Key Insights: The Crypto market plunged by 4%, led by multiple altcoins.
Bitcoin and Ethereum followed the lead and slipped by almost 4%.
Less than 10 of the top 100 cryptocurrencies posted green candles.
After the leaked Cryptocurrency regulation bill came to light, suggesting stringent measures to regulate cryptocurrencies, the market reacted pessimistically as expected.
Altcoins, including Chainlink, Cardano , Algorand , and more, lost more than 8% at the time of writing.
Algorand (ALGO) The altcoin had a rather unfortunate day as it traded 11.27% below the trading price it was at 24 hours ago.ALGO has been in a continued downtrend for the entire month, and as a result, the price has dropped from $0.74 to $0.36 at the time of writing.
Despite the inflows observed over the last week, ALGO also noted the highest amount of outflow ever recorded on the Chaikin Money Flow (CMF).Thus, ALGO might continue slipping on the charts unless the broader market recovers.
ApeCoin (APE) The native token of the biggest NFT collection Bored Ape Yacht Club (BAYC), has been falling on the charts since it hit its all-time high back in April.Over this week alone, ApeCoin has plunged by almost 19%, with 10% added in the last 24 hours.
However, it seems like a trend reversal is in the books for the altcoin as bearishness on the Awesome Oscillator has been reducing since the month began.Once bullishness arrives, APE could also rise above its current trading price of $5.2.
Cardano (ADA) The third-gen cryptocurrency was performing well enough for the last couple of days, rising by 40.47% as anticipation ahead of the Vasil hard fork built up.However, impacted by the broader market bearishness, ADA slipped by 9.3% in the last 24 hours.
The Relative Strength Index (RSI), which managed to recover into the bullish-neutral zone, returned to the neutral point as Cardano fell.
AAVE (AAVE) The DeFi token, which was on the road to recovery after the crash of May, lost its path in the last ten days when the altcoin declined by 25.93%, pushed further by today’s 9.78% dip.AAVE is now once again looking to regain $100 as a support level which might be difficult.
Story continues According to the MACD indicator, the bullish crossover that gained strength around mid-May is about to be invalidated with a bearish crossover which might result in the coin slipping below $87, its current trading price.
Avalanche (AVAX) Unlike other altcoins, AVAX has stayed true to its current nature, continuing the downtrend that began two months ago back in April.
Since then, the asset has lost 78.26% of its value, in addition to the 7.68% decline witnessed in the last 24 hours.
The Parabolic SAR’s white dots, which have been evincing the downtrend, remain stationary at the time of writing, which means AVAX is set to decline further.
This article was originally posted on FX Empire
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