The new week has begun with the ongoing drop of the cryptocurrency market as the majority of the coins are in the red zone.

Chart

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.

BTCUSD

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%.

DUGE

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

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.

Any financial and market information given on U.Today is written for informational purposes only. Conduct your own research by contacting financial experts before making any investment decisions.

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