Key Insights:
The crypto market experienced a minor correction of 1.5%, with Bitcoin falling below $65,000.
Despite the correction, Bitcoin aims to close above yesterday's price and might face resistance at $66,700.
Ethereum attempted to break the $3,500 barrier but faced rejection. Investors should watch for another breakout attempt.
Lido bounced from support at $1.49 and is climbing. The $2.58 zone will be a key resistance level to watch.
THORChain is looking to recover after dipping below its trendline in June. A retest or break above the $5.9 trendline may occur soon.
The crypto market has slid slightly today after about three days of consistent gains. There is a decline of around 1.5% in the total market cap, with Bitcoin now back below the $65,000 price level.
The Crypto Heatmap
As shown in the snapshot above, the crypto heatmap has turned red again, with Ethereum now trading around $3,400. Crypto liquidations from the last 24 hours sit at around $130 million, mostly affecting the bulls.
The Crypto Liquidation Heatmap
In the last 24 hours, leveraged bulls lost around $88 million, followed by bears losing around $42 million. Overall, the market has tilted slightly in favor of the bears today, suggesting either a small-scale correction or a potential sign of a bigger downturn.
Bitcoin Is Still On Track
Bitcoin's 1% correction in the last 24 hours was due to the $66,700 resistance. The bears likely anticipated the bulls and caused a slight 1.5% correction on the 17 July candlestick.
However, the candlestick for 18 July is green and aims to close above the $66,128 daily close from yesterday's candlestick. Bitcoin is bound to face further resistance at the top of the ascending trendline shown above, but today is not the day for a rejection.
Ethereum Hasn’t Left The Tracks
The Ethereum train is still very much on track, as shown in the chart below. Like Bitcoin, it faced rejection at the $3,500 price level. However, today's candlestick shows signs of recovery, with a retest of the $3,513 resistance expected soon.
Ethereum's last attempt at breaking through this resistance in the previous three days was unsuccessful. Investors should keep an eye on this price level again, looking for a close above $3,500 and possible post-breakout consolidation.
Watch Out For Lido
Lido (LDO) hit solid support around the $1.49 price level and has been trending upwards since 5 July, using this price level as a base.
So far, we have seen a 35% price increase from this 5 July rebound, and Lido is set to continue further upwards. The key price level to watch for Lido is the $2.58 range high, where the bears are likely waiting. However, a retest of this price level would give Lido another fresh chance, especially after failing to break above twice since 12 April.
THORChain Is Back In Action
According to the charts, THORChain broke below the ascending trendline on 10 June for the first time since October 2023.
This break caused a 40% dip to the underside, dropping THORChain from $5.2 to $3.1. However, the cryptocurrency is attempting a rebound and aiming for a retest or even a break above this trendline once again. We will likely see THORChain rally further upwards and hit the trendline around $5.9. Its price trajectory will then depend on how quickly the bulls can push against the bears and cause a breakout.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
