Cosmos and a few other alts were the only few to close in the green today.
Ethereum partook in the active downtrend losing more than 11%
Bitcoin followed a similar path and ended up trading at $20,855.
The broader market was expected to correct the ongoing correction, but the king coin, Bitcoin, and other altcoins decided to go down another path. Consequently, over $50 billion was wiped out of the crypto market in 24 hours.
ATOM was one of the only few cryptocurrencies that closed in green at the time of writing following days of red candles.
The altcoin had already witnessed a price fall of 32.8% within the span of a week, which only further added to the 86.4% depreciation observed since the coin hit its all-time high of $44.51.
Thus some recovery would instill confidence in ATOM holders. And recovery is on the charts since MACD was heading towards a bullish crossover at the time of writing, with green bars appearing on the indicator.
Unlike ATOM, Maker DAO’s native token MKR continued its downtrend, losing more than 10% in a single day. This has brought the price down to $701 from the highs of $2,301 the altcoin was at less than two months ago.
Since April, the cryptocurrency has not been able to flip the 50-day Simple Moving Average (SMA) and the 100-day SMA into support, which has led to multiple dips.
In 2 months, MKR has dipped by 57%, 29%, and 48.5% on separate occasions as both the SMAs acted as a resistance level for the coin.
The Bored Ape Yacht Club (BAYC) token marked another drop on the charts, 11.54% nonetheless, as the altcoin came down to trade at $3.23.
The slight growth observed yesterday did not do much for the coin anyways, as APE is 43.4% below where it was a week ago.
The Relative Strength Index (RSI) remained stuck in the bearish zone inching closer to the oversold zone, a slip into which might cause the coin to fall further.
Surprisingly the DeFi protocol token managed to sustain a rise at the time of writing, climbing the charts by 10.08%.
Trading at $3.44, CAKE still has a long way to go in order to recover the losses witnessed throughout the week as it declined by 31.36%.
However, the coin is observing no support from the price indicators as to whether the rally could go on. The Parabolic SAR continued to suggest a downtrend, which could keep the price consolidated for a while even if it doesn’t reduce further.
Bitcoin Cash (BCH)
The Bitcoin hard fork is facing the wrath of the bears, similar to other cryptocurrencies, sinking by almost 12% today following the 40% plunge observed in the last eight days.
Trading at $113.59 at the time of writing, BCH might continue its downtrend for a few more days.
This is because bearishness has only increased instead of diminishing, according to the Awesome Oscillator. The appearance of growing red bars backs the possibility as well.
This article was originally posted on FX Empire