Crypto News– After an initially positive start to the month, the cryptocurrency market experienced a 1.62% decline in its valuation over the past 24 hours. As a result, the total market capitalization stood at approximately $1.09 trillion at the time of reporting, based on data from CoinMarketCap. During this period, Bitcoin (BTC), Pepe (PEPE), Solana (SOL), and Curve DAO Token (CRV) all saw decreases in their values.
3 October Crypto Prices Today: BTC, SOL, CRV, PEPE All Record 24H Losses
One potential factor contributing to the market’s early-month surge was the anticipation surrounding the approval of multiple Ethereum-based exchange-traded funds (ETFs). In the last 48 hours, VanEck’s ETH ETF application received approval, and trading for the ETF commenced. This significant development may have triggered a surge in selling pressure, driven by the ‘buy the rumor and sell the news‘ phenomenon that has been observed in the cryptocurrency market, particularly in the current bearish environment. Alternatively, the increase in selling pressure could also be attributed to traders taking profits to recoup some of their losses incurred during this ongoing bear market.
Bitcoin (BTC)
During the last 24 hours, the top cryptocurrency witnessed a dip below a significant price threshold. Nevertheless, there is potential for Bitcoin’s price to resume its upward trajectory in the coming days, as it remains within a favorable price range. Over the past day, the price of Bitcoin fell below $27,915 and was still below that level at the time of this report. Despite this correction, the leading cryptocurrency is holding within a positive price channel that has formed on its daily chart over the past three weeks.
If Bitcoin’s price drops below the next support level at $26,915 in the coming days, it will also break out of the upward price channel. Conversely, if the cryptocurrency manages to stay above $26,915 in the next 48 hours, it may continue the positive trend it has maintained over the previous couple of weeks.
Pepe (PEPE)
Much like Bitcoin, Pepe (PEPE) also experienced a drop below a significant price level in the past day of trading, leading to a shift in favor of sellers according to technical indicators at the time of this report. PEPE’s price dipped below $0.0000007545 within the last 24 hours. Additionally, the meme coin’s price breached the 9-day Exponential Moving Average (EMA) line. If the altcoin’s daily candle closes below this technical indicator today, there’s a potential risk of it falling to the immediate support level at $0.0000005905 in the coming days.
On the flip side, if PEPE’s daily candle manages to close above the 9-day EMA line, which was approximately at $0.0000007466 at the time of this report, it could invalidate the bearish scenario. In such a case, PEPE’s price may have the potential to rise to as high as $0.0000009225 over the course of the next week.
Solana (SOL)
Solana (SOL) has been going through a consolidation phase over the past three days, but this period of sideways trading might be coming to a close as a promising bullish technical pattern is on the brink of activation. Currently, SOL is trading within a range of $22.20 to $25.55, having successfully turned the $22.20 level into support as of Sunday. Furthermore, technical indicators are indicating the potential for SOL’s price to continue its upward movement in the coming days.
Notably, the 20-day Exponential Moving Average (EMA) line is poised to cross above the 50-day EMA line. Should this crossover occur, it would trigger a significant medium-term bullish technical pattern, potentially leading to an increase in the cryptocurrency’s price in the upcoming days.
Curve DAO Token (CRV)
Technical indicators on the daily chart for Curve DAO Token (CRV) indicate that sellers have gained an upper hand over the bulls. This shift occurred after the cryptocurrency experienced a significant drop below a key price level within the last 24 hours.
Over the past 24 hours, CRV’s price fell below the critical $0.5140 mark and remained below this level at the time of this report. Consequently, there’s a potential risk that the cryptocurrency’s price could decline further to reach the next support level at $0.4515.
Furthermore, the Relative Strength Index (RSI) line on CRV’s daily chart crossed below the RSI Simple Moving Average (SMA) line during the past 24-hour cycle. This crossing suggests an increase in selling pressure and gives sellers a slight advantage over buyers. As a result, traders may continue to exert selling pressure on CRV’s price, which could potentially lead to a break below $0.4515 and a further decline towards $0.3975 in the short term.
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