The price of BTC is holding on to the $10,000 psychological support level while ranging between $10,050 to $10,350. Other major altcoins have not been particularly volatile in the last 24 hours. However, the price of Ether ( ETH) has rebounded more quickly and up more than 10% from Saturday’s low of $307. The foremost altcoin gained 4.94% overnight. Meanwhile, gas fees have dropped back down to levels around 100 Gwei after decentralized-finance token prices shrank dramatically.
It is also worth mentioning that OKEx’s native exchange token, OKB, is up 9.07% overnight as the market has become more aware of centralized exchanges’ responses to DeFi and liquidity mining.
Over the last 24 hours, we have also noticed a general rally in the DeFi sector as the market seems to have gotten past the weekend’s dumping phase. SushiSwap ( SUSHI) surged 95.07% after its anonymous founder handed over the project’s control overnight. UMA is up 42.92%, thanks to its upcoming Coinbase listing on Sept. 8. Other major DeFi tokens saw price jumps ranging between 10% and 20% — such as Curve ( CRV), Aave ( LEND) and Serum ( SRM), according to data from OKEx’s DeFi Coin Info page.
Top altcoin gainers and losers
In addition to SUSHI, newly listed UniTrade ( TRADE) surged 50.53%. Tellor ( TRB) added 42.82% over the last 24 hours.
No altcoins are down by more than double digits overnight. EncrypGen ( DNA) lost 9.06%, which was the worst performance.
BTC technical analysis
The one-hour moving average combination (MA30, MA60) is moving horizontally as volume shrinks. The price has repeatedly stepped back on MA30 for support.
On the four-hour chart, we haven’t seen a bullish divergence on the MACD indicator until now. It is difficult to see a strong rebound in the short-term. Also, the mid-term bullish pattern was destroyed after BTC broke the $10,650 support level. An intraday resistance is located near $10,400. Support levels are located around $10,000 and $9,500.
For a snapshot of the changes in institutional investors’ positions, readers can jump to OKEx Insights’ recently published Market Watch Weekly article.
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