Top Assets Gain Back Value After Massive Losses

The crypto market’s mid-week performance follows the pattern from August. On Wednesday, the market witnessed most of the top assets gaining back value.

The development helped Bitcoin and Ethereum earn 1.56% and 1.86% growth, respectively. Names like Cardano and Solana also joined the movement, crossing pivotal support points. However, the Fear and Greed Index still stands at 29, indicating fear among traders. (Source: Cointree) 

What’s interesting is that Solana reclaimed its position among the world’s top five cryptos on Wednesday. On that note, here is an overview of the daily crypto circle to help traders understand the market dynamics.

Bitcoin

After a brief correction, Bitcoin is back on track with a 1.56% surge in the past 24 hours. The coin currently trades at $57,177 with a weekly dip of 3.82%.

BTC has its first support point at $56,647, after which the coin will see the 55,223-dollar support level. The coin’s first resistance stands at $59,000, a significant distance away. Therefore, Bitcoin holders can rest assured about the crypto’s performance for the day.

Ethereum

The second-largest crypto managed to outperform Bitcoin by a slight margin. On Wednesday, ETH increased by 1.86%, bringing the crypto to $2,409.

The crypto has its first support level placed at $2,349, while the second one is at $2,243. The first major resistance level for the cryptocurrency is located at $2,524, which is also somewhat distant. In the same vein as Bitcoin, Ethereum is anticipated to maintain its current performance for the day.

Solana

SOL is one of the rare coins in the top 10 cryptos with a tendency to fluctuate constantly. The coin has lost 8.24% value in the past week alone.

However, the coin managed to grow 4.42% in 24 hours, bringing it to $132. SOL recently managed to surpass Ethereum in terms of NFT trades, giving the crypto a needed boost.  

It is worth noting that Solana’s daily chart has formed a bullish divergence. Therefore, it is potentially heading toward an uptrend, positioning it for a probable comeback.

Injective

INJ, or Injective, became the standout coin yesterday with a 10.22% surge. The coin is currently worth $17.23, down 6.76% in the last week.

Injective recently launched BlackRock’s BUIDL tokenized index tracking fund. However, experts predict a bearish trend ahead of the coin.

Dogecoin

Dogecoin is currently the only meme token among the world’s top 10 cryptos. In the past 24 hours, the coin has surged 1.31% to reach $0.097.

The coin has been struggling for the past week, losing 3.54% value. Experts expect the bearish trend for DOGE to continue, as traders flock to AI-backed Raboo and other emerging meme coins for quick profits.