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Buyers could not hold the initiative for long, and almost all coins have returned to the red zone.
Top coins by CoinMarketCap
BTC/USD
The rate of Bitcoin (BTC) has declined by 3.68% over the last 24 hours.
Image by TradingView
On the daily chart, Bitcoin (BTC) is on the way to the support level at $26,688. If the closure happens near it, traders can expect a sharp drop to the next vital zone around $25,000 as enough energy has been accumulated for a continued downward move.
Bitcoin is trading at $27,129 at press time.
ETH/USD
Ethereum (ETH) is more of a loser than Bitcoin (BTC) as its price has fallen by almost 4%.
Image by TradingView
The rate of Ethereum (ETH) could not bounce back from the support at $1,787. Currently, buyers are trying to keep the rate above the $1,800 zone. If they fail to do that, the breakout may lead to an ongoing decline to the $1,700 area.
Such a scenario is relevant until the end of the month.
Ethereum is trading at $1,802 at press time.
XRP/USD
XRP could not withstand the overall market pressure, going down by 2.56%.
Image by TradingView
The rate of XRP is also approaching the support level at $0.41011. If bulls lose that mark, one can expect a further drop to the $0.38-$0.39 zone. The bears' power is also confirmed by the rising selling volume, which means there is a high possibility of seeing a continued correction.
XRP is trading at $0.4185 at press time.
BNB/USD
The price of Binance Coin (BNB) has dropped by 1.94% since yesterday.
Image by TradingView
The rate of Binance Coin (BNB) is about to close below yesterday's low at $308, which is a bearish signal. If it occurs, the ongoing correction may continue up to the vital area around $300. Such a situation may occur within the next few days.
BNB is trading at $308.7 at press time.
ADA/USD
Cardano (ADA) is one of the biggest losers today as its rate has declined by 3.94%.
Image by TradingView
Despite the sharp drop, there are no reversal signals yet, which means there is a big possibility of seeing a further decline of ADA. If buyers cannot seize the initiative shortly, the next zone at which a bounce back may happen is the area of $0.33-$.0.34.
ADA is trading at $0.3543 at press time.
Godfrey Benjamin
Arman Shirinyan
Gamza Khanzadaev
