Declining further, the crypto market today witnessed $49.8 billion wiped out of the market as the S&P 500 index also fell by 2.7% during intra-day trading.
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.
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.
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.
The Relative Strength Index (RSI), which managed to recover into the bullish-neutral zone, returned to the neutral point as Cardano fell.
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.
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.
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.
Holding a Mass Media Degree has enabled me to better understand the nitty-gritty of being a journalist and writing about cryptocurrencies’ news and price movements, effects of market developments, and the butterfly effect of individual assets nurtured me into a better investor as well.