The week has started with the sharp fall of the cryptocurrency market as all top 10 coins are in the red zone.
BTC/USD
The price of Bitcoin (BTC) has declined by 18% over the last 24 hours.
On the daily chart, Bitcoin (BTC) has almost reached the support level at $21,864. The decline has been stopped at the $23,000 mark which means that there is a chance of seeing a price bounce.
If that happens, one can expect the test of the formed mirror level at $25,400. Such a scenario is relevant until the end of the week.
Bitcoin is trading at $23,139 at press time.
DOGE/USD
DOGE is the biggest loser from the list today, going down by more than 20% since yesterday.
DOGE has also almost reached its weekly support level at $0.05134. The selling trading volume is low which means that bears might have run out of power in terms of the current decline. Respectively, if buyers can hold the zone around $0.05, the short-term correction is possible to the $0.06 mark.
DOGE is trading at $0.05408 at press time.
SHIB/USD
SHIB is the least falling coin today as the decline of the meme coin has accounted for 16%.
SHIB has broken its support level at $0.00000907 on the weekly time frame, confirming the buyers' weakness. From another point of view, the volume is low, which means that traders can expect at least a small bounce to the $0.00009 mark.
SHIB is trading at $0.0000078 at press time.
Godfrey Benjamin
Tomiwabold Olajide
Gamza Khanzadaev