The cryptocurrency market turned red after yesterday’s steep drop, and all of the top 10 coins are under bearish influence.
Best coins from CoinMarketCap
BTC / USD
Bitcoin (BTC) lost the least on today’s list as its rate fell 12.15%, which is less than the drop in other coins.
BTC / USD Chart by TradingView
On the daily chart, Bitcoin (BTC) nearly hit support at $ 42,335 and rebounded from it. The fall was supported by higher trading volume, meaning sellers may have fixed their positions short. In that case, we can expect a new vital zone test around $ 50,000 by the end of the week.
Bitcoin is trading at $ 46,530 at the time of publication.
ETH / USD
The fall in the price of the flagship cryptocurrency has caused the price of all highly liquid altcoins to drop. Yesterday, the price of Ethereum (ETH) could not continue to struggle to update the monthly high. During the day the pair retreated near the psychological support of $ 3,000 but before the day was out the price managed to rebound into the $ 3,500 area.
ETH / USD Chart by TradingView
This morning, the pair are trying to gain a foothold in a side fork. But if the downward pressure intensifies, the price of Ether could drop below $ 3,000. In this regard, the closest strong support would be in the range of $ 2,800.
If the market starts to recover gradually after yesterday’s pullback, the price of ETH may move back into the two-hour EMA55 zone.
Ethereum is trading at $ 3,393 at time of publication.
XRP / USD
Yesterday the price of XRP fell and broke through the psychological level of $ 1, marking a low at $ 0.95. At the same time, the rebound was quite high and the pair were able to gain a foothold in the POC line area.
XRP / USD Chart by TradingView
If the buyers continue to rally, the pair may try to move back to the mid-price area, at the two-hour EMA55.
If the strong sales continue, the price of XRP may fall back below the $ 1 per coin support.
XRP is trading at $ 1.07 at time of publication.