Crypto Market Experiences Major Drop in Valuations, Resulting in Massive Surge in Liquidations

Amid the downfall, the Bitcoin price declined 5.45% yesterday and made a second consecutive bearish candle. After the bullish failure to surpass the $65,000 resistance level

The crypto market took a downturn on Monday, with valuations experiencing a significant drop. This resulted in a massive surge in liquidations, as traders were forced to close their positions at a loss.

The total crypto market valuation decreased by 7.88% in the past three days and currently stands at $1.98 trillion.

As the downfall gains momentum, let’s have a closer look at the top crypto prices in an attempt to find the bottom.

Crypto Prices To Watch Today:

Bitcoin (BTC)

Amid the downfall, the Bitcoin price declined 5.45% yesterday and made a second consecutive bearish candle. After the bullish failure to surpass the $65,000 resistance level, an evening star re-ignites the negative cycle.

Over the past two days, the Bitcoin price has dropped 7.50%. It is currently trading below $60,000 at $59,329. With the bearish trend gaining momentum, the VI lines in the DMI indicator give a negative crossover, with an uptick in the ADX line signaling a surge in trend momentum.

Considering the bearish momentum continues, the BTC price can put the $57,500 and $54,000 levels at risk.

Ethereum (ETH)

Similar to Bitcoin, Ethereum struggles to absorb the massive incoming supply. With the declining trend, the year-to-date growth has come down to 8.84% for Ethereum and registered an 8.30% drop yesterday.

With a similar evening star pattern, Ethereum has dropped by 11% in the last three days. Currently, it is trading below $2,500 at $2,467, with a minor recovery of 0.36%.

Further, with the bearish shift in the Ethereum price trend, the VI lines fail to give a bullish crossover, and the bearish gap widens between the two lines. If the downfall continues, the ETH price can drop to the $2308 or $2200 support levels.

Solana (SOL)

With a triple bottom formation in the daily chart, the underlying weakness is quite visible in the Solana price chart. Over the last few days, the Solana price has formed three consecutive bearish candles.

The downfall accounts for an 8.38% drop. Currently, the crypto price today is trading at $147.30, with a minor recovery of 0.26%. Considering the rounding bottom falls out, the SOL price can find support at the $140 and $130 levels.

Toncoin (TON)

Apart from the news of Pavel Durov’s arrest in France, the TonCoin struggles to hold bullish dominance at the $5 support level. With The Open Network blockchain halted for more than 4 hours, the sell-off rally is on the cusp of a new low formation.

However, despite the broader market downfall, the TON price registered a 6% jump yesterday. However, the bullish trend fails to sustain momentum, resulting in a 1.84% pullback today, and the crypto price today price trades at $5.34.

As the buyers struggle to hold the dominance at the $5 support level, the downfall could test the $4.31 or $3.49 support level.

In conclusion, with the top altcoins struggling to hold the prices today are likely to follow a bearish path down to the nearest support levels.

The above is the detailed content of Crypto Market Experiences Major Drop in Valuations, Resulting in Massive Surge in Liquidations. For more information, please follow other related articles on the PHP Chinese website!