The crypto market has been a little hazy as most market trends seem to be breaking. The global cryptocurrency market cap is estimated at $2.05 trillion as of the time of writing-a 5% decrease from the last 24 hours. With the current situation in the market, the bears seem to be edging as some cryptos have succumbed to the seller’s congestion.
The sellers also seem to be gaining traction in the derivatives market as 51.8% of the currently open order are bearish. The crypto derivatives did not fail to shake up its participants as about $391 million was REKT over the last 24 hours. 77% of the liquidated funds are from long positions as the market took a nosedive. More coins are showing reasons for concerns from the bulls.
The king coin has been at the forefront of many discussions as worries grow. After the price correction that took Bitcoin plummeting to $42,900, it was left trying to flip $47k with no success.
On the daily chart, BTC is not looking good for the buyer as it is currently at its pivot point around $45,175. It’s bitter-sweet news as the next actions are uncertain. According to the pivot point rule, when any coin is trading above the PP, it’s considered bullish and bearish on the reverse. Bitcoin as of the time of writing is neither as it is currently at the point.
The last 24 hours have left the third largest coin by the market with a loss of up to 5%. Interestingly, the coin still trading above its pivot point at $2.3 after it bis below and recovered.
Cardano will look to reignite its uptrend and proceed farther above $2.3. ADA will also aim at flipping its first critical resistance at $3.4. Achieving this feat will result in the coin recording a new all-time high.
The Ripple token also has its fair share of the seller’s congestion. As of the time of writing, XRP is trading at $1.06. The coin has had the most price swings when compared to the other coins highlighted above. It hit an intraday high of $1.24 and a low of $1.03.
XRP current price is an indication that it is currently bearish according to the Pivot Point Standard. Ripple will look to surge above its pivot point. The buyers will have to rally the market or it will keep plummeting.
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