The broader market welcomed Monday on a pessimistic note. As the day advanced, the degree of bearishness kept intensifying. At the time of press, there was blood all across the floor, for almost all large-cap coins were trading at heavy discounts.
The global crypto market cap had already shrunk down to $1.89 trillion, after noting a 4.4% daily dip.
Bitcoin losing the $42k mark as support triggered the said dip. On its part, the king-coin had already shed 4% over the past day and was trading at the border of $41k at the time of press.
The loss incurred by all other coins was, barring USDT and USDC, way heftier. The hourly chart of most coins was characterized by long, red candlesticks and their RSIs were mostly hovering in and around 40.
The following were the top three losers:
Avalanche [AVAX]
Amongst the top 10, Avalanche was the biggest loser. Over the past day, it had shed over 9% of its value and was seen trading at $76.85 at the time of press.
Avalanche had already lost the support of its 50-day and 100-day moving average a couple of days back, but owing to Monday’s dip, the token also let go of its LT 200-day average. Within the next few hours, if AVAX manages to sneak slightly up, the latter level would come back to the rescue. Else, the token has high odds to stoop down to $67-$68.
Terra [LUNA]
With an 8.15% daily dip, LUNA was the next biggest loser amongst its other large-cap counterparts. This token, notably, created an ATH of $119.55 during the first week of April. However, the dip over the last few days sent back LUNA’s valuation to two digits.
Monday’s dip pushed down LUNA below its 50-day moving average. However, the 100 and 200-day averages were perfectly intact at the time of press and coincided with $81.18 and $66.99. Thus, if the free fall continues, they would act as crucial levels.
Cardano [ADA]
Even though Cardano was the third most affected victim of Monday’s bloodbath, its state on the chart seemed to be quite worse. After noting a 7.41% daily dip, Cardano was trading at $0.96 at the time of press.
Well, the $1 mark has acted as a strong lifeline for this alt for most of last year. However, in mid-February, ADA tumbled below the same and traded in the $0.7-$0.9 range for a while. So, if Cardano manages to reclaim the said level [$1], it would be able to put a cap on its losses. On the downside, however, $0.85 and $0.786 can be relied upon.
