- Crypto market bounces Tuesday (total cap up 6 percent) after recent sharp sell-offs
- Bitcoin reclaims $79k but BTC dominance also rises (62.7 percent), hindering alts
- SOL (>$100), ADA (>$0.58), DOGE (~$0.15) see double-digit gains, face key EMA resistance
The crypto market showed signs of life Tuesday, bouncing back after sharp sell-offs over the previous two days. Bitcoin (BTC) led the recovery by reclaiming ground above $79,000, while major altcoins posted stronger percentage gains.
The total crypto market cap jumped 6.11% to $2.62 trillion. However, Bitcoin dominance also climbed to 62.7%, signaling BTC captured a large share of the rebound’s value, potentially hindering chances for a broad altcoin rally near-term.
Bitcoin itself reached a daily high of $81,000 but struggled to hold above $80,000, trading near $79,200 at press time with a 7% 24-hour trading volume increase.
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Bitcoin (BTC) Technical Check
Bitcoin’s Relative Strength Index (RSI) reads near 39.02, indicating continued weak momentum, with the chart suggesting short-term consolidation.
The price hovers near the lower Bollinger Band support ($78,579) and faces significant resistance at the middle Band ($83,728). Holding above $78,500 is key; a break below risks further declines.
Solana (SOL) Technical Check
Solana surged 13% over 24 hours, trading near $108.80 and reclaiming the $100 level. However, SOL faces immediate resistance at its 20-day Exponential Moving Average (EMA) around $122.81.
Reclaiming this level is necessary for further upside. The MACD indicator remains bearish after breaking below its signal line during the recent crash. Holding above $100 is critical.
Cardano (ADA) Technical Check
Cardano climbed over 12% in the past day to trade near $0.5841, boosted by a 31% volume surge. The daily chart’s Accumulation/Distribution metric shows significant buying interest since last November.
ADA needs to hold above the lower Bollinger Band support near $0.5760. If successful, a retest of the middle Band around $0.6755 is possible. A breakdown below $0.5760 risks losses towards $0.40.
Dogecoin (DOGE) Technical Check
Dogecoin traded near $0.1492, up 13% over 24 hours. The popular memecoin faces key resistance at its 20-day EMA near $0.16838. Bulls need to reclaim this level to potentially target $0.20.
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The MACD confirmed a bearish divergence during the recent sell-off, meaning a reclaim of the EMA is needed to reverse the bearish signal.
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