Can the cryptocurrency market bounce back after dump on Monday?

Denys Serhiichuk U.Today

Monday has begun with the fall of the cryptocurrency market as all of the top 10 coins are in the red zone.

Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has fallen the least today, going down by 4.28% over the last 24 hours.

BTC/USD chart by TradingView

Bitcoin (BTC) has dropped below $40,000, having confined the local bearish trend. The price decreased has been accompanied by increased selling volume, which means that there is a high chance to see a further downward move. In this case, there is a chance to see the test of the $38,000 mark soon.

Bitcoin is trading at $39,378 at press time.

ETH/USD

Ethereum (ETH) is following the decline of BTC, declining by 6.79% since yesterday.

ETH/USD chart by TradingView

Ethereum (ETH) has also dropped the psychological mark of $3,000 on the daily chart. At the moment, one needs to pay close attention to the nearest support level at $2,774. If buyers can hold, one can expect a bounceback to $3,000-$3,200. In another case, the breakout may lead to the rate of $2,300 per ETH.

Ethereum is trading at $2,925 at press time.

XRP/USD

XRP is the biggest loser from the list, falling by almost 7%.

XRP/USD chart by TradingView

After a failed attempt to get to the $0.80 mark, XRP has continued its fall. At the moment, the price is located close to the support level at $0.6959, which means that bears are more powerful than bulls. In this regard, the more likely scenario is the test of the support levels shortly.

XRP is trading at $0.7450 at press time.

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Author

Denys Serhiichuk

U.Today

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.

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