The bears have grown slightly in influence today, and the total crypto market cap has declined by about 0.2% from $1.66 trillion to $1.65 trillion.
The crypto market today, is still a mix of influence from the bulls and bears, as shown by the heatmap below:
The liquidation heatmap from Coinglass also shows us that while the bulls dominated the lower-cap altcoins yesterday, the bears have taken this control from them, causing strong bullish liquidations.
Liquidations today, have now nearly doubled to $219 million, with the bulls suffering the most after taking a $170 million beating. Overall, we can say today, that the bears are stronger than the bulls.
Bitcoin Accelerates Decline
Over the last day, Bitcoin has accelerated its decline after hitting resistance around $44,700 in mid-December.
However, Bitcoin has also hit a minor support around the $42,200 zone and appears to be consolidating around this level, as shown below:
This means that if a break below this trendline occurs, Bitcoin will inevitably retest the $40,400 support. Conversely, Bitcoin may also rebound from here and retest the $44,700 resistance.
Bullish Pennant On ETH?
In the charts, Ethereum appears to have formed an ascending trendline, as part of a larger bullish pennant.
If this outlook is valid, it would mean that Ethereum, under all of the sluggishness, is actually bullish.
Or at least, preparing for a bullish move to the upside. This means that Ethereum is likely to retest $2,345 very soon.
And if a breakout does not occur at this point, Ethereum will likely reverse once again. On and on, until a break above $2,345 - $2,500 occurs.
Solana’s Bulls Take Action At $107
According to the charts, Solana declined from the $126 high under the weight of its bears and targeted the $107 support.
According to the charts, the Solana bulls appear active around this zone and have caused a consolidation at this price level.
This means that Solana has a real chance of rebounding from $107 and going even higher. Conversely, if a break below $107 occurs, we are bound to see a decline towards the $92 support.
Polygon (MATIC) Breaks Out
MATIC has been under a descending trendline since November, as shown below. However, over the last day, MATIC broke out of this formation and targeted the $1 zone.
At the time of writing, MATIC is up by about 20% over the last day and needs to break and close above this level to continue further upwards to $1.18.
If a break above doesn’t occur, the bears will push MATIC further down into a retest of this descending trendline, around $0.9.
MINA Is At A Crucial Support
According to the charts, MINA has been bullish for several days and is even up by 19.88% over the last day.
MINA broke past the $1.32 mark yesterday and hit a $1.48 high. Today, MINA has reversed for a retest of this trendline, and could possibly continue further upwards if a break below doesn't occur. If this breakdown of $1.32 doesn't happen, MINA could rally by another 30% to as high as $1.58.
