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Daily Market Report, 24 January
The crypto market’s decline hasn’t let up today either.
We have a further 2% decline on the total crypto market cap, bringing the value to about $1.55 trillion, down from the $1.78 trillion it used to be at only a few weeks ago.
The crypto market’s heatmap is nothing but red on the major cryptocurrencies.
In terms of liquidations, more traders have lost more money over the last day, with a total of around $310 million taken from the crypto market over the last day.
As expected, the bulls have suffered the most, losing a whopping $238 million of the total, compared to the bears’ $72 million.
Today, we can conclude that the bears have all the power. The bulls might have also expected the market to recover quickly and started to open trades to catch rallies.
Bitcoin Consolidates Under $40,000
According to the charts, Bitcoin has begun its consolidation phase under the $40,000 mark, as shown below:
This might be a genuine sign of a Bitcoin recovery above the $40,000 mark or might be one of the first warning signs of a possible drop to lower lows.
Overall, the RSI on the daily chart is showing signs of the Bitcoin market being in bearish territory, and it is important to stay alert for any flash crashes.
Ethereum Falls Faster, Harder
Ethereum is now so far from the $2,500 support, that the only zone keeping it up is the $2,120 support.
Ethereum currently trades at $2,220 and is in the middle of a 5.6% decline over the last day. The $2,120 zone now presents itself as the single most important zone on Ethereum’s chart.
If a break below this support occurs, Ethereum will inevitably decline to anywhere between $2,000 and $1,900.
A Break Out On Synapse (SYN)
After a decline from its ATH of $1.889 to a low of $0.4, Synapse has been trying to recover, as shown by the chart above.
The chart outlook above shows a coming breakout on Synapse, after an unsuccessful attempt at breaking $0.8 on 16 July last year.
If we see a successful break and close above the $0.8 resistance this time around, Synapse is poised to complete more than a 100% rally to its $1.889 ATH or even higher.
A Similar Setup On openANX (ANX)
According to charts provided by Binance, we can see a similar setup to that of Synapse on ANX’s chart, as illustrated below.
Like Synapse, OpenANX declined from an all-time high of $0.5377 to a low of $0.09. At the time of writing, it has recovered somewhat from this slump and is now about to test the $0.2 resistance for the chance to rally upwards by a staggering 160% to $0.54.
Watch Out For $DUSK
It turns out that despite the general market downturn, several small-cap cryptocurrencies are either at breakout points or have already broken out from important price levels.
We can see the same setup as that of the rest, on $DUSK . The cryptocurrency, after rallying from a low of $0.09 has climbed steadily through the months and is now facing resistance around $0.21.
This comes as a bullish scenario for the cryptocurrency, because if we see a valid break and close above this price level, DUSK is set to end up anywhere between $0.3 to $0.34 in the short term, or even higher from longer-term perspectives.
#BTC #ETH #SYN #ANX #DUSK
$SYN $DUSK
We have a further 2% decline on the total crypto market cap, bringing the value to about $1.55 trillion, down from the $1.78 trillion it used to be at only a few weeks ago.
The crypto market’s heatmap is nothing but red on the major cryptocurrencies.
In terms of liquidations, more traders have lost more money over the last day, with a total of around $310 million taken from the crypto market over the last day.
As expected, the bulls have suffered the most, losing a whopping $238 million of the total, compared to the bears’ $72 million.
Today, we can conclude that the bears have all the power. The bulls might have also expected the market to recover quickly and started to open trades to catch rallies.
Bitcoin Consolidates Under $40,000
According to the charts, Bitcoin has begun its consolidation phase under the $40,000 mark, as shown below:
This might be a genuine sign of a Bitcoin recovery above the $40,000 mark or might be one of the first warning signs of a possible drop to lower lows.
Overall, the RSI on the daily chart is showing signs of the Bitcoin market being in bearish territory, and it is important to stay alert for any flash crashes.
Ethereum Falls Faster, Harder
Ethereum is now so far from the $2,500 support, that the only zone keeping it up is the $2,120 support.
Ethereum currently trades at $2,220 and is in the middle of a 5.6% decline over the last day. The $2,120 zone now presents itself as the single most important zone on Ethereum’s chart.
If a break below this support occurs, Ethereum will inevitably decline to anywhere between $2,000 and $1,900.
A Break Out On Synapse (SYN)
After a decline from its ATH of $1.889 to a low of $0.4, Synapse has been trying to recover, as shown by the chart above.
The chart outlook above shows a coming breakout on Synapse, after an unsuccessful attempt at breaking $0.8 on 16 July last year.
If we see a successful break and close above the $0.8 resistance this time around, Synapse is poised to complete more than a 100% rally to its $1.889 ATH or even higher.
A Similar Setup On openANX (ANX)
According to charts provided by Binance, we can see a similar setup to that of Synapse on ANX’s chart, as illustrated below.
Like Synapse, OpenANX declined from an all-time high of $0.5377 to a low of $0.09. At the time of writing, it has recovered somewhat from this slump and is now about to test the $0.2 resistance for the chance to rally upwards by a staggering 160% to $0.54.
Watch Out For $DUSK
It turns out that despite the general market downturn, several small-cap cryptocurrencies are either at breakout points or have already broken out from important price levels.
We can see the same setup as that of the rest, on $DUSK . The cryptocurrency, after rallying from a low of $0.09 has climbed steadily through the months and is now facing resistance around $0.21.
This comes as a bullish scenario for the cryptocurrency, because if we see a valid break and close above this price level, DUSK is set to end up anywhere between $0.3 to $0.34 in the short term, or even higher from longer-term perspectives.
#BTC #ETH #SYN #ANX #DUSK
$SYN $DUSK