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Is the current drop a correction before a continued rise?

Denys Serhiichuk U.Today

Bears keep controlling the situation as all top 10 coins are in the red zone.

Top coins by CoinMarketCap

BTC/USD

Yesterday, buying volumes were below average, and the price of Bitcoin (BTC) could not hold in the sideways corridor. In the afternoon, sellers intensified the onslaught and, by the end of the day, pushed the pair back to the support at $32,500.

BTC/USD chart by TradingView

The bearish pressure eased overnight, and buyers are trying to restore the pair. If today the BTC price manages to overcome the resistance of the two-hour EMA55, then the pair may be able to return to the sideways corridor.

On the other hand, the weakness of buyers in the area of average prices may provoke an increase in sales volumes, and then the bears can break through the weak support of $32,000, continuing to decline to the level of $31,400.

Bitcoin is trading at $32,513 at press time.

XRP/USD

Sales volumes began to pick up yesterday in the morning, and the XRP price could not hold above the two-hour EMA55.

XRP/USD chart by TradingView

By the end of the day, the decline reached the POC line ($0.624). In this area, the decline has slowed down, and buyers may try to restore the pair above the average price level. However, if the growth is not supported by the volume, then the price may not be able to overcome the moving average EMA55. Therefore, in the near future, the decline can continue to the area of $0.560.

XRP is trading at $0.6194 at press time.

ADA/USD

Cardano (ADA) is not an exception to the rule, going declining by 4%.

ADA/USD chart byTradingView

Cardano (ADA) could not fix in the area of $0.40, which means that bears have seized the initiative thus far. The selling volume is falling, confirming the absence of buyers to buy the coins at the current levels. In this case, the more likely scenario is the test of the liquidity level at $1.19.

ADA is trading at $1.2792 at press time.

LTC/USD

Litecoin (LTC) has lost less than Cardano (ADA) as its price has declined by 3.87%.

LTC/USD chart by TradingView

Litecoinn (LTC) is also looking bearish in the mid-term projection. The "digital silver" made a false breakout of $144, having confirmed the bears' power. In this case, the more likely price action is a decline to the support at $124 soon.

LTC is trading at $130 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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Is the current drop a correction before a continued rise?