Key Insights:
- While every altcoin fell significantly, among the top 10 coins, ETH and DOGE fell the hardest.
- Bitcoin, too, fell under $24k during the intra-day trading hours.
- Ethereum’s Merge failed to generate enough hype to counter the bearishness.
As the crypto market crash continued for the third day, the market observed more than $103 billion wiped out of all the cryptocurrencies combined.
This furthered the already declining crypto market cap and brought it below the $1 trillion mark as the market lost more than $280 billion in the span of 72 hours.
Dogecoin Takes a Hit
The tenth biggest cryptocurrency fell victim to the bears after the broader market crash took it down along with other altcoins.
In the last four days, the meme coin leader has plunged by 30.4%, making this the third biggest crash this year. DOGE’s trading price depreciated from $0.079 on June 10 to $0.055 at the time of writing.
The coin is further set to fall as the Bollinger Bands divergence evinces that the volatility is about to intensify further, making DOGE vulnerable to price swings.
However, since the candlesticks are below the bias, the volatility is most likely going to be bearish, which could result in a downtrend.
This is further backed by the bearish crossover that took place yesterday. Less than two weeks ago, DOGE experienced a bullish crossover through which investors were expecting a recovery.
But now that it’s invalidated, the price might drop further, potentially even below $0.05.
Ethereum Fails To Rally Too
While Dogecoin did not have much going on development-wise, Ethereum just witnessed one of the biggest and most anticipated events in its history.
The deployment of The Merge upgrade on Ethereum’s Ropsten test network occurred less than a week ago.
However, the arrival of Proof of Stake on the network was expected to draw much more bullishness from the investors, which was not the case.
In fact, even before today’s crash, ETH wasn’t treading any better as the price was consistently declining to bring ETH down from $1,953 to $1,788.
The crash extended this bearishness, and in 4 days, ETH plummeted from $1,788 to trade at $1,244 at the time of writing, marking a 30.72% loss.
The recovering Relative Strength Index (RSI) was also invalidated, and the altcoin king fell back down right at the edge of the oversold zone.
Thus, just like the rest of the market, recovery from this point will not only be challenging but also delayed.
