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Crypto market calms down, select altcoins make moves

2021.10.08 Adam James

FTM is using today’s relatively stagnant cryptocurrency market to outperform its altcoin peers.

The global cryptocurrency market capitalization is stagnating on Friday after a strong week. The prices of BTC and ETH are both down by roughly half a percent over the past 24 hours — but are up by 23.8% and 19.7%, respectively, over the past seven days.

In the altcoin market, SHIB has pulled back by nearly 20% over the past 24 hours. However, the memecoin is still up an astonishing 253% over the past seven days. Meanwhile, FTM is up 25.2%.

The cryptocurrency market is mixed, though select altcoins are outperforming as SHIB pulls back. Source: COIN360

Top altcoin gainers and losers: SHIB and FTM lead majors

  • XSR/USDT +25.69%
  • EDEN/USDT +20.34%
  • SHIB/USDT +16.74%
  • SNC/USDT -10.30%
  • CELT/USDT -12.88%
  • EC/USDT -14.32%

Despite seeing declines over the past 24 hours, SHIB is one of the top-performing altcoins on OKEx per the exchange’s default time settings — which equate to a 14.67% gain. FTM is also a top performer after increasing by roughly 14%.

FTM is one of the top-performing altcoins on OKEx today. Source: OKEx

BTC technical analysis: Running into sellers

The price of BTC is running into sellers above 55,000 USDT but is still trading above the four-hour ribbon of exponential moving averages. Many traders are expecting buyers to use the EMA ribbon as support in a bid to push the price of BTC back to its all-time high above 60,000 USDT.

OKEx’s BTC/USDT 4h chart — 10/08. Source: OKEx, TradingView

ETH technical analysis: Battling major resistance

The price of ETH is trying to make a recovery against BTC but is running into a major confluence of potential resistance at the four-hour EMA ribbon and an area of historical trading interest. ETH bulls will be hoping for the foremost altcoin to take out this confluence immediately — failure to do so could turn ETHBTC even more bearish.

OKEx’s ETH/BTC 4h chart — 10/08. Source: OKEx, 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.



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