The cryptocurrency market has slowed down significantly over the past few days, with most of the coins being completely unable to break out. Throughout the past 24 hours, specifically, the major cryptocurrencies are mostly trading slightly in the red.
Bitcoin Price Fights For $30K
The major cryptocurrency seems to have given up on the idea of breaking above $31K, and now the major issue seems to be whether $30K will hold or not.
$30K is touted by many as a pivotal level, and it’s important to see whether Bitcoin will manage to remain above it.
As seen in the chart above, the slow, choppy price action continues, and the consolidation is evident. This type of PA usually results in a massive move in either direction, and it’s interesting to see whether a continuation of the rally will take place or if a serious correction is looming.
Altcoins Bleeding Out
The altcoin market is mainly in the red today, with most of them charting slight declines. From the major coins, BNB lost about 2.7%, the same as ADA, SOL, LINK, and others.
Radix (XRD) is today’s worst performer. The cryptocurrency crashed by a whopping 13% in the past day, charting most of the losses in the last hour. Optimism (OP) is also down 8.2%.
On the other end of the spectrum, Stellar (XLM) gained around 10%, followed by Kaspa’s KAS, which is up 6.5%. That’s pretty much the only good news, as the rest of the cryptocurrencies are trading in the red.
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Cryptocurrency charts by TradingView.
