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 bullish sentiment is gone. Now, bears are in control, with all the coins from the top being in the red.
BTC/USD
Yesterday, buyers were unable to increase volumes, and the price of Bitcoin (BTC) spent the whole day in a narrow sideways channel with support at $39,600. At the end of the day, buyers still managed to update the weekly high around the $41,340 mark, but the anticipated recovery to the level of $42,450 hasn't happened just yet.
The absence of clearly positive sentiment among buyers may cause a pullback to the area of average prices, but a breakout above $42,500 is still likely.
Bitcoin is trading at $39,089 at press time.
XRP/USD
Yesterday the XRP price could not hold above the four-hour EMA55 and sank to the $0.85 mark. There is no deep pullback on small volumes. After a short period of consolidation, buyers have a chance to recover to the psychological level of $1.
If the bearish pressure intensifies, then the pullback may continue to the support of $0.80.
XRP is trading at $0.83 at press time.
DOGE/USD
The price of DOGE has gone down by 4 percent over the last day.
Despite the drop, the decline may continue as bulls have not showed any power after a false breakout. In this case, if sellers break the support at $0.3029, there are chances to attain the next vital level at $0.21 soon.
DOGE is trading at $0.3116 at press time.
LINK/USD
Chainlink (LINK) is even more bearish than DOGE as the price fall has accounted for 8 percent.
From the technical point of view, the decline is more likely than the growth with a false breakout of the $25 mark, which made the bears even more powerful. If the downtrend continues, there is a high chance of seeing a retest of the support at $19.73 once again.
LINK is trading at $23.58 at press time.
DOT/USD
Polkadot (DOT) is not an exception, going down by 5 percent.
Polkadot (DOT) is neither bullish nor bearish on the daily chart as it keeps trading in the zone where most of liquidity is focused. It means that traders are accumulating the power for a sharp move.
If the price slowly approaches the resistance around $29, bulls might seize the initiative. In another case, the price decrease to $15 if the bears' pressure continues.
DOT is trading at $23.05 at press time.
UNI/USD
Uniswap (UNI) has also been under bearish influence today.
The decline might not have ended yet as the test of the level of $20.25 might happen due to the weakness of bulls. If sellers can break below this level, the fall might continue to another support around $15.
UNI is trading at $22.3 at press time.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin