The crypto market is showing signs of a recovery, or a bullish correction, at least.
The total crypto market cap has gone up by a staggering 9.3% from $2.36 trillion yesterday, to around $2.54 trillion.
The crypto market’s heatmap even shows this recovery in a perfect sea of green:
The liquidations in the last 2 hours aren't as brutal as they were yesterday and didn't seem to catch the bears unaware by a large margin.
The snapshot above shows that the $323 million liquidations over the last day, affected mostly the bears.
However, the differences between bulls and bears in this game weren’t so pronounced, seeing as the bulls lost $127 million, and the bears lost $195 million.
Overall, we can conclude that the bulls hold most of the influence today, but the market is currently in a delicate spot, and the dips “may” continue.
Valid Recovery On Bitcoin?
According to the charts, Bitcoin’s performance in the charts was amazing yesterday.
We saw the bulls push Bitcoin straight into a recovery, expertly saving it from a plunge below $60,600.
However, we can also see that the $69,000 resistance (which used to be Bitcoin's former ATH) remained unbroken.
This fact alone puts Bitcoin in a tight spot, and we are unlikely to see further bullishness until Bitcoin successfully clears this $69,000 zone.
Same Story On Ethereum?
In a way, Ethereum’s price action is a lot clearer than Bitcoin’s, despite both being similar.
The cryptocurrency was also saved from a plunge underneath the $3,000 zone. However, a particularly strong resistance remains unbroken, and it might be wise to keep from jumping in at this point.
The resistance in question is the $3,500 zone, and while Ethereum successfully broke above this zone, the candlestick for today currently shows extremely low volatility.
Trading any cryptocurrency involves putting emotion aside, and it might be smart to wait for a decisive break and close above $3,500 before “thinking” of jumping in.
Are We Seeing A Recovery On FLOKI?
According to the charts, FLOKI just made the most massive rebound from the $0.00016 support.
The cryptocurrency trades at around $0.0002452 at the time of writing but needs a decisive close above $0.0002495 for further confirmation that this is a valid rebound.
The ultimate confirmation, however, would be a sustained close above $0.0003138.
Investors should keep an eye out for that.
A Confirmation On SUI?
Of all the cryptocurrencies on this list, SUI is the closest to confirming a recovery.
According to the charts, SUI launched a massive recovery from the $1.21 support and has been consolidating upwards ever since, in an attempt to break through the $2 resistance.
The cryptocurrency currently trades at around $1.85 and is up by around 20% over the last day, and the bulls only need to push a little harder to solidify their dominance.
Check Out This Support On Gala
If anything, SUI has a strongly defined support that investors can keep an eye out for.
This support is in the $0.05 zone, and investors should keep an eye out for any possible declines below.
In the event of a further rally, we expect Gala to rise straight up and retake the $0.085 resistance.
However, if we see a break below though, Gala will inevitably tumble to the $0.036 support or lower, depending on how well the bulls can defend $0.036.
