After yesterday's fall, most of the top 10 coins are in the red. Cardano (ADA) is the only exception, rocketing by almost 13 percent.
Top coins by CoinMarketCap
BTC/USD
Bitcoin (BTC) is the main loser on our list today, with its price declining by over 9 percent.
BTC/USD chart by TradingView
Even though the chance of further drop remains high, there is a high possibility of seeing a test of the mirror level at $53,500. Such a move is accompanied by the increased buying trading volume. However, a possible bounce can also be considered as a correction after a sharp dump, but not a start of a new bullish rally.
Bitcoin is trading at $49,780 at press time.
ETH/USD
The price of Ethereum (ETH) has gone down by 9.54 percent over the last day.
ETH/USD chart by TradingView
From a technical point of view, Ethereum (ETH) is more bearish than Bitcoin (BTC) as bulls could not show a significant bounce after a false breakout. Thus, the selling trading volume remains high.
That is why the more likely scenario is a continued correction to the next support at around $3,500.
Ethereum is trading at $3,756 at press time.
XRP/USD
The price of XRP has not decreased as much as Bitcoin (BTC) or Ethereum (ETH). The price drop is 7 percent.
XRP/USD chart by TradingView
On the daily chart, XRP has bounced back to the MA 50, confirming the bulls' power. The buying trading volume is quite high which means that bulls are not going to seize the initiative in the near future. In this case, there is a chance to see XRP at the resistance of around $1.36 soon.
XRP is trading at $1.31 at press time.
ADA/USD
Cardano (ADA) is the only rising coin today. Its rate has increased by more than 10 percent.
ADA/USD chart by TradingView
Despite the sharp increase, the growth might continue after a possible retest of the recent peak at $1.83. If Cardano (ADA) successfully bounces back from that level, the mark of $2 may be attained shortly.
ADA is trading at $1.93 at press time.
Any financial and market information given on U.Today is written for informational purposes only. Conduct your own research by contacting financial experts before making any investment decisions.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.