How long is the fall of the crypto market going to last?
|Buyers are trying to seize the initiative as some coins have come back to the green zone.
Top coins by CoinMarketCap
BTC/USD
Despite the fall at the beginning of the day, Bitcoin (BTC) has managed to recover, rising by 1.82%.
BTC/USD chart by TradingView
On the daily chart, Bitcoin (BTC) keeps trading within the wide channel between the support at $39,573 and the resistance at $45,478. At the moment, neither bulls nor bears are dominating, which is also confirmed by the low trading volume.
If buyers can approach $43,000 and fix above it, there is a good chance of seeing slight growth to $45,000.
Bitcoin is trading at $42,342 at press time.
ETH/USD
Ethereum (ETH) has gained less than Bitcoin (BTC) as the main altcoin price has risen by 0.32%.
ETH/USD chart by TradingView
Until Ethereum (ETH) is trading above the support at $2,987, there is nothing to worry about even though the selling volume has increased. However, if the price of the second most popular crypto falls below $3,000 and fixes there, bears might seize the initiative and continue the drop to the area around $2,800-$2,900.
Ethereum is trading at $3,134 at press time.
ADA/USD
Cardano (ADA) is the biggest loser today as its rate has gone down by 3% since yesterday.
ADA/USD chart by TradingView
Despite the fall, the mid-term picture is neither bullish nor bearish as the price remains above the $1.4 mark. Thus, the fall has been accompanied by increased selling trading volumes, which means that traders may have fixed their short positions.
If such a scenario comes true, there is a probability to see a bounceback to the zone around $1.5 soon.
ADA is trading at $1.411 at press time.
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