Cryptocurrency Market Faces a Downturn: BTC Drops Over 5%, Altcoins Exhibit Losses

Cryptocurrency Market Faces a Downturn: BTC Drops Over 5%, Altcoins Exhibit Losses

user avatar

by Giorgi Kostiuk

2 years ago

The cryptocurrency market has faced a significant downturn over the past 24 hours, with BTC dropping over 5%.

Current Market Overview

The cryptocurrency market experienced a sharp decline, with $607 million in liquidations recorded. BTC dominance also surged above 58% from the previous low of 57.52%. This shift impacted major altcoins, including Pixels (PIXEL) and Maverick Protocol (MAV), both suffering double-digit losses.

PIXEL Technical Patterns

Pixels (PIXEL) is forming an inverse head and shoulders pattern on the weekly chart, a bullish structure that often signals a trend reversal. The right shoulder of this pattern is nearing completion. Analyst @JohncyCrypto highlighted that a breakout above the neckline would confirm the pattern and likely propel PIXEL to price targets of $0.30, $0.52, and $0.86.

A breakout above the neckline would confirm the pattern and likely propel PIXEL to higher targets.@JohncyCrypto

MAV Technical Patterns

Maverick Protocol (MAV) is demonstrating a cup and handle formation on the 3-day timeframe, another well-known bullish pattern. The cup portion of the pattern is complete, and the handle is in the final stages of development. A successful breakout above the neckline could confirm the pattern and potentially rally MAV to targets of $0.50 and $0.71.

A successful breakout above the neckline could confirm the pattern and potentially rally MAV.@JohncyCrypto

Despite the pressure on the broader cryptocurrency market, the technical setups in PIXEL and MAV provide a glimmer of hope. However, confirmation of the breakouts is crucial for these bullish scenarios to materialize.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Hut 8 Wins Bid for Poolin's Texas Datacenter Sites

Hut 8 has successfully bid $140 million for two datacenter sites owned by the bankrupt mining company Poolin.

user avatarLucas Weissmann

Senate Banking Committee Democrats Request Hearing on Prediction Markets

Democratic members of the Senate Banking Committee request a public hearing to examine the growing issue of prediction markets and their regulatory implications.

user avatarFilippo Romano

Crypto Economic Activity Remains Strong Despite Market Downturn

Crypto economic activity has shown resilience despite a significant drop in market capitalization, indicating a shift in market dynamics.

user avatarEmily Carter

Visa's Research Highlights Trust as a Barrier to Stablecoin Adoption

Visa's research highlights that trust and fraud protection are essential for stablecoin adoption, with 36% of US respondents considering their use, especially with bank-level protections.

user avatarTomas Novak

Cardano's Onchain Governance Approves New Treasury Allocations

Cardano's governance system has approved a new round of treasury allocations aimed at infrastructure and ecosystem development.

user avatarKaterina Papadopoulou

Galaxy Invests $100 Million in Onchain Credit Infrastructure

Galaxy has invested $100 million in Sky Protocol's yield-bearing sUSDS, integrating it into its corporate treasury and allowing it as collateral for institutional trading.

user avatarMaya Lundqvist

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.