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Over the last 24 hours, the total market cap (TOTAL) and Bitcoin’s (BTC) price lost a key support level on the daily chart. While some altcoins witnessed notable rallies, many, like BONK (BONK), registered considerable drawdowns.
In the news today:-
- According to a May 28 filing with the Securities and Exchange Commission (SEC), Hashdex has withdrawn its application for a spot Ethereum ETF. The initial proposal to pull the application came on May 24, right after the SEC approved every spot ETH ETF filing.
- US Treasury Report released a risk assessment report concerning NFTs. The report highlighted that NFTs and similar assets are highly susceptible to use in fraud and scams.
The Total Market Cap Is in the Red
After days of showing signs of closing above the $2.50 trillion mark, the combined value of all crypto assets fell below it. The total market cap now stands at $2.46 trillion, the lowest point in nearly ten days.
The next critical support is at $2.39 trillion; a drawdown to this point would mean a 2.5% dip, which is possible. This is because the Ichimoku Cloud exhibits bearishness despite being below the candlesticks.
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The Ichimoku Cloud is a comprehensive technical analysis indicator that defines support and resistance, identifies trend direction, and gauges momentum. Thus, a drop to $2.39 would wipe out most of the gains the market noted on May 20.
Bitcoin’s Price Loses Key Support
Bitcoin’s price is dictating the direction of the market during intra-day trading hours, and rightfully so, it’s bearish. This is because the biggest crypto asset in the world lost the critical support level of $68,500.
The Moving Average Convergence Divergence (MACD) also changes its tone from bullish to bearish after nearly four weeks. The MACD is a momentum indicator that shows the relationship between two moving averages of a security’s price and generates buy and sell signals.
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A bearish crossover is at the cusp, and if it is confirmed, BTC could fall to lows of $64,883, the next key support floor.
Bearish Cues Have Bonked BONK Investors
BONK price marked a new all-time high this week after charting a rally to $0.00004000. But right after the achievement, the meme coin fell by nearly 15% in the last 24 hours, sending BONK to $0.00003518.
While the chances of further decline are high, BONK could prevent a crash if it bounces back from the $0.000035000 support floor.
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However, if this price point is lost, BONK’s price might trickle down to $0.00003000.