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Is the cryptocurrency market going to face a sharp fall soon?

Is the cryptocurrency market going to face a sharp fall soon?
Denys SerhiichukDenys SerhiichukU.Today

The new week has begun neutral for the cryptocurrency market as neither bulls nor bears are dominating at the moment.

Chart

Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has started the first week of April with the drop, going down by 0.53%.

BTCUSD

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.

ETHUSD

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.

XRPUSD

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

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

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