Cryptocurrencies: Top 7 Turn Red, Dogecoin Drops 6.5% in 24 Hours
This Wednesday, March 11, the cryptocurrency market experiences a uniform pullback, with no major asset managing to stay in positive territory over 24 hours. The seven major capitalizations monitored are showing simultaneous sell signals, a relatively rare configuration that reflects widespread selling pressure across the segment.
Market Dynamics and Individual Cryptocurrency Performance
Bitcoin loses 1.37% over 24 hours to settle at $70,224.99, after briefly exceeding $72,600 on March 4 during a bullish surge that now appears to be a false signal. The decline is modest compared to that of altcoins: Ethereum falls 1.3% to $2,048.12, while Solana drops 2.85% to $85.44 and Ripple (XRP) 3.22% to $1.38.
The most pronounced movement concerns Dogecoin, which falls by 6.5% to $0.09, directly testing its support level. Cardano also shows a marked decline of 3.03%. Only Binance Coin limits the damage with a contained decline of 0.45%.
The correlation between Bitcoin and Ethereum remains tight over the last seven days, with both assets moving in almost identical ranges during each session. This synchronicity confirms that the current movement is more a result of global market dynamics than idiosyncratic factors. In the background, the stock markets are also in the red, with the DAX losing 1.33%, the Dow Jones 0.85% and the CAC 40 0.58%, in a context of persistent tension measured by a VIX at 29.49 points in its last available reading.
Technical Analysis of the Top 7 Cryptocurrencies
All seven cryptocurrencies monitored display a sell signal, a unanimous technical configuration that deserves highlighting. The RSI values are in an intermediate to slightly bearish zone, ranging from 42.19 for Dogecoin to 51.05 for Bitcoin, with none reaching the oversold territory below 30 points.
The most significant technical element lies in the positioning of all prices below their 50-day and 200-day moving averages. Bitcoin is trading 4.1% below its MA50 ($73,240) and more than 26% below its MA200 ($94,982), a considerable gap that illustrates the long-term bearish trend established over several months. Ethereum presents a similar profile, with its price 8% below its MA50 ($2,225) and 38% below its MA200 ($3,299).
Bitcoin's 30-day history shows an RSI that had reached a low point of 29.33 on February 12 before gradually rising, peaking at 60.95 on March 10. The decline observed this Wednesday brings this indicator back to 51.05, suggesting a waning of the technical rebound that began in late February. The support levels identified at $62,510 for Bitcoin and $1,800 for Ethereum are still preserved for the time being, but the respective resistances at $74,050 and $2,199 continue to act as a ceiling.
