Can the top coins grow after today's sharp decline?
|The new week has started bearish for the cryptocurrency market as most of the coins are in the red zone.
Top coins by CoinMarketCap
BTC/USD
Bitcoin (BTC) has faced the smallest drop compared to other coins from the list. The most popular cryptocurrency has gone up by 4.28%.
BTC/USD chart by TradingView
Bitcoin (BTC) has gone below the zone of the most liquidity at $42,184 and almost touched the level at $40,300. At the moment, one needs to see where the daily candle closes. If buyers can seize the initiative and hold the $40,000 mark, there is a chance to see a false breakout, followed by the return to $42,000. In another case, the sharp drop may lead to the test of the $38,000 zone.
Bitcoin is trading at $40,872 at press time.
ETH/USD
Ethereum (ETH) has followed the fall of BTC, going down by 6.79% since yesterday.
ETH/USD chart by TradingView
From the technical point of view, Ethereum (ETH) has already reached its support level at $3,045 and is currently trading around it. This case is similar to the situation with Bitcoin (BTC), as closure below $3,000 may lead to a further decrease to the zone of $2,800-$2,900.
Ethereum is trading at $3,039 at press time.
XRP/USD
XRP is the biggest loser today as the fall has accounted for 6.85% over the last 24 hours.
XRP/USD chart by TradingView
XRP has tested the support level at $0.70323 against the low selling trading volume. It means that bears might stop their pressure for a while, and there is a chance to see a slight bounceback soon.
In this case, the growth may lead the price of XRP to the $0.75 mark.
XRP is trading at $0.70918 at press time.
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