Crypto Market Overview: Bitcoin tops $77,000 while Monero and Dash lead gains
- Bitcoin hovers above $77,000 on Wednesday amid re-escalating US-Iran tensions.
- Total liquidations hit $330 million in 24 hours, reflecting a largely muted phase trend in the crypto market.
- Privacy coins such as Monero and Dash are leading gains over the last 24 hours.
The broader cryptocurrency market is largely stable, with Bitcoin (BTC) rising above $77,000 so far on Wednesday amid US President Donald Trump's decision to extend the blockade due to faltering peace talks. Total market liquidations of $330 million over the last 24 hours suggest a mixed outlook, while Privacy coins, including Monero (XMR) and Dash (DASH), lead gains.
Crypto market holds largely stable amid the fragile US-Iran ceasefire
Bitcoin hovers above $77,000 at press time on Wednesday, while the US-Iran blockade of the Strait of Hormuz weighs on the global economy. However, the cryptocurrency market holds its ground despite short-term volatility, resulting in $330 million of total liquidations over the last 24 hours, led by $197 million in short liquidations, suggesting a larger wipeout of bearish positions.
Monero breaks through while Dash faces barriers
Monero trades above $380 at press time on Wednesday after a 9% surge the previous day. The privacy coin extends its recovery above the 50-, 100-, and 200-day Exponential Moving Averages (EMAs), which are clustered in the mid-$360s, reinforcing a constructive near-term bias.
Momentum is strong, with the Relative Strength Index (RSI) hovering at 68 on the daily chart, close to overbought territory, and the Moving Average Convergence Divergence (MACD) line is firmly above its signal and zero lines, hinting that bullish pressure remains in control.
Looking up, initial resistance is defined by the 50% retracement of the broader swing from $231 to $798 at $429, with additional hurdles at the 38.2% Fibonacci retracement level around $497.
On the downside, immediate support is seen around the current area, with the 100- and 200-day EMAs near $362, backed by the 50-day EMA near $349 and the 78.6% Fibonacci retracement level at $301.
Dash trades around $36.00 at the time of writing on Wednesday, following Tuesday's 7% jump. DASH sits below the 100-day and 200-day EMAs at roughly $38.16 and $39.56 while clinging to immediate support from the 50-day EMA at $35.80. Given the declining 100- and 200-day EMAs and the consistent lower highs since November, upside attempts look vulnerable to renewed selling pressure.
The MACD line remains below its signal line, but the contracting negative histogram bars suggest a bearish profile, while the RSI indicator at 51 remains neutral in momentum.
On the topside, initial resistance is located at the 100-day EMA near $38.17, followed by a more robust barrier at the 200-day EMA around $39.55.
Looking down, the 50-day EMA at $35.81 is the first support level to monitor; a clear break below this floor would likely expose DASH to the S1 Pivot Point at $29.84.
(The technical analysis of this story was written with the help of an AI tool.)
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