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.
Now 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.
Gamza Khanzadaev
Yuri Molchan
Arman Shirinyan