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The total cryptocurrency market value (TOTAL), along with Bitcoin, fell below a significant support level. During this period, Cardano’s eagerly awaited Chang hard fork went live on the network, expected to change ecosystem management. According to a report by PeckShield, the crypto market recorded a loss of $313 million in August, with just two phishing scams accounting for 93.5% of these losses.
What’s Happening in the Crypto Market?
The total cryptocurrency market value lost $60 billion, continuing the downtrend over the last 24 hours. TOTAL is now below the $2 trillion mark and shows potential to drop to $1.88 trillion. Following the downtrend in August, investors were not particularly bullish in September, with signs of decline evident from the first day. A recovery could guarantee confidence and stronger positive signals. If TOTAL reclaims $2 trillion as support, it could rise to $2.11 trillion. However, even then, the total crypto market value would consolidate within this range.
Bitcoin’s price experienced a significant drop, falling 10.77% over the past week. Currently, Bitcoin is holding above the critical support level of $57,000, which is crucial for its near-term stability. The recent price drop has caused concerns among investors, as further declines could potentially lead to more serious losses.
DOGS Chart Analysis
The memecoin project DOGS experienced the largest drop among altcoins, falling 14.38% in the last 24 hours. This significant drop has caused concerns among investors as DOGS has now reached an all-time low of $0.00108. DOGS’ current price at $0.00108 indicates that the downtrend may continue. With the token at its lowest point, market sentiment is largely bearish. It is crucial to monitor the price movement before investing, as failing to maintain this level could lead to further declines.
For DOGS to confirm a recovery, it needs to turn the $0.00130 level into a support base. Reaching this level would indicate a possible reversal and could restore some confidence among investors. Until then, DOGS remains vulnerable to further losses.
