Calm Before The Storm, Crypto Markets Waiting For The Pin To Drop

CoinDNA MArket Recap

The crypto market is still ranging. From our last market recap to today’s report, there’s been almost no movement across the Top 100 crypto board. The majority of the altcoins are in the red but not so deep as predicted nor expected.

The market capitalization has lost $3 Billion and has fallen to $221.6 Billion -it seems like its slowly bleeding out. The 24-hour volume is slightly up at $14 Billion but BTC dominance is going up at 51.4% so were not really sure which way it’s going yet. However, despite the trends we’re still 5% up from the same day last week.

The Bitcoin price has not been moving for the past 2 days and is still at $6600 level. Currently, it is on $6589 with a -0.42% loss. It’s in a tight range and for more advanced traders, this can present an opportunity as it will most likely breakout. On the upside, sellers might appear at $6610 resistance level and it needs to ride as high as $6642 to clear the resistance for further gains towards $6700. On the low side, the support is at $6540 which given the given current chart, is possible in the short term. Should this occur, it is possible to drop towards $6360.

Ethereum is shouldering the storm as stoically as possible, not moving much at all. Currently, it is at $229 and has been ranging in the $230 level for the past three days. It went as low as $224 yesterday before pushing higher. Unfortunately, it is tightly guarded at $230. it needs to get past $232 resistance before buyers can snap up $234 -$236. On the downside, $222 is the support level where buyers might reappear. The chart is very much undecided, the MACD is flat on the bearish side, the green RSI is coming down below 50, and the yellow SRSI is in a sharp drop below 80.

The Top 10 is trying hard to maintain its level and not to drop any more than is necessary. They are currently in the red with an average of 0-2% loss. The biggest loser is Ripple’s XRP (which is a bit surprising given their current Swell event) at -4.62% with Litecoin on a slight green at 0.04%.

NEM from the Top 25 is the leading performer today -not only on the Top 25 but on the entire Top 100 board. It has risen to 13.80% gain overnight and is currently trading at $0.111, a month high. NEM is currently conducting a community campaign across the globe. A far second is Bytecoin, at 5.47% today. VeChain is also on the green at 2.45%, and the rest are mostly red with Tezos leading the top losers at -4.58%.

Further down the list, Loopring is surging at 12.33% and trading at $0.114. Funfair follows at 9.42%. Aelf and IOST follow at 6-7% both. Reddcoin, which had a great pump two days ago, is now falling at-6.00%. Verge follows at -5.37%.

So, overall, we’re waiting for the pin to drop. The market can go either way, the bulls are saying the bottom has been touched and the bears, of course, are pushing for below $6k. Caution, my friends, and watch the market with me every day!  

Check live charts at CoinDNA Data. 

CoinDNA is an educational website that aids users in research, the first step of their investment journey, providing insights to help navigate investment decisions, including market data for individual tokens, a daily market report, and custom frequently-asked analytics.