Monero (XMR) Flips Litecoin (LTC) and Toncoin (TON) to Become the 25th Largest Cryptocurrency by Market Cap

has made a bold return to the spotlight, surpassing Litecoin and Toncoin to officially secure a spot among the top 25 digital assets by market capitalization.

Cryptocurrency prices today are mixed with Bitcoin struggling to hold onto the $70,000 level amid signs of selling pressure emerging.

Here's a closer look at the price movements of some of the major cryptocurrencies on Wednesday morning:

* Bitcoin price is down 0.7% in the past hour and trades at $70,000 at the time of writing. The world’s largest cryptocurrency is now testing the Fibonacci 0.382 level, which could offer some support if selling persists.

* Ethereum price is in the green, gaining 0.4% to trade at $2,004.

* Monero price is up 0.2% in the past 24 hours and continues to climb, currently trading at $411.

* Litecoin price is down 0.8% and trades at $90.2.

* Toncoin price is up 0.04% and trades at $3.19.

Despite struggling to break out of the $70,000-$71,000 range, Bitcoin has managed to stay afloat amid a broader weakness in the crypto market.

This resilience could be attributed to several factors. Firstly, there's a growing interest in Bitcoin as a hedge against inflation, fueled by the recent consumer price index (CPI) report showing sticky inflation.

Secondly, legal troubles faced by crypto anonymity tools like Tornado Cash are pushing investors towards coins like Monero, which offers complete transaction privacy.

However, emerging technical indicators suggest that this strength in Bitcoin might be waning.

On the 4-hour chart, the MACD (Moving Average Convergence Divergence) shows a narrowing bullish gap, with the MACD line pulling slightly away from the signal line. This indicates a potential slowdown in bullish momentum.

Moreover, the Balance of Power indicator is showing a buildup of selling pressure. It currently stands at 0.5, indicating a slight bias towards sellers.

This divergence between price action and technical indicators could point towards an upcoming shift in market direction.

If sellers manage to push through the Fibonacci 0.382 level at $68,781.49, the next support level to watch out for is Fibonacci 0.5 at $64,741.41.

On the other hand, if buyers manage to push through the Fibonacci 0.236 level at $71,040.08, the next resistance level to watch out for is Fibonacci 0.382 at $72,398.67.

Overall, Bitcoin price action suggests that sellers are emerging but haven't yet taken complete control. The direction of the next move will depend on whether buyers or sellers can take the initiative first.