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Crypto price today Oct 23th: the crypto trades feel again on edge as they approach November with a strong possibility for another interest hike of 75 bps. Thus, even the major cryptocurrencies witnessed casualties and lost more ground. As of now, the crypto market cap stands at $920.13 Billion, down 0.44% from yesterday, with total volume at $33.20 Billion, down 23.8%.
Market leaders:
The largest cryptocurrency-Bitcoin currently exchanges hands at $19174, with a 0.16% loss, whereas the second largest cryptocurrency Ethereum(ETH), trades at $1308 with a 0.39% drop.
Altcoins Hints Temporary Downfall
Quant(QNT)
The Quant recovery rally has recently breached a crucial resistance of $160 and reached a ten-month high of $228.8. However, the buyers have been trying to sustain above $160 flipped for the past five days, indicating an ongoing retest phase. The altcoin currently trades at $171, with an intraday loss of $4.42.
If the selling pressure persists, the coin price will drop another 8% to retest the $160 mark and confirm its sustainability. If market sentiment favors, the post-correction rally should surpass $228 in the coming weeks.
Maker(MKR)
On October 19th, the Maker coin reverted from the $1150 resistance and initiated a minor correction phase. The altcoin losing for five consecutive red days accounted for a 16.5% loss. However, this downfall back by gradually decreasing in volume, indicating this retracement is temporary.
The MKR price currently exchanges hands at the $955 mark, and with sustained selling, it is likely to retest the $900-$890 support zone. The 50-and-100-day EMA accumulated at the same positions indicates a strong possibility for a bullish reversal. Thus, this development would drive prices above $1200.
Axie infinity(AXS)
On October 13th, the Axis infinity coin breached the $11.5 neckline support of descending triangle pattern. The post-retest fall triggered six consecutive red candles, which accounted for a 22.6% loss.
The altcoin currently trades hands at $8.72 with an intraday loss of 2.9%. However, the volume activity indicates the past few days, and the daily-RSI slope dropping to the oversold region shows a high possibility for price reversal.
This potential bullish reversal could retest the overhead resistance to replenish the selling momentum. Thus, until the overhead trendline is intact, the AXS trades could continue to witness a downward spiral.
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