Crypto market corrects as BTC struggles and ETH tests key support | Trading Ideas| OKEx Academy

Despite a market-wide correction, some altcoins — such as THETA and SOL — continue to outperform. 

The cryptocurrency market has undergone a somewhat harsh correction today. The price of BTC and ETH have declined by 2.7% and 5.2%, respectively — bringing the total cryptocurrency market capitalization down back below $2 trillion.

The total cryptocurrency market capitalization has fallen back below $2 trillion. Source: CoinGecko

Bucking the trend are THETA and SOL, which have seen increases of 7.4% and 15.7%, respectively — despite a market-wide correction.

The cryptocurrency market is a sea of red today, with only a small selection of exceptions. Source: Coin360

DeFi market holds strong amid correction

The total value locked in the decentralized finance market has remained relatively steady above $51 billion — despite a wider cryptocurrency correction. Leading-protocol Compound has lost just over 3% of its TVL, while Maker and Aave have lost 3.59% and 4.91%, respectively.

When it comes to the leading decentralized exchanges, Uniswap remains firmly in the lead. Second-place Curve Finance has declined the least among major DEXs, having only lost 0.40% of its TVL today.

The total value locked in DeFi remains above $51 billion. Source: DeFi Pulse

Top altcoin gainers and losers: Bitcoin forks dominate

  • BCD/USDT +80.71%
  • VITE/USDT +23.14%
  • BTG/USDT +22.49%
  • IQ/USDT -22.58%
  • APM/USDT -23.83%
  • MCO/USDT -24.30%

Oddball Bitcoin forks BCD and BTG still remain among the top performers on OKEx, while Crypto.com’s MCO is the biggest loser in a tightly contested race.

BCD is the top performer on OKEx today after rising by more than 80%. Source: OKEx

BTC technical analysis: Threatening to turn decidedly bearish

The price of BTC has threatened to turn predominantly bearish after falling beneath the ribbon of exponential moving averages on the four-hour time frame — which is currently curling downward. Buyers appear to be sitting on their hands while waiting for further bearish confirmation to rear its head.

OKEx’s BTC/USDT 4h chart — 4/07. Source: OKEx, TradingView

ETH technical analysis: ETHBTC tests crucial support

The price of ETH has fared particularly poorly against BTC today, though it is currently testing support in the form of historical resistance and the four-hour EMA ribbon. Finding support here may rejuvenate buyers. Failure to do so would likely take the life out of ETHBTC.

OKEx’s ETH/BTC 4h chart — 4/7. Source: OKEx, TradingView

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Source: https://www.okex.com/academy/en/crypto-market-corrects-as-btc-struggles-and-eth-tests-key-support-crypto-market-daily