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- The Movement (MOVE) crypto price has dropped by 35% in the past 24 hours.
- The CRV price has been wandering near the psychological level of $1.
- dYdX crypto’s price has experienced a dip and has lost 26.65% in the past 2 days amid mild crypto market selling pressure.
The crypto market has experienced mild selling pressure for the past 24 hours. Most altcoins follow Bitcoin’s footsteps. Amid this sell-off, the BTC price has slipped below the $100K level and has been defending the 20-day EMA. The recent dip in the cryptocurrency market could be a buying opportunity because overall sentiment is bullish.
Amid this fall, Movement (MOVE), Curve DAO Token (CRV), and dYdX (DYDX) have been top losers over the past 24 hours. Let’s analyze how why is the crypto market down.
Movement Price Analysis Over 4-H Timeframe
When writing, the MOVE crypto was trading at 0.675 with a decent fall. Its market capitalization was $1.51 billion, which dropped by 34.05%. The 24-hour trading volume was $3.66 billion, with a fall of 40%.
Movement is a newly launched cryptocurrency that was pumped by more than 100% on December 10. However, it failed to hold and displayed great profit booking. It has declined by 35% over the past 24 hours.
Based on the technical chart, the MOVE price has experienced mild buying in the $0.650 territory. If the price loses this level, it could generate a selling signal. Suppose the price starts trading below the $0.650 level, sellers may dominate and could lead the trend.
On the other hand, if the price manages to defend the $0.650 mark, buying pressure can be observed. If it surpasses the $1 mark, buyers might eye for a 100% gain and it may record a new all-time high (ATH).
CRV Price is Trading at $1; Can Buyers Defend It?
Curve DAO Token was trading at $1.02 at press time, which has declined by 9% over the past 24 hours. Its market capitalization was $1.28 billion, and the 24-hour trading volume was $1.05 billion.
According to the chart structure, the CRV price has been in a bullish trend for the past few months. However, it has experienced a small dip of 23% in the past four days. This fall could be converted into a pullback.
If the price forms any bullish candlestick in the $1 territory, buyers may bounce back. If it triggers a pullback and exceeds the previous swing high, a decent bullish move can be seen. The price might reach the $1.50 mark if trading volume supports this momentum.
Alternatively, if the Curve DAO Token price loses $1 mark, it could bring profit booking. Another support for CRV crypto could be a 20-day EMA. Once the price starts trading below the 20-day EMA, panic selling can be observed.
DYDX Price Analysis and Forecast on a Daily Timeframe
DYDX crypto price has experienced a pump-and-dump scenario this week. dYdX price has surged by 54% in the first week of December. However, it failed to continue the uptrend and has dropped by 23% in the past 2 days.
Moreover, the price has been defending the 20-day EMA. If it successfully defends the 20-day EMA, buyers might drive the further trend. Conversely, if it starts trading below the 20-day EMA, buyers may lose momentum, and a bearish trend can be seen.
Why is The Crypto Market Down?
Bitcoin has slipped below the $100K mark amid this recent dip. On December 09, the BTC price displayed a dip of 7%. This could be a key factor for bearish sentiment in the crypto market.
All the cryptocurrencies have stretched a lot, and they need correction. This recent dip could attract buyers at a discount. Losing a few more points could lead to a profit-booking momentum.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
