Altcoins started to give back gains in early Tuesday trading, as almost all top 20 cryptocurrencies are trading in the red.
Ethereum is the worst affected in the top 10 cryptocurrencies. Bitcoin trades around $7,400, having peaked around the $7,680 level on Monday.
TRON is trading down by almost four percent on the day, one of the heaviest losses in the top 20.
The total cryptocurrency market capitalization stabilized around $189 billion this morning. This is a loss of $8 billion from its current weekly price peak.
TRON is trading back towards the worst levels of the month, and appears vulnerable to further losses.
A bearish head and shoulders pattern can clearly be seen across the lower time frames. Traders may use any technical corrections higher as a chance to sell the TRX/USD pair while the complex head and shoulders pattern unfolds.
Watch out for continued losses under neckline support if bulls fail to rally the cryptocurrency from current levels.
Total Market Cap
The value of the total market capitalization consolidated around the $189 billion level, as measured by TradingView.
Traders now need to defend the $187 billion level to stop a deeper bearish correction in its value.
Watch out for a breakout from the $187 billion to $197 billion price range to confirm the next directional move.
It is noteworthy that a bullish reversal pattern will form if bulls can move price towards the $207 billion.
According to the latest data from The TIE, sentiment toward the cryptocurrency market is neutral, at 59 percent.
Bitcoin SV has the strongest sentiment among the top 10 at 54 percent. Meanwhile, Binance Coin has the weakest at 37.50 percent.