Is the cryptocurrency market going to face a sharp fall soon?
The new week has begun neutral for the cryptocurrency market as neither bulls nor bears are dominating at the moment.
Top coins by CoinMarketCap
BTC/USD
Bitcoin (BTC) has started the first week of April with the drop, going down by 0.53%.
BTC/USD chart by TradingView
Despite the drop, BTC remains bullish as its rate is above the support level at $44,766. Thus, the selling trading volume is low, which means that bears are not powerful enough for a prolonged fall. In this case, there is a chance to see the volatility decline and sideways trading in the range of $44,500-46,500.
Bitcoin is trading at $45,697 at press time.
ETH/USD
Ethereum (ETH) has lost more than BTC as the main altcoin has fallen by 0.72% over the last 24 hours.
ETH/USD chart by TradingView
Ethereum (ETH) is looking more bearish as the price has broken the local level at $3,483. Even though the scenario is not bearish yet as the rate is trading in a wide range, the rate can restest the support level at $3,300 if it does not come back above $3,500 until the end of the day.
Ethereum is trading at $3,441 at press time.
XRP/USD
XRP is the biggest loser from the list as its rate has declined by 0.80% since yesterday.
XRP/USD chart by TradingView
XRP is trading sideways as none of the sides have accumulated enough power for a further sharp move. If today's price drop continues and the rate comes back to $0.80, one may expect a fall to the zone around $0.75, where most of the actions happens before the growth.
XRP is trading at $0.8217 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.
