The global crypto market capitalization witnessed a huge drop of more than 4.20% over the day as the levels plunge below $1.8 trillion. Interestingly, the trading volume surged extremely high indicating a spike in the selling volume. While some cryptos are on the verge to shed huge gains, some appear to be ready for a significant breakout.
Bitcoin (BTC/USDT)
Bitcoin broke below the crucial support levels at $40,000 and despite trying hard to sustain above $39,000, eventually failed to do so. The price after a notable brawl squeezed its gains which compelled the trend to shift towards the south. As Coinpedia reported earlier, the BTC price may hit the lower bottom close to $34,000, the journey may have begun.
In the higher time frame, the price is about to break the symmetrical triangle which may ignite a drop towards the lower support in the upcoming week. However, the asset has some chances to flip the trend as it hits $37,000. Here if it fails, the price could reach $34,000. Here the other altcoins may explode with huge force.
Apecoin (APE/USDT)
Apecoin since its beginning of trade remained extremely poised to maintain a huge upswing. Despite a couple of pullbacks, the price recovered strongly and appears to be on its way towards the ATH.
Apecoin price since the beginning of the monthly trade maintained a consolidated trend with a depleted volume. However, in the past couple of days, the volume rose extremely high which uplifted the price by more than 50%. The next jump again ranged the price high by another 30% after a brief consolidation. As the outcome of the bullish flag, the price rose high which may be repeated in the next 3 to 4 days.
StepN (GMT/USDT)
The GMT price since its inception to trade maintained its positive trend until the present time. And hence despite a couple of corrections, the price is expected to rebound firmly as the chart and technicals point out a massive rally approaching ahead.
After breaking out from a bullish pattern, the GMT price is primed for another breakout very soon. As the asset formed the second consecutive bullish flag, the price may range high beyond $20 very soon. However, the price may again plunge notably ahead, but with the flourishing market sentiments, it may maintain the gained levels very significantly.
PancakeSwap (CAKE/USDT)
CAKE price is currently dropping hard as the market sentiments turn bearish. Despite the bearish sentiments, the price is primed to break through the ascending consolidation very soon. However, before slicing through the upper resistance, the price may face a minor rejection towards the immediate trend line.
The CAKE price is following a notable ascending triangle pattern, while the price is about to reach the apex. The current flip may ignite a short-term flip towards the resistance but may fail to hit a double-digit figure. Further the next flip post the rejection may ignite a strong rally that may not only hit $10 but may also surpass $11 too.
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