The cryptocurrency market has continued its poor begin to the week, shedding greater than 6% of its worth in the last 24 hours.
The crypto market has been performing poorly since the begin of the week. The market has misplaced almost 7% of its worth in the last 24 hours, and the whole market cap now stands above the $1.3 trillion mark.
The market has misplaced over $100 billion over the previous few hours, with LUNA’s poor efficiency affecting the broader crypto market.
(*24*) is down by greater than 4% over the previous 24 hours and is struggling to keep up its worth above the $30k degree. Ether has dropped to the $2,300 area after shedding greater than 3.5% of its worth in the last few hours.
FLOW, the native token of the Flow ecosystem, is down by greater than 5% over the previous few hours. The poor efficiency comes regardless of the Flow group asserting the launch of its $725 million ecosystem fund.
In a blog post on Monday, Flow stated the Ecosystem Fund would assist current and future builders in constructing functions on the Flow blockchain. The builders will acquire investments, FLOW token grants and in-kind assist from the group.
Key ranges to observe
The FLOW/USD 4-hour chart is bearish over the previous few hours as the market continues to underperform. Despite the constructive information, FLOW may report additional losses in the coming hours.
The MACD line is past the impartial zone as the bearish sentiment in the market thickens. The 14-day relative energy index of 33 reveals that FLOW is at the moment oversold.
At press time, FLOW is buying and selling at $3.49 per coin. If the bearish development continues, FLOW may drop beneath the first main assist degree at $3.10 earlier than the finish of the day.
In the occasion of prolonged unfavorable efficiency, FLOW may commerce beneath $3 for the first time this 12 months.