Beleaguered crypto market bounces after harsh sell-off
Specific altcoins outperform, Yearn announces new vaults
News that new ETH supplies are being offset by London-related coin burns may help inject some bullishness into the leading altcoin.
The total cryptocurrency market capitalization is up a slight 0.5% over the past 24 hours. Market leaders BTC and ETH are up similar percentages, but SOL and LUNA are up 6.3% and 4.9%, respectively. The third altcoin in the SOLUNAVAX meme, AVAX, is underperforming its alternative-layer-1 brethren and is actually down a slight 0.3% — as of the time of this writing.
DeFi Digest: Yearn Finance announces new vaults
In the decentralized finance sector, self-repaying loan platform Alchemix is preparing to launch a V2 version of the platform — per a tweet from the project’s official Twitter account. Alchemix’s founder, meanwhile, has publicly endorsed OlympusDAO on their personal Twitter account.
In other DeFi-related news, Yearn Finance has announced the addition of seven new Ethereum vaults and seven new Fantom vaults.
Top altcoin gainers and losers: NEAR continues to lead
- MON/USDT +36.81%
- GLMR/USDT +36.03%
- ETM/USDT +22.50%
- SOC/USDT -7.07%
- SIS/USDT -7.87%
- ACT/USDT -8.57%
BTC technical analysis: Finding support to push higher
The price of BTC has, thus far, found support at the four-hour ribbon of exponential moving averages — which may help propel the price to a test of the bottom of the former descending triangle pattern (blue). Above that lies significant resistance potential around 48,000 USDT. In the immediate term, BTCUSDT appears slightly more bullish than bearish.
ETH technical analysis: New supply offset by burning
ETH is now looking to find support at its own four-hour EMA ribbon against BTC in an effort to continue its push higher — though it still remains far beneath its old point of control (blue). The foremost altcoin will have to find more buyers against the leading cryptocurrency if that is to happen, though news that coin burning is currently off-setting new supply may be interpreted as positive news.
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