks is the 5th biggest gainer over the last day, with an intra-day price gain of 14.5% at the time of writing.
Stacks currently trades at around $1.3836. After its rejection from $1.2556 in early December, Stacks plummeted to $0.8856.
Today, however, Stacks just confirmed a breakout from $1.3836 and is facing a possible rally to between $1.5792 and $1.7704. Â
A Rebound On pNetwork (PNT)
According to Binance, PNT is the 9th largest gainer over the last day and is up by 11% over the last day.
PNT was recently rejected from $0.375 by its bears. The rejection was so strong that the cryptocurrency ended up at around $0.1923.
However, it appears that PNT is in the middle of a rebound, and may very well target the previous $0.1923 high once again.
As long as the bulls can sustain their momentum and prevent a breakdown of the $0.1923 zone, that is. Â
Can We See A Sustained Breakout On $DOCK?
The bears appear to be very active around the $0.02793 zone on DOCK. Over most of the year, DOCK has attempted breakouts above this zone and has been rejected strongly every time.
At the time of writing, DOCK sits directly on top of this $0.02793 resistance and is attempting a breakout. From what we have seen with cryptocurrencies breaking out of year-long resistances and hitting new yearly highs, it might finally be DOCK's turn to break above $0.02793 sustainably.
If this happens, the price targets include anywhere between $0.035 and $0.043.
