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Bitcoin liquidations have surpassed the billion-dollar threshold in the last 24 hours, with BTC briefly touching $52,000 before bouncing up to $55,000. Polkadot’s breakout was violently reversed, while Cosmos fell below the $25 support mark. Enjin’s consolidation at $3 was abruptly halted.
The market shaped a symmetrical triangle pattern and broke out to the upside, but the abrupt turnaround has caused bullish momentum to be reconsidered in the short term.
Over the last few days, the OBV has been forming lower highs and seemed to have broken the trend as price broke out to the upside of the pattern. However, in recent hours, the stock movement has absolutely reversed and reached as low as $32.
Also on the 4-hour, the Stochastic RSI was approaching oversold territory, and a relief rebound to $40 could be seen in the next day or two. It remains to be seen if further gains can be achieved.
ATOM, like the rest of the industry, saw a long, sharp bearish candle. As the market reached $28, the Directional Movement Index showed a slowing uptrend, implying a pullback to $26 or $25.1.
At the time of writing, the price had dropped to $19 before bouncing back to $21.6, indicating extreme volatility. Despite the decline, the Chaikin Money Balance was on the verge of passing below +0.05, indicating an equilibrium between capital flow into and out of the economy.
For ATOM to recover, a flip to help at $23.38 is needed.
ENJ recently retraced past its 78.6 percent retracement stage until some demand stepped in to push rates up beyond the $2.45 mark. The RSI had been oscillating around neutral 50, indicating stabilisation at $3, but it had fallen into oversold territory on the most recent, closed trading session.
The price has been moved back above the $2.5 mark, but it is not yet safe. The 20 EMA (white) has crossed below the 50 EMA (yellow), and a jump past and retest of $2.78 could mark the start of a rebound.