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The new week has begun with the fall of the cryptocurrency market as most of the coins are in the red zone. Solana (SOL) is the only exception to the rule, rising by 7.67%.
BTC/USD
Last Saturday, the price of Bitcoin (BTC) rolled back to the $48,240 mark and, on Sunday night, the bulls tried to storm the psychological boundary of $50,000. However, the overnight growth was not supported by large volumes and stopped at $49,666.
On Sunday morning, the bears repelled the attack of buyers and rolled back the pair below the two-hour EMA55, pushing the BTC price to the $47,745 level. In the afternoon, the pair gradually recovered above the average price level, but buyers have not yet been able to form a bullish momentum to test the $50,000 level.
Sellers are dominating the market this morning, and the price has pulled back below the EMA55 moving average. If buyers manage to stop the decline, they may continue to try to break above $50,000.
Bitcoin is trading at $47,974 at press time.
ETH/USD
On Saturday, buyers kept the Ethereum (ETH) price above $3,200 and, on Sunday, the bears managed to push the pair below this support and test the $3,150 level.
Despite the bulls' attempts to restore the price above the POC line, sellers are not allowing the ETH price to gain a foothold above the two-hour EMA55, and pressure from their side may lead to a pullback to the area of $3,120.
Ethereum is trading at $3,182 at press time.
XRP/USD
The rate of XRP has declined by 1.10% over the past 24 hours.
Over the weekend, the XRP price consolidated in a fairly narrow sideways range at the two-hour EMA55.
Despite the dominance of sellers, the pair is trying to stay in the area of average prices. If bearish pressure intensifies, then a pullback to the psychological level of $1 is possible.
XRP is trading at $1.13 at press time.
Vladislav Sopov
Dan Burgin