The global cryptocurrency market has been steadily decreasing since hitting a peak of $2.7 trillion back in March. In the past 24 hours, the market cap has dropped by 1%, currently standing at $2.56 trillion.
This decline is reflective of major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), NEAR, and Celestia (TIA) also experiencing a noticeable decrease in their market prices. To understand how these assets have contributed to the overall market decline, let’s take a closer look at their performance.
Bitcoin (BTC)
At the forefront is Bitcoin (BTC), the largest cryptocurrency by market capitalization. BTC has seen a 1.1% decrease in the past 24 hours, continuing a week-long downtrend of nearly 7%. This has caused BTC’s price to fall below $67,000, currently trading at $66,982.
Technical analysis shows that BTC has struggled to break through resistance levels and is in a downtrend on the daily chart. This indicates that the asset may continue to fall until it hits a significant support level.
Ethereum (ETH)
Following closely is Ethereum (ETH), the second-largest cryptocurrency. After a bullish phase last month, ETH has seen a 7.8% decline over the past week. However, in the last 24 hours, Ethereum has shown signs of rebound, increasing by 0.6%.
On the technical side, ETH has not tapped into major support on the 4-hour chart but has tested a key breaker block zone on the daily chart. Despite bullish momentum on the 4-hour chart, further downtrend is expected due to resistance at $3,900.
Solana (SOL)
Solana (SOL) is the third major player facing a retracement after a temporary bullish phase earlier in April. Over the past 24 hours, SOL has dropped by 2.4%, bringing its weekly losses to 13.6%. The current price stands at $148.67.
Technical analysis suggests that SOL may continue to decline until it reaches demand levels between $135 to $118, where a rebound is likely.
NEAR
NEAR, ranking 20th by market capitalization, has seen a 3.4% decline in the last 24 hours, currently trading at $5.96. The asset’s price is expected to keep dropping until it breaks a significant support level around $4.3.
Celestia (TIA)
TIA, the native token of Celestia, has dropped by 1.5% in the last 24 hours and 24.6% in the past week, currently trading at $7.97. On the 8-hour chart, TIA is approaching a major swing low, indicating a potential further decline until it reaches this target.
Please note that the analysis provided in this article is for educational purposes only and should not be considered financial advice. Investors should conduct their own research and evaluate their financial situation before making any investment decisions.
