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<p>The crypto market now appears to be fully in control by the bears as major cryptocurrencies such as <a href="https://blockchainreporter.net/price-prediction/bitcoin-price-prediction/">Bitcoin (BTC)</a>, Ethereum (ETH), Ethena (ENA), Avalanche (AVAX) and Internet Computer ICP) see negative (red) performance in the past week which has also been extended to the past 24 hours.</p> 
<p>Particularly, the plummet from these major crypto assets has contributed to the current decline in the overall crypto market capitalization which is now down nearly 1% in the past day following an outflow of nearly $100 million.</p> 
<h2 class="wp-block-heading" id="dissecting-the-performance-of-the-major-cryptocurrencies">Dissecting The Performance Of The Major Cryptocurrencies</h2> 
<h3 class="wp-block-heading" id="bitcoin-btc">Bitcoin (BTC)</h3> 
<p>Being the leader and the largest cryptocurrency by market capitalization, it is worth noting that Bitcoin’s performance whether negative or positive usually have a more significant impact to the overall crypto market cap compared to all other ones. Now, over the past 24 hours, BTC has recorded a mixture of a red and green performance.</p> 
<p>Particularly, over this period, the asset has traded above and below $61,000. At the time of writing, the asset still currently trades below this mark with a current market price of $60,905, following a 0.2% increase in the past day. On the technical front, the asset appears to have rejected from a notable demand zone on the 8-hour.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXeKu2_yGBJZzfn_XenxCIBjPFhDF90zSuvq8JVx4wkaRV2TPGQHGjTILcy6UFyaOBcfYjDZysMB3RdmcwLPuDZqvOtZep7m3ryN7ABUmJ3tCDtbkPxYcY8G-ZY7oG2PC3dB_YDaIIz6RRUsTHrn0KfZQbxT?key=K88I5qlKQhduYP_-KlXsug" alt="">
 </figure>
</div> 
<p class="has-text-align-center">Source: BTC/USDT TradingView</p> 
<p>Though this comes against the backdrop of being unable to break through the major resistance on the daily chart, however, given the recent rejection from this demand zone, it is likely we see a reaction to the upside (temporary surge) from the current demand level before the continuation of the downtrend. Notably, BTC is still down nearly 6% in the past week and 17.4% from its ATH in March</p> 
<h3 class="wp-block-heading" id="ethereum-eth">Ethereum (ETH)&nbsp;</h3> 
<p><a href="https://blockchainreporter.net/price-prediction/ethereum-price-prediction/">Ethereum</a> is currently trading at a price of $3,382, at the time of writing following a slight increase of 0.2% in the past day. Amid the sluggish price movement, it is worth noting that there has been a notable trend in the asset’s trading volume. Particularly, over this period, ETH’s trading volume has plunged drastically from $11 billion yesterday to below $7 billion as of today.</p> 
<p>This plunge in trading volume suggests a decrease in market activity and interest which can often lead to consolidation or a potential reversal. Compared to Bitcoin which shows a glaring demand zone it is currently reacting from, ETH’s chart does not show a notable demand zone, however, it does show that it is currently reacting from a notable breaker lock on the 8-hour chart.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXc1tXd1X8mtSVb22SEsszwooXNScRAtBM7WgRB9ohIADT6tJNXSJ-GcRDn5ecL9-kOsWFZ-3lNdZUSPLXUF00yvw8Boy3d0k59MsfBUqDDFmYhbXK9LIF5bIEtuX6t0OxRUREvJW0ssLkm-YtRunRZCnm8?key=K88I5qlKQhduYP_-KlXsug" alt="">
 </figure>
</div> 
<p class="has-text-align-center">Source: ETH/USDT TradingView</p> 
<p>Keep in mind we can only see a reaction from these levels and not a potential reversal as ETH is currently still in a downtrend with several breaks of structures to the downside. According to CoinGecko, ETH is still down 3.5% in the past week and roughly 30.7% from its ATH of $4,878 in 2021</p> 
<h3 class="wp-block-heading" id="ethena-ena">Ethena (ENA)</h3> 
<p>Regardless of its ranking of 95th among the largest crypto by market cap, ENA emerges third on the list here recording a 1.7% loss in its value over the past day. ENA currently trades at a price of $0.5112. It is worth noting that this current price mark comes against the backdrop of a 15.6% plunge over the past week.</p> 
<p>On the technical front, ENA has since been on a freefall falling 66.3% from its all time high of $1.52 seen in April 2024. The asset’s chart does not show where it is currently reacting from on the higher time frame, however, given that the asset is now oversold, it is likely we see a short-term surge to the premium zone of the latest swing to take out liquidity to fuel the continuous downtrend.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXcxm4Kiuzoh9S9N0uSbCSY5FADiPCj6l7PjaukZizZ-hojplgG97n5_yFMn-7s-1_K-dwXalnCJvKc_qHC0owW3hmo1U4Ok_Ed88wM48Su36IoQEj-s23XAMsSZ-D7G9gh0ssRkKV-XUrWzbDaAY7RfeY0?key=K88I5qlKQhduYP_-KlXsug" alt="">
 </figure>
</div> 
<p class="has-text-align-center">Source: ENA/USDT on TradingView</p> 
<h3 class="wp-block-heading" id="avalanche-avax">Avalanche (AVAX)</h3> 
<p>Avalanche currently ranks 13th among largest crypto by market capitalization. However, regardless of that, <a href="https://blockchainreporter.net/price-prediction/avax-price-prediction/">AVAX</a> has seen a 1% decline in the past day – this appears to be only a slight shedded gain from its uptick of nearly 7% in the past week.&nbsp;</p> 
<p>It is worth noting that this uptick can be seen as a recovery from experiencing a notable transfer of $54 million to exchanges last week which brought the asset to trade as low as below $25.</p> 
<p>On the technical front, AVAX is in a downtrend and it now seems oversold. This has made the asset to currently be seeing a reversal to the premium zone to gather liquidity that will fuel its continuous journey to the downside.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXebEzQadk6od3KSQMvPfIAi_9UqpvW6EBmsRcDsAsgByY4Dd5nGju1c1lY8KkFiettNMFe94eDtK4uKhXI5gKqs-CfRdpmBbhJrDD2bXPix8Kd_2tZcobwZc5OcAVZJ2mddkUCglkd0THvVoyPt8z4wNWzo?key=K88I5qlKQhduYP_-KlXsug" alt="">
 </figure>
</div> 
<p class="has-text-align-center">Source: AVAX/USDT on TradingView</p> 
<h3 class="wp-block-heading" id="internet-computer-icp">Internet Computer (ICP)</h3> 
<p><a href="https://blockchainreporter.net/price-prediction/icp-price-prediction/">ICP</a> is ranked 25th among the largest cryptocurrency by market capitalization. The asset currently trades at a price of $7.95, at the time of writing down by 1.5% in the past day. It is worth noting that this decline in the past 24 hours can be seen as an extension of its week-long plunge of nearly 5%.</p> 
<p>From a technical perspective, ICP has been on a freefall and its chart on the higher time frame is currently not showing where it is headed to or where it’s currently reaction from.&nbsp;</p> 
<p>However, on the slightly lower time frame such as the 1-hour. The chart shows us that the asset has recently grabbed liquidity at a notable supply zone, which means ICP is likely to continue its plunge to the major swing low which is seen at the $7.5 region.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXevaT2fW4syGFDj_3y5UCzpzre4sPVIkSHzqF40Qxjkfh-9E7suRCzion88qh_xTq_2gTgv9SfAVWCzSUht3dFhjIGxEYKGk-W8k22Upbdh7L2sn3lUCdfYalNMDBICZNYNmH_AJ5lpG-Ub4YpmI8ssRTC8?key=K88I5qlKQhduYP_-KlXsug" alt="">
 </figure>
</div> 
<p class="has-text-align-center">Source: ICP/USDT on TradingView</p>

Daily Market Review: BTC, ETH, ENA, AVAX, ICP

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Інші статті, опубліковані 29 черв. 2024 р.

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