Cryptocurrency prices plummeted on Monday as fears escalated in the market. Bitcoin fell below $40,000 while total market capitalization fell to over $1.87 trillion. Some of the worst performing coins are Near Protocol, Mina Protocol, Zilliqa, Moonbeam, and Axie Infinity, which have lost over 10% in the past 24 hours.
Investors are getting scared
Cryptocurrencies fell as market sentiment rose sharply. In fact, a careful study of various asset classes is deeply loss-making. In commodity markets, for example, crude oil prices tumbled more than 4%, while gold and silver fell more than 2%. That made it one of the worst days for the commodity index this year. The Bloomberg Commodity Index (BCOM) fell more than 1.9%.
The stock market also crashed. In Europe, for example, the CAC 40, DAX and FTSE 100 tumbled more than 2%. In the US, the Dow Jones fell more than 1,000 points. It has fallen more than 200 points in the futures market.
As a result, cryptocurrencies are falling as investors react to ongoing concerns about the Federal Reserve and other central banks. In a statement last week, Jerome Powell warned that the bank would adopt tougher policies in the coming months. As a result, the Fear and Greed Index has moved into the extreme fear zone of 23.
Zilliqa Price Prediction
The daily chart shows that ZIL price has been in a strong bearish trend over the past few days. The coin has fallen below the important level of $0.1285, which was the high on October 21. It has fallen more than 57% from its highest level this month.
It has fallen to around $1.3 billion, while the MACD indicator has fallen below neutral levels. Therefore, the coin is likely to continue falling as the bears target the next key support at $0.08.
Near Protocol Price Prediction
On a 1D chart, Near Protocol price has fallen for the past 6 days. A closer look shows that the downtrend has actually gained momentum. It also managed to break below the 25-day moving average, while the MACD is close to breaking below the neutral level.
The coin also forms a handle that looks like a cup and handle pattern. Therefore, the stock has the potential to resume its bullish trend.