The cryptocurrency market has turned to red after yesterday's sharp decline, and all of the top 10 coins are under a bearish influence.
Top coins by CoinMarketCap
BTC/USD
Bitcoin (BTC) has lost the least from today's list as its rate has declined by 12.15%, which is less than the fall of the other coins.
BTC/USD chart by TradingView
On the daily chart, Bitcoin (BTC) has almost touched the support at $42,335 and bounced back from it. The fall has been supported by a rising trading volume, which means that sellers may have fixed their short positions. In this case, one can expect a retest of the vital zone around $50,000 by the end of the week.
Bitcoin is trading at $46,530 at press time.
ETH/USD
The fall in the price of the flagship cryptocurrency has led to a decline in price for all of the highly liquid altcoins. Yesterday, Ethereum's (ETH) price was unable to continue the struggle to update the monthly high. During the day, the pair rolled back close to the psychological support of $3,000 but, before the end of the day, the price managed to bounce back to the $3,500 area.
ETH/USD chart by TradingView
This morning, the pair is trying to gain a foothold in a sideways range. But if the bearish pressure intensifies, the Ether price may retrace below $3,000. In this regard, the nearest strong support would be in the area of $2,800.
If the market begins to gradually recover after yesterday's rollback, then the ETH price can return to the area of the two-hour EMA55.
Ethereum is trading at $3,393 at press time.
XRP/USD
Yesterday, the XRP price fell and pierced the psychological level of $1, marking a minimum at $0.95. At the same time, the rebound was quite high, and the pair was able to gain a foothold in the area of the POC line.
XRP/USD chart by TradingView
If buyers continue to recover, the pair may try to return to the average price area—to the two-hour EMA55.
If large sales continue, then the price of XRP can roll back below the support of $1 per coin.
XRP is trading at $1.07 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
Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment
Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet
CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.
Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon
Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?