In terms of strength, the market cap appears to be going well.
Over the last day, Bitcoin has gotten above the $35,000 zone and appears to be doing a good job at staying there.
The crypto market appears green so far and here is what the market looks like today:
Save a few splotches of red here and there, the crypto market appears largely green, with Bitcoin and Ethereum having moved to the upside by more than 2% over the last day.
Naturally, this means that the bears have drawn the short straw in terms of liquidation. Coinglass confirms this, as illustrated below:
There have been $157 million worth of liquidations in the market over the last day, and the bears have a massive $101 million share of the total.
The bulls, on the other hand, have a liquidation share of about 56%. Bitcoin appears to be recovering at the end of the day. Let’s see what’s up with that.
Price Rejection At $36,000?
Bitcoin went much higher than $35,000. According to the charts, the previous candlestick went as high as $35,984, before being rejected by the Bears.
Bitcoin’s price action appears strong enough from here, with a high enough standing above all of its major moving averages.
However, investors need to remember that the flagship cryptocurrency has to break fully above $36,000 to start and hold an impulse move, straight up to $40,000 or higher.
Is Ethereum Out Of The Woods Yet?
The short answer to this is: No. Here’s why. According to the charts, Ethereum has been trading under a strong descending trendline since April this year.
While Ethereum’s impulse move may have catapulted it straight up above the $1,800 resistance to $1,875, the bears launched a price rejection almost immediately, and Ethereum is down below the trendline once again.
Ethereum’s bulls have done well so far. However, the cryptocurrency still needs a lot of momentum to pull off a strong breakout and rally.
Time For $SUSHI?
Sushi Swap token or $SUSHI was in the news over the last day. According to a tweet from LookOnChain, an anonymous buyer was allegedly manipulating the price of SUSHI through stablecoin $USDC and cryptocurrency, $DyDx.
According to Binance, SUSHI rallied by about 10% yesterday and is now up by about 46% over the last day today.
$SUSHI broke through the $0.8 resistance yesterday, explaining its 46% rally over the last day.
The cryptocurrency appears to have met resistance somewhere around $1.3 and is now showing some degree of a price rejection from the bears.
Solana Surpasses Expectation
Solana is one of the most consistently bullish cryptocurrencies on the market. Over the last day, the cryptocurrency broke past the $39 high it broke below before the FTX crash and even went further to make another 12% rally to the upside around $46.90.
Judging by the length of yesterday’s candle wick, the cryptocurrency appeared to have been rejected strongly, somewhere around $46.90. However, today’s candlestick shows that the bulls have not run out of momentum yet.
Solana now appears to be aiming for a cover of yesterday's candlestick wick. This means that we may see Solana prices close to or even above $46.90 again soon.
Should You Be Interested In $CELO?
According to Binance's rankings, CELO is the 5th largest gainer on the exchange. This is because of:
This week, the cryptocurrency broke above a descending trendline that has been active since April. This means that the bullishness on this cryptocurrency is bound to continue over the long term At the time of writing, the cryptocurrency trades at about $0.57. However, its price targets include $0.617, $0.68, and $0.75.