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. Â Â
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. Â
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. Â
Solanaâs 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. Â
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 doesnât occur, the bears will push MATIC further down into a retest of this descending trendline, around $0.9. Â
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.