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.
After the failed attempt of bulls to seize the initiative, the rates of the main coins have continued their drop.
ETH/USD
Yesterday, the bullish momentum broke through the $3,200 support, and the Ethereum (ETH) price tested the POC line ($3,250). After a daily high at $3,270, a sharp decline started.
The bearish momentum was so strong that it broke through the psychological support of $3,000 and marked the January low at $2,806.
Denys SerhiichukNow the fall has stopped and some recovery is possible. But in the near future, we should expect a continuation of the decline to the area of $2,600.
Ethereum is trading at $2,775 at press time.
XRP/USD
Yesterday morning, the XRP/USD pair recovered above the average price level and reached a daily high at $0.76.
In the evening, the market collapsed, and by the end of the day, the price of XRP broke through the support of $0.70. As of this morning, a minimum is marked at $0.686. One believes that today the bears can push the pair even lower, to the area of $0.65.
XRP is trading at $0.6734 at press time.
BNB/USD
Binance Coin (BNB) has followed the fall of BTC, going down by 11.67%.
On the daily chart, BNB seems on the way to the mirror level at $385. Thus, ongoing seller pressure is supported by the increased trading volume, which makes the bearish trend even more powerful.
However, if the price fixes below $385, one may expect a further drop to the zone of the most liquidity around $340.
BNB is trading at $415.4 at press time.
ADA/USD
Cardano (ADA) is the main loser today as it has declined by 15.77% since yesterday.
Cardano has almost reached the support level at $1.072 against the increased trading volume. In case of a false breakout, there are chances to see a bounceback to the zone around $1.4. However, if the daily candle fixes below this mark, the drop may continue and get ADA below $1.
ADA is trading at $1.192 at press time.
Alex Dovbnya
Dan Burgin
Vladislav Sopov