What coins can recover after yesterday's market plunge?

Denys Serhiichuk U.Today

The cryptocurrency market is still facing a correction, with most of the top 10 coins being in the red.

Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) remains in the red zone, falling by 2.61 percent over the last day.

BTC/USD chart by TradingView

Despite the drop, the long-term bullish formation has not been broken yet as the main crypto keeps trading above the $55,000 level. In addition, the selling volume remains low, which signals the lack of bears' power. That is why there is a chance to get to the resistance at $60,400 by the end of the week.

Bitcoin is trading at $56,110 at press time.

ETH/USD

Ethereum (ETH) is less bearish than Bitcoin (BTC), with the chief altcoin going down by 3 percent over the last day.

ETH/USD chart by TradingView

The expected drop means that bulls might have gained enough power for a future uptick.

Such a statement is supported by the increased buying trading volume. Summing up, the potential target of $4,400 can be attained within the nearest days.

Ethereum is trading at $4,057 at press time.

XRP/USD

XRP is the main loser today, with its price declining by 4 percent.

XRP/USD chart by TradingView

XRP is trading similarly to Ethereum (ETH), with a bullish move remaining more likely to happen than a further drop. The coin has successfully bounced off the support at $1.35, having confirmed the bulls' power. In this case, the chances to come back to $1.62 remains relevant.

XRP is trading at $1.47 at press time.

BNB/USD

Binance Coin (BNB) is the main gainer today as the rate of the native exchange coin has almost unchanged since yesterday.

BNB/USD chart by TradingView

The drop has not affected the plans to conquer the vital $800 mark. The volatility has reduced, which means that buyers are ready to break the level of $704 toward new peaks. Such a possible move is accompanied by low trading volume as well as low liquidity.

Binance Coin is trading at $662 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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