Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The new week has started bearish for the cryptocurrency market, as most of the coins are in the red zone.
Top coins by CoinMarketCap
BTC/USD
The rate of Bitcoin (BTC) is almost unchanged since yesterday.
Image by TradingView
On the daily chart, traders should pay attention to the nearest resistance level at $26,267. If the daily bar closes near it or above, buyers might locally seize the initiative, which can lead to the test of the $26,800 zone soon.
Bitcoin is trading at $26,017 at press time.
ETH/USD
The rate of Ethereum (ETH) has risen by 0.29% over the last 24 hours.
Image by TradingView
Despite a slight rise, the price of ETH is looking worse than BTC on the daily time frame as the rate is far from the resistance. As none of the sides has seized the initiative yet, sideways trading in the narrow range of $1,660-$1,680 is the more likely scenario for the next few days.
Ethereum is trading at $1,669 at press time.
XRP/USD
XRP is one of the biggest losers today, falling by 2.25%.
Image by TradingView
Despite today's fall, the price of XRP is also trading sideways, which is confirmed by the low volume. In this regard, consolidation in the area of $0.50-$0.55 is the more likely scenario until the end of the week.
XRP is trading at $0.5228 at press time.
ADA/USD
Cardano (ADA) has followed the drop of XRP, going down by 0.33%.
Image by TradingView
On the daily chart, the rate of Cardano (ADA) has failed to fix above the $0.27 zone. If the situation does not change by the end of the day, the drop may continue to the support level of $0.2525 soon.
ADA is trading at $0.2653 at press time.
BNB/USD
The price of Binance Coin (BNB) has declined by almost 3%.
Image by TradingView
From the technical point of view, the rate of Binance Coin (BNB) has come back to the midterm bearish trend after a breakout of the support level of $214.8. At the moment, there are no reversal prerequisites, which means that traders may expect a further downward move.
BNB is trading at $208.7 at press time.
Dan Burgin
Alex Dovbnya
Vladislav Sopov