ETH is recovering from Tuesday’s dump that saw it retrace to one of its lowest prices in the last seven days. However, reclaiming the lost level is slower than many anticipated.
The Tuesday dip affected all cryptocurrencies, and they struggled to keep prices afloat. The question on the lips of most bulls was, “Who is selling?” Questions went unanswered as speculations took the center stage.
The global cryptocurrency market cap also dipped in reaction to the dip. It dropped below $2.10 trillion but is recovering.
Ton Network’s memecoin, DOGS, Officially hit the market a few days ago. The launch rewarded many who farmed the token with airdrops. The network also suffered an outage due to massive traffic. Nonetheless, it is fully functional at the time of writing.
Let’s how some assets in the top 10 are trading
BTC/USD
Bitcoin started the week bearish as it registered notable losses on Monday. It started trading at $64,200 but dropped and tested $62k with no success. The support flipped the next and the apex coin hovered around until a massive selloff happened.
BTC broke $60k in the late hours of Tuesday as selling congestions ravaged the market. It dropped to a low of $58,000 before the rebound. It saw a slight recovery and closed the day a little above the low, with losses exceeding 5%.
The bulls have since tried to resume last week’s uptrend but failed. Nonetheless, they had limited success a few hours ago. The apex coin made a quick return to $61k, peaking at $61,182. However, it lost momentum and exchanging close to its opening price.
Indicators are flipping earish in response to the ongoing trend. The moving average convergence divergence is printing sell signals. The 12-day EMA is in contact with the 26-day EMA as traders expect a cross and divergence in the coming days.
RSI is stable in reaction to trading actions in the last 48 hours, indicating an almost buying and selling volume. Nonetheless, since losing $60k, price movement points to the importance of the $58k support. A slip below this mark will send BTC as low as $56k.
ETH/USD
Ethereum kicked off the day at $2,528 and enjoyed a notable increase in demand, sending prices close to $2,600. However, it is trading at its opening price as the altcoin lost momentum.
The latest price trend is different from what transpired during the previous intraday session. It started trading at $2,457 but retraced and rebounded above the $2,400 support. It soon surged and broke $2,500, closing with gains of almost 3%.
Ethereum was one of the worst-hit coins by Tuesday’s downtrend, losing over 8%. Due to several failed attempts at recovery, it is trading at critical support. ETH is trading close to the 78% Fibonacci retracement level, which is considered the last support before the 100% level. The bulls must keep the price above $2,500.
MACD presents a worrying signal for the bulls. The 12-day EMA is trending close to the 26-day EMA in an ongoing bullish convergence. Nonetheless, both EMAs are almost on the same trajectory, indicating that ETH’s current price is fragile and may shoot up or down.
The Relative Strength Index suggests that the bulls are gradually restoring confidence in the asset after Tuesday’s decline. It rose from 35 to 40 as buying pressure gradually increased. Nonetheless, the metric is trending on a straight line in reaction to the latest price actions.
BNB/USD
Binance coin is trading above the 200-day exponential moving average. Since losing the 50 and 100-day EMAs, the assets have traded without any notable improvement.
BNB lost these key levels on Tuesday when it halted its surge to $560 and retraced. The asset dipped to a low of $521 following a wave of corrections that swept through the crypto market. It lost almost 2% in response.
However, this was not the biggest loss of the 
week. It kicked off the seven-day session with huge losses, dropping from $574 on Monday to a low of $547. Due to the decline, it lost almost 5% and is struggling to recover and resume last week’s uptrend.
The asset registered a doji over the last 48 hours as the bulls and bears continued the struggle for dominance. The RSI is parallel in response to the coi seeing an equal push and pull from both factions of the market.
Nonetheless, BNB is trading at a critical level. The 200-day EMA is servings support, highlighting $520 as a key point. It also lies close to the 38% Fib level, indicating that a small slip below these two levels will send the altcoin deeper.
It remains to be seen if a breakout to te top will happen amidst the ongoing bearish divergence on the MACD.
SOL/USD
Solana has been on the decline over the last five days. It ended the last day of the previous week with small declines that deepened since the new week started.
Tuesday was a nightmare for many traders as they lost a huge chunk of their wallets. The altcoin opened trading at $157 and was en route to $160 but halted due to massive selling congestion. While many traders faulted an anonymous seller for selling, others pointed to FTX as the culprit.
SOL dropped from $159 to a low $145. The bulls struggled to recover after the decline but have since failed as it closed with losses of almost 7%. It slowed its descent the next day but retraced to a low of $140 but rebounded.
Solana is currently trading at $139 as selling resumes. While many fault sellers for the ongoing decline, it is worth noting that on-chain analysis points to a gradual decrease in memecoins in the ecosystem. Developers are leaving to launch their tokens on other platforms as the memecoin craze is gradually fading.
The effect of such reduction is less demand for the native coin SOL for trading or liquidity or trading, resulting in the ongoing downtrend as holders are also dunping.
The relative strength index has been on the decline since Sunday, dropping from 58 to 41, indicating ongoing bearish actions.
All eyes are on the moving average convergence divergence as the 12-day EMA intercepted the 26-day EMA. The ongoing divergence is indicative of the possible continue of the current bearish trend.
