Are there any coins that have found the local bottom so far?
|The new week has begun with the ongoing drop of the cryptocurrency market as the majority of the coins are in the red zone.
Top coins by CoinMarketCap
BTC/USD
Last Saturday, the price of Bitcoin (BTC) tried to gain a foothold at the psychological level of $40,000 in a narrow sideways range. However, on Sunday morning, the bears knocked the pair out of the flat and pushed the price of BTC to the support of $38,000, where movement in a narrow range continued until the end of the day.
BTC/USD chart by TradingView
After the breakout of the support level at $39,573, Bitcoin (BTC) has tested it again, followed by an ongoing fall. Currently, bears keep pushing the rate more profound without any reversal signals.
If the decline continues below $35,000, there is a chance to see the retest of the level of $34,000 by the end of the week. The situation may change if bulls come back to the area of $40,000.
Bitcoin is trading at $37,613 at press time.
DOGE/USD
DOGE is not an exception to the rule as it has also followed the drop of the whole market, going down by 2%.
DOGE/USD chart by TradingView
DOGE has closely approached the support level at $0.1310 on the daily chart. The meme coin has accumulated for a further sharp move, and if buyers are not able to seize the initiative, the breakout of the support may lead to a decline to the crucial area around $0.1. Such a scenario is relevant until the end of the current month.
DOGE is trading at $0.1350 at press time.
SHIB/USD
SHIB has lost the least today with a decline of only 0.50% since yesterday.
SHIB/USD chart by Trading View
SHIB has come back to the support level at $0.00002537, which confirms bulls' ongoing weakness. If sellers manage to break this line, one can expect a sharp price decrease to the zone of $0.000024 within the next few days.
SHIB is trading at $0.00002551 at press time.
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