Cryptocurrencies are in bearish this morning, with 24 of the top 25 coins losing ground as the month-long rally shows signs of exhaustion.
Bitcoin was trading at $ 47,817, 2.2 percent less than 24 hours ago. ether changed hands for $ 3,174, down 3.5 percent. The overall market fell 2.7 percent to $ 2.08 trillion.
Bitcoin analyst Bitcoin Charts announced that BTC had seen its first bearish candle on the daily charts in over a month and it was imperative that the bulls get $ 48,000 back.
“With what I’m seeing on the charts right now, it looks like we may see a major retreat in the coming days and weeks,” they wrote. “If we see one, it might be healthy as we haven’t seen any significant pullbacks since this bullish spike started over a month ago.”
The original crypto could find support at $ 45,300 to $ 45,500, but that could change if and when there is a breakdown, they said.
The Sydney-based market analyst Tony Sycamore of City Index saw it similarly. He wrote in his morning letter that traders should allow retreat towards support at $ 46,000, or possibly even up to $ 42,000 / $ 40,000, unless BTC can enter a strong resistance band of $ 50,000 to $ 53,500. Break through dollars.
In the 35 days since July 21, Bitcoin is up 61 percent.
AVAX pump continues
avalanche was the biggest winner in the top 100, rising 20 percent to $ 54 at lunchtime, Sydney time, and trading as high as $ 58.98 this morning on two bullish announcements.
The third generation cryptocurrency hit an all-time high of $ 59.94 in the first major altcoin rally of the year on February 10.
The Avalanche Foundation announced overnight that sushi would join its $ 180 million DeFi Incentive Program, Avalanche Rush, with $ 7.5 million of liquidity incentives. The decentralized exchange, formerly known as SushiSwap, has been used on Avalanche since March, but has not really gained in importance there as trading is dominated by Pangolin and Dealer Joe.
“The combination of the community-driven protocol of Sushi with the high-performance capabilities of Avalanche will improve the overall experience for DeFi users across the ecosystem,” said Avalanche founder Emin Gün Sirer in the announcement.
Sushi tokens did not participate in the rally, falling 6.9 percent to $ 12.56.
Avalanche also announced overnight that phase 3 of its “Apricot upgrade” went live as planned on its C-Chain, the Avalanche-compatible blockchain ether. The upgrade introduces dynamic gas charges that are expected to reduce transaction costs by up to two thirds. Transactions on Avalanche currently cost around $ 25c.
AVAX is now listed as No. 19 crypto on Coinmarketcap and No. 18 on Coingecko. Its $ 9.5 billion market cap puts Avalanche head to head Polygon.
On the flip side, XDC network was the biggest loser among the top 100 coins, falling 10.7 percent to $ 15.6c.
to hit an all-time high of $ 209.76. Other tokens that set new records this morning, included Coin98 and Avalanche ecosystem tokens Avaware, Avalaunch, and Benqi finance.
Luna had also reached a new all-time high yesterday afternoon.
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