The entire cryptocurrency marketcap has declined sharply. The entire crypto marketcap has decreased by more than 4% in under 24 hours and the major cryptocurrency Bitcoin has lost more than 5% in the last 24 hours. This sudden flash crash has made many traders restlessly wait for the market to recover. Let’s take a look at it in more detail.
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Cryptocurrency Market 1 Day Chart: Tradingview
From the last few days, the entire market was showing good progress. but in the last 24 hours, the market displayed bearish behavior. At the time of writing this, the entire cryptocurrency market cap is sitting at $346.64 Billion. If we look at the 1 Day chart then we will find that Bill William’s 3 lines or the Alligator Technical Indicator are slightly closed or intertwined. This could indicate that the lines are going to sleep or they are asleep already. Now, this could indicate that these three lines will get the hungrier after waking up. This waking up timeframe could be between 3 days to 10 days or 7 days to 21 days. So, this could once again push for price growth.
At the moment the lines are not at all completely intertwined and this could be the positive sign but the next 48 hours could be crucial if the entire market wants to show good progress.
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Cryptocurrency Market 1 Week Chart: Tradingview
Now, the massive dump could be one of the reasons behind this decline. The cryptocurrency market lost almost $20 billion in market capitalization in just minutes. Bitcoin’s price is currently down at $10,415 but has been as low as $9,960 on Binance and other exchanges. The market started plummeting after the USD started bouncing. The U.S. stock market also had a notable crash with the Dow Jones losing almost 2.98% and 898 points.
Now, if we closely look at the weekly chart, then we will find that this dump might look severe but this is not the end of the crypto market’s bull run which is still active in the longer timeframes. The weekly chart, for example, is still bullish and in an uptrend and bulls could still comfortably carry the 12-EMA. The last higher low could be $306 B, which suggests that anything over this level could be deemed a higher low and restoration of the uptrend.
Conclusion
Most major cryptocurrencies — driven by Bitcoin — already displayed good progress in the last two months. The entire market dropped only in the last 24 hours but some cryptocurrencies are still showing good progress. For example, cryptocurrencies like DGB, RUNE, and OMG, kept on making gains. So, it will be too early to predict anything about the entire cryptocurrency market. At the end of the year, in the deficiency of any significant trigger, fresh money could again enter the crypto market. Moreover, most institutional divers fancy to transfer their money into the asset class that is in an uptrend instead of holding. So, this could be a positive sign for the entire crypto market. We wish you happy trading!
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