Crypto Market Slump Continues After a Week of Consequent Lows
This past weekend, large-cap cryptocurrencies such as Bitcoin and Ethereum experienced another decline to $17,708 and $896, respectively. For Bitcoin, this marked its lowest level since early 2020, while for Ethereum, it was its lowest level since early 2021.
Synthetix (SNX) Price Goes Up By 100%
SNX, the native token of the Synthetix decentralized finance platform, has gained over 100% over the weekend. The token saw the biggest increase in its value on Monday. According to market-cap tracker CoinMarketCap, the 24-hour trading volume of the token has increased by over 1,200% to $322 million.
Despite its poor performance during the past week, investors still pour money into the token. In addition, the sudden growth in SNX’s value is also attributed to its new function, increasing the daily network volume.
The Synthetix token is trading at $3.05, a 50% increase from its previous week’s price. The rise in the price has helped the token’s recovery from its market deficit. The price of Synthetix is slightly above its 52-week low. However, it could fall if the price of Bitcoin goes down.
SNX is relatively small crypto featured in the 87th spot in the list of most popular cryptocurrencies. It can be bought and sold on exchanges such as Binance and UniSwap.
The value of the cryptocurrency market has increased by 8.5% in the past day. However, it is still experiencing a period of instability, so it is important to note that the entire market is experiencing significant disruption.
Time to Invest in APE?
The price action of ApeCoin (APE) could be contributing to some low-hanging fruit gains as the altcoins recover from the Bitcoin correction. This morning, the market is reacting to the Bitcoin correction by buying the various cryptocurrencies.
Despite the potential for a once-in-a-generation opportunity, traders should be careful about taking profits due to the current market conditions. However, although this may seem like a tremendous risk-free opportunity, the risks stemming from the global economy’s current dynamics remain.
Despite the potential for significant upside, APE’s price still holds its limited upside potential. To succeed, traders should keep the critical resistance level at $4.89.
The dollar’s strength is starting to come off, which could trigger a more substantial rally. However, a break below this level could cause price action to reverse and go back to the lows around $2.
SOL is on a Gaining Streak
The Solana (SOL) has been falling in a strong downtrend, and the positive divergence on the Relative Strength Index (RSI) suggests that the bears might start losing their grip. Solana is currently trading at $34, 7% higher than yesterday. The bulls will try to break above the 20-day moving average (MA) of $36 to signal a potential return to the upside. The USDT/SOL pair could rise to the 50-day moving average of $50.
The 20-day moving average (EMA) is a critical support level that the bears can use to signal their intention to continue their decline. If the price breaks below $25, the sellers will target the next support level at $23.
The bulls have broken above the moving averages on the four-hour chart and are now eyeing the overhead resistance line. If they can do so, it will indicate that the current downtrend may have ended. The next target is $45. Buyers are also looking to push the price to the upper boundary of the range.
If the price breaks below the 20-day moving average and the downtrend line, it will suggest that the bears are still maintaining their resistance. Then, it could pull the price to around $27.50 and then to $25.
