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The correction may have begun on the cryptocurrency market as the rates of most coins are going down.
BTC/USD
The rate of Bitcoin (BTC) has declined by 3.64% over the last 24 hours.
Bitcoin (BTC) could not continue the rise after yesterday's bullish candle. Thus, the rate of the main crypto is again below the vital $30,000 mark. At the moment, one should pay close attention to the daily closure.
Denys SerhiichukIf it happens below the low of $29,122, the accumulation might be enough for a breakout of the nearest support level at $28,936.
Bitcoin is trading at $29,214 at press time.
ETH/USD
Ethereum (ETH) has followed the drop of Bitcoin (BTC), falling by 6.27%.
From the technical point of view, Ethereum (ETH) is trading similarly to Bitcoin (BTC) as the rate is also below the vital level of $2,000. Currently, traders should focus on the support at $1,942. If a false breakout happens, there is a chance to see a bounce back to the $2,040 area.
Ethereum is trading at $1,979 at press time.
XRP/USD
XRP is not an exception to the rule, going down by 4.76%.
On the daily time frame, the price of XRP has bounced off the support level at $0.4824. If the bar closure occurrs far form this mark, traders are likely to see a local growth to the $0.52 zone.
XRP is trading at $.04970 at press time.
BNB/USD
The price of Binance Coin (BNB) has dropped by 5.25% over the last 24 hours.
The price of BNB has returned to the middle of the wide channel after a failed attempt to fix above the resistance at $346.3. If the candle closes with no wicks, the decline may continue to $316 as there are no prerequisites for a bounce back yet.
BNB is trading at $326.7 at press time.
Arman Shirinyan
Godfrey Benjamin
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Dan Burgin