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The crypto market is facing one of the biggest dumps in recent times, according to CoinMarketCap.
BTC/USD
The rate of Bitcoin (BTC) has declined by 4.79% over the last 24 hours.
On the daily chart, the price of BTC has made a false breakout of yesterday's bar's low at $62,200. Even if the bar closes far from that mark, the main crypto has not accumulated enough energy for a continued upward move.
In this case, sideways trading in the range of $63,000-$70,000 is the most likely scenario.
Bitcoin is trading at $66,305 at press time.
ETH/USD
The rate of ETH has fallen by 6.7% since yesterday.
From the technical point of view, Ethereum (ETH) is trading similarly to BTC. The rate of the main altcoin is below the psychological mark of $2,000. Until its breakout happens, traders may expect a further decline to the $1,700-$1,800 range.
Ethereum is trading at $1,923 at press time.
XRP/USD
XRP is the exception to the rule, rising by 0.92% over the last day.
On the daily time frame, the rate of XRP has bounced off the nearest support at $1.2543. However, buyers might need more time to accumulate energy for further growth. In this regard, sideways trading in the zone of $1.35-$1.50 is the most likely scenario over the next few days.
XRP is trading at $1.3792 at press time.
ADA/USD
The price of Cardano (ADA) has fallen by 3.7%.
Despite today's growth, the rate of ADA remains under bears' pressure. Bulls may start thinking about a possible bounceback only if the rate fixes above the nearest level at $0.2756. Until it happens, traders may expect an ongoing correction.
ADA is trading at $0.2634 at press time.
SHIB/USD
SHIB has kept up with most of the other coins, going down by 4.49%.
On the daily chart, the rate of SHIB has made a false breakout of the $0.00000543 level. If the candle closes far from that mark, the bounce back may continue to the $0.00000650 area.
SHIB is trading at $0.00000604 at press time.
Caroline Amosun
Denys Serhiichuk
Gamza Khanzadaev
Godfrey Benjamin
Alex Dovbnya