The crypto market experienced a sudden sell-off, causing Bitcoin and Ethereum to dip by 6% and 6.87% respectively. This could be due to the possible rejection of a Bitcoin spot ETF by the US SEC, as highlighted by Matrixport.
The global cryptocurrency market currently has a total value of $1.74 trillion, with a slight decrease of 1.08% from the previous day. The total volume of crypto transactions in the past 24 hours is $69.16 billion, marking a minor increase of 1.13%.
Despite the selling pressure, Solana (SOL), Internet Computer (ICP), and Maker (MKR) continue to hold a bullish stance.
Solana(SOL) Price Balancing at $100 with Eyes on a Potential Rebound
The Solana price corrected from $126.36 to $100, experiencing a 23% decline. The $100 mark serves as a strong support base for SOL, but it’s still premature to determine a definitive recovery trend. Investors should watch for either a rebound from the support level or a breakout above the recent high of $126.36.
If there is an extended correction, potential support levels can be found at $82.9 and $70. The MACD indicator’s bearish crossover suggests a prevailing correction sentiment in the market.
Internet Computer(ICP) Price Amid $20 Amid Open Interest Skyrocketing
ICP is currently trading at $15.29 after witnessing an 89% surge from consolidating above $8.6. Open interest in ICP has increased from $28.68 million to $117.48 million in three weeks, indicating growing investor confidence and interest.
A breakout from a cup-and-handle pattern suggests a trend reversal, potentially pushing the Internet Computer price 32% higher to reach $20. However, occasional corrections may occur based on the high value of the Average Direction Index (57%).
Maker(MKR) Price Riding a Seven-Month Uptrend with Potential for Further Gains
Maker’s daily chart reveals a consistent seven-month uptrend within a rising channel pattern. The coin has shown a tendency to rebound from the pattern’s trendlines. On December 19th, MKR experienced a significant reversal from the lower trendline, leading to a 50% surge to around $1892.
Selling pressure may increase at this resistance level, resulting in another correction. Investors can consider entering during dips at the pattern’s lower boundaries or upon a breakout from the upper trendlines. As long as the rising channel pattern remains valid, Maker is expected to maintain its upward trajectory. The 200-day Exponential Moving Average (EMA) can provide support during corrective phases.
Hot Take: Crypto Market Witnesses Sell-Off as Bitcoin and Ethereum Dip
The crypto market saw a sudden sell-off, causing Bitcoin and Ethereum to experience significant dips. This could be attributed to the potential rejection of a Bitcoin spot ETF by the US SEC. Despite this, coins like Solana, Internet Computer, and Maker continue to show bullish momentum. Solana is balancing at $100 with hopes of a rebound, while Internet Computer is trading around $15.29 with open interest skyrocketing. Maker is riding a seven-month uptrend but may face selling pressure at resistance levels. Overall, the crypto market remains volatile, and investors should closely monitor price movements and indicators for potential opportunities.
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