Fartcoin, OKB, CRV big dump! Crypto market 24-hour liquidation soared over 935 million USD.

The crypto assets market experienced a fierce dumping in the past 24 hours, with Fartcoin (FARTCOIN), OKB (OKB), and Curve DAO (CRV) leading the fall leaderboard, each recording a double-digit decline in a single day. The total liquidation amount in the market reached 935.44 million USD, with long positions suffering severe blows, accounting for over 87%. Bitcoin (BTC) fell below 110,000 USD, and Ethereum (ETH) dropped below 4,500 USD, causing the overall market sentiment to plummet.

$935 million liquidation wave: long positions become the biggest losers

(Source: Coinglass)

According to Coinglass data, the total liquidation amount in the crypto market over the past 24 hours reached 935.44 million USD, with long positions liquidations amounting to 822.42 million USD, far exceeding the short positions liquidations of 113.02 million USD.

The total open interest (OI) decreased from $217.61 billion on Monday to $202.42 billion, a drop of 6.98%, indicating a rapid withdrawal of leveraged funds. Historical data shows that September is usually a weak month for Bitcoin and the overall Crypto Assets market, and this early outflow of funds may signal a new round of retracement risks.

Fartcoin: 200-day EMA has fallen, key support is at risk

(Source: Trading View)

Fartcoin is currently at $0.7856, still barely holding above the 50% retracement level of $0.7378, but on Monday it has experienced a significant drop of 16.85%, falling below the 200-day EMA.

Bearish risk: If the daily close falls below 0.7378 USD, it may test the support at 0.5730 USD (previous high before April 8).

Technical indicators: RSI is at 38, breaking below the midpoint, with buying momentum weakening; if it further falls into the oversold area, it may trigger an accelerated decline.

Rebound opportunity: If it holds at 0.7378 USD and shows a reversal similar to April 19, there is a short-term hope to challenge the psychological barrier of 1.0000 USD.

OKB: The lower edge of the descending wedge faces a test

(Source: Trading View)

OKB is affected by the overall market correction, currently reported at 171 USD, approaching the support of the lower boundary of the 50-period EMA and descending wedge pattern.

Bearish risk: If it breaks below the support of $165 and closes confirmatively, it may retest $142 (the high on August 13).

Technical indicators: RSI is 39, MACD has fallen below the zero line and issued a bearish signal, indicating an increase in bearish momentum.

Bounce opportunity: If the 50-period EMA holds, the bounce target looks towards the $195 resistance level.

Curve DAO (CRV): The lower edge of the descending channel is in urgent need

(Source: Trading View)

CRV is currently priced at 0.7833 USD, close to the lower boundary of the descending channel pattern and the 100-day moving average, and has fallen below the 61.8% Fibonacci retracement level of 0.7986 USD.

Bearish risk: If the closing price falls below the support of $0.7626, the decline may expand to $0.6811 (50% retracement level).

Technical indicators: MACD and the signal line both fell below the zero line, RSI is at 40, indicating that there is still room for downward movement.

Bounce opportunity: If it rebounds within the channel, it may test the upper pressure of 0.9650 USD in the short term.

Conclusion

The synchronous crash of FARTCOIN, OKB, and CRV, along with a $935 million liquidation wave in the market, highlights the fragility of leveraged funds in a highly volatile market. As September approaches, historical seasonal weakness and macroeconomic uncertainty may continue to suppress market sentiment. Short-term traders need to strictly control leverage and positions, and pay close attention to the defense of key support levels.