Are any coins ready for a bounceback?
|Bulls could not keep the growth, and again bears have seized the initiative, turning back the market to the red zone.
Top coins by CoinMarketCap
BTC/USD
Yesterday, in the first half of the day, buyers tested the two-hour EMA55. From the level of average prices, the bears went on the offensive, and tonight the onslaught intensified. As a result, the price of Bitcoin (BTC) broke through the lilac support of $36,000 and updated the February low to the level of $34,500.
BTC/USD chart by TradingView
At first, a slight recovery is possible, and by the end of the day, bears can update the annual minimum in the support area of $32,500.
Bitcoin is trading at $35,714 at press time.
ETH/USD
Yesterday, in the first half of the day, there was still some recovery of the pair to the area of average prices. But in the afternoon, bears launched a counteroffensive and returned the pair to the area of the February low.
ETH/USD chart by TradingView
Tonight, the price of Ethereum (ETH) broke through the level of $2,450 and continued to fall toward the support of $2,300.
Initially, a weak recovery is possible, after which the fall can continue to the area of the January low of $2,160.
Ethereum is trading at $2,475 at press time.
XRP/USD
Yesterday morning, buyers tried to test the two-hour EMA55, but in the afternoon, sellers seized the initiative and pushed the price of XRP below the $0.70 level. Tonight, the rapid decline stopped at the point of $0.622.
XRP/USD chart by TradingView
In the morning, the price bounced back to the $0.65 mark. This may complete the recovery. During the day, the price can continue to decline to the POC line ($0.60).
XRP is trading at $0.64887 at press time.
BNB/USD
Binance Coin (BNB) is not an exception to the rule, going down by 9.48% since yesterday.
BNB/USD chart by TradingView
On the daily chart, Binance Coin (BNB) has bounced off the support level at $336, which means that buyers still have a chance at short-term growth. At the moment, one needs to pay close attention to where the daily candle closes. If the pressure continues and the selling volume increases, one may expect a breakout shortly.
BNB is trading at $342 at press time.
ADA/USD
Cardano (ADA) is the biggest loser from the list, falling by 13% over the last 24 hours.
ADA/USD chart by Trading View
On the daily chart, Cardano (ADA) broke the support level at $0.81, trying to fix below it. The selling volume is creeping up, which means that there is a high chance to see a further drop. In this case, the fall can continue to the next level at $0.709 shortly.
ADA is trading at $0.806 at press time.
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