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Cryptocurrency News Articles
Crypto Markets Tank as Bears Tighten Grip, Bitcoin and Ethereum Plunge
Apr 17, 2024 at 01:46 am
The cryptocurrency market experiences a bearish trend, with the total market cap declining by 4.3% in the last 24 hours. Bitcoin and Ethereum face consolidations, posting losses of 3.64% and 3.06%, respectively, while Core DAO and Cat in a dogs world emerge as gainers. NEO undergoes price corrections, and the Supertrend indicator suggests a bullish signal for Cat in a dogs world.
Bears Grip Tighten on Crypto Markets as Global Cap Plummets
The cryptocurrency market remains firmly under the control of bears, with the global market capitalization experiencing a substantial decline of 4.3% in the past 24 hours. The total market cap currently stands at $2.31 trillion, signaling a significant loss in total value. Furthermore, trading volume has also witnessed a 3% drop to $113 billion, indicating a slowdown in market activity.
Bitcoin Price Struggles Amidst Consolidation
Bitcoin (BTC), the bellwether cryptocurrency, has been locked in a period of intense consolidation today, with no discernible upward momentum. The price has recently broken below a crucial support level, establishing new lows and signaling a potential shift in market sentiment. The Money Flow Index (MFI) currently sits below the 30 threshold, indicating that BTC may be entering an oversold territory. However, this metric can also suggest a strong prevailing downward force. At press time, the BTC price trades at $62,553, marking a 3.64% decline from its 24-hour high.
Ethereum Follows in Bitcoin's Footsteps
Ethereum (ETH), the second-largest cryptocurrency, has also been encountering difficulties in today's session, failing to record notable gains. The MACD line remains below the signal line, indicating a bearish crossover. Additionally, the histogram bars are below zero, reinforcing the bearish momentum. As of press time, the ETH price hovers around $3,068, representing a 3.06% drop from its 24-hour peak.
Core DAO Bucks the Trend
In contrast to the broader market downturn, Core DAO (CORE) stands as one of the few gainers in today's session, with a modest increase in value. However, CORE has recently breached the lower boundary of the Alligator indicator's jaws, suggesting a potential shift from a bullish to a bearish trend. If CORE's price continues to decline, it will likely seek support at the green line (Alligator's lips). Nonetheless, the Awesome Oscillator displays red bars, indicating diminishing short-term momentum compared to the long-term momentum. At press time, CORE trades at $2.36, reflecting an 8.9% gain from its previous 24-hour price.
NEO Loses Ground After Rally
After a brief surge earlier in the day, NEO (NEO) has faced corrective selling pressure in the current session. The NEO price currently occupies the lower half of a pitchfork pattern, suggesting a potential bearish bias. It has been adhering to the pitchfork's median line as a resistance barrier. The lower trendline may provide support in the event of further declines. The RSI is hovering around the 50 mark, indicating neither overbought nor oversold conditions. As of press time, NEO trades at $19, marking a 3.9% decrease from its previous 24-hour price.
Cat in a Dogs World Defies Gravity
Cat in a Dogs World (MEW) has emerged as another gainer in today's session, posting notable price appreciation. The Supertrend indicator has recently switched to a bullish signal, as indicated by the green color below the price. The current price remains above the Supertrend line, which may act as immediate support. Additionally, the Woodies CCI is positioned above the zero line, signaling bullish momentum. At press time, MEW trades at $0.005812, representing an 8.3% increase from its previous 24-hour price.
Conclusion
The cryptocurrency market faces continued pressure from bears, with Bitcoin, Ethereum, and other major coins experiencing significant price declines. While a few altcoins have managed to defy the overall trend, the broader market sentiment remains cautious and uncertain. As the global economic landscape continues to grapple with rising inflation and monetary tightening, investors are advised to approach the cryptocurrency market with caution and carefully manage their risk exposure.
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