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 sharp bounceback has been changed by a further drop as all of the top 10 coins are in the red zone.
BTC/USD
Bitcoin (BTC) is going down, falling by almost 5% over the last 24 hours.
On the daily chart, Bitcoin (BTC) could not fix above $30,000 for a long time, which means that it is too early to consider a trend reversal. In this case, if the selling volume increases and the price remains below the $29,000 mark, there is a high chance to see the test of the recently formed local low at $25,400.
Bitcoin is trading at $28,815 at press time.
ETH/USD
Ethereum (ETH) has lost even more than Bitcoin (BTC) with a decline of 5.73%.
Ethereum (ETH) is trading below the vital level of $2,160. If buyers cannot seize the initiative and return the rate to the zone of $2,000-$2,120, the ongoing drop may continue to the $1,900 mark. Thus, the low trading volume confirms buyers' weakness.
Ethereum is trading at $1,975 at press time.
XRP/USD
XRP is not an exception to the rule, going down by almost 10%.
XRP made a false breakout of the $0.45 mark against the increased trading volume. At the moment, one needs to pay close attention to the recently formed level at $0.3644. If the price returns to it, the drop may continue below $0.35 next week.
XRP is trading at $0.4037 at press time.
ADA/USD
Cardano (ADA) is the biggest loser from the list today with a decline of 12.88%.
From the technical point of view, Cardano (ADA) is trading similarly to XRP, as the coin could not fix above the $0.60 mark. Currently, there are no prerequisites for a short-term rise, and the daliy closure below $0.50 can prompt a downward move.
ADA is trading at $0.4955 at press time.
BNB/USD
Binance Coin (BNB) has followed the drop of other coins, losing 10% of its price since yesterday.
Binance Coin (BNB) could not keep the rise after yesterday's bullish candle, followed by the false breakout of the $300 mark. Currently, the nearest zone is around $240, which is important for bulls in terms of a possible rise. However, if the decline continues, there is a probability of seeing the test of $200 by the end of the month.
BNB is trading at $274.7 at press time.
Alex Dovbnya
Vladislav Sopov
Dan Burgin