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The correction continues on the cryptocurrency market as most of the coins are in the red zone.
BTC/USD
Bitcoin (BTC) is one of the least falling coins, going down by 1.10%.
On the daily chart, the price of Bitcoin (BTC) has once again tested the support level at $22,442. However, if a bounce back to the middle of the channel does not happen, there is a chance to see a breakout, followed by the decline to the $22,000 zone and below.
Bitcoin is trading at $22,592 at press time.
ETH/USD
Ethereum (ETH) is more of a loser than Bitcoin (BTC), declining by almost 4%.
Ethereum (ETH) is trading similarly to Bitcoin (BTC) as its rate has also made a false breakout of the support at $1,516. Bulls can seize the initiative only if they restore the price above the $1,600 zone. In another case, the bears' pressure will remain relevant.
Ethereum is trading at $1,554 at press time.
XRP/USD
XRP is not an exception to the rule, decreasing by 3.32%.
On the daily time frame, the rate of XRP has made a false breakout of the support at $0.3974, which means that the level plays a key role for bulls. If they lose it, the energy will be enough for a correction to the $0.39 zone.
XRP is trading at $0.4051 at press time.
Alex Dovbnya
Dan Burgin
Vladislav Sopov