Crypto market update: 6 October 2022

crypto market update

It was a mixed session for the crypto market on Wednesday with the total crypto market cap gaining a little above $10 billion to reach $974 billion. The lack of any signal from the crypto and global equity markets kept investors guessing about the next possible move.

Nasdaq, the tech-heavy index that is closely tracked by the crypto market, ended the day lower by 0.25%.

However, the top 10 cryptos didn’t experience any weakness during yesterday’s session, with XRP leading the gainers with an 11.77% increase in the last 24 hours. Bringing more cheer, DOGE witnessed some buying activity and gained 7.40% as Elon Musk confirmed the Twitter buyout deal.

Meanwhile, the Crypto Fear & Greed Index continues to hover between the Fear and Extreme Fear zone, showcasing weak investor sentiment.

Top two coins

On the daily charts, we can see that Bitcoin is facing strong resistance at the $20,200 level and is finding it difficult to break above for the last three sessions. It also coincides with 50-day EMA (exponential moving average) slope. A break above will be very positive for the market as it will clear two major hurdles (resistance) at once. If it fails to break above in today’s session, bears may tighten their grip on the market. The rising relative strength index (RSI) indicates underlying strength but needs to be monitored closely.

On the 4-hour chart, we can see that Ether is moving within a tight range of $50, from the $1,325- $1,375 level in the last few sessions. The market remains under pressure in the absence of triggers and positive crypto-related developments. A break above the $1,375 level would push ETH higher and move it closer to its next resistance, which is placed at the $1,420 level.

Top gainers in the last 24 hours

  • Numeraire (NMR): 16.77%
  • Sushi (SUSHI): 14.04%
  • Ethereum Name Service (ENS): 10.20%
  • DIA (DIA): 6.65%
  • Uniswap (UNI): 5.28%

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