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Crypto market resumes correction, but buyers remain greedy

2021.04.20 Adam James

The latest sell-off in the cryptocurrency market hasn’t shaken the resolve of traders.

The cryptocurrency market has resumed its pullback after a slight recovery, which followed a harsh weekend sell-off. The total market capitalization is down 2.4% to roughly $2.1 trillion, while both BTC and ETH have declined by nearly 1%.

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The cryptocurrency market is once again a sea of red as it undergoes a deeper correction. Source: Coin360

Sentiment in the cryptocurrency market has hardly been shaken by the latest sell-off and cascade of liquidations, however. According to multifactorial crypto market sentiment analysis from alternative.me, cryptocurrency market participants remain as greedy as they have for the entire month of April.

alt crypto fear and greed
Sentiment in the cryptocurrency market has remained largely unchanged. Source: alternative.me

DeFi TVLs hemorrhage amid market-wide correction

The total value locked in decentralized finance has taken a serious hit, alongside the wider cryptocurrency market correction. The macro metric is currently down to just above $52.7 billion as nearly every major DeFi protocol hemorrhages TVL. Aave, in particular, has lost more than 15%.

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The total value locked in DeFi is correcting sharply. Source: DeFi Pulse

Top altcoin gainers and losers: Some small-cap altcoins see gains

  • EC/USDT +98.10%
  • CELO/USDT +20.71%
  • TORN/USDT +19.94%
  • ETM/USDT -11.33%
  • XPR/USDT -11.44%
  • NANO/USDT -15.06%

A selection of small-cap altcoins are performing well today, but the wider cryptocurrency market is suffering. Major altcoins seeing respectable gains and bucking the downtrend include LEO and STX.

On the flip side, NANO is the biggest loser on OKX today after losing roughly 15%.

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NANO is the worst-performing altcoin on OKX today. Source: OKX

BTC technical analysis: Bearish in the immediate term

After a fake-out breakout from its ascending triangle, the price of BTC against USDT on OKX is now decidedly bearish in the immediate term. The market leader is currently trading below the ribbon of exponential moving averages on the four-hour time frame.

The four-hour EMA ribbon may provide resistance in the short-term, while major buy support may exist below 50,000 USDT.

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OKX’s BTC/USDT 4h chart — 4/20. Source: OKX, TradingView

ETH technical analysis: Sellers adding pressure against BTC

The price of ETH continues to hold up well against BTC. However, sellers of the foremost altcoin are putting pressure on the four-hour EMA ribbon — action that may possibly lead to a decline in the immediate term.

alt eth btc technical analysis
OKX’s ETH/BTC 4h chart — 4/20. Source: OKX, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.