By Nicolash Ferreira Souza (Brazil)
The cryptocurrency market is bleeding at the moment as most top digital assets trade in the red zone. While publishing this content, these cryptocurrencies plummeted by double digits:
- Cardano – 17% drop
- Bitcoin – 11.59% plunge
- Polkadot – 24.41% fall
- Dogecoin – 36.75 down
- Ethereum – 16.54% drop
- Basic Attention Token – 16.1% decline
- Komodo – 28.53% loss
- Chainlink – 20.5% plummet
- Stellar – 20.41% plunge
- Litecoin – 19.03% drop
- Monero – 23.44% down
- Tezos – 18.46% decline
- 0x – 22.55% plummet
- Zcash – 22.55% drop
Overall crypto market capitalization – 14.88% plunge
Total altcoin market capitalization – 17.19% decline
The above digital coins represent different sectors in the crypto atmosphere – tokenization, DeFi, privacy coins, ecosystems, and others. Keep in mind that the crypto market has been struggling since most top coins achieved their record highs in mid-April. However, top cryptocurrencies plummeted drastically today. Let us analyze some of the assets in the red zone.
Cardano (ADA/USD)
At the moment, ADA seems to have its first support at 1.20. Three factors back up that particular support level. Firstly, the increased volume node at 1.20 indicates bears and bulls’ participation. Another thing is that the 50% Fib Retracement locates at 1.22. Lastly, the asset has a 38.2% Fib Extension at 1.16. However, you can hardly account for the 1.22 support since it might not survive if the coin breaks the 1.18 – 1.20 zones. At the moment, Cardano is experiencing increased buyers, holding the support around 1.17 and 1.18 zones. For now, we will wait for the next move – bulls might maintain the level, or bears send the altcoin down to the support level at 0.84 – 0.94.
Also read:Ethereum (ETH/USD)
Ethereum extended its downtrend today, trading at the 1800 to 1900 levels. Keep in mind that the altcoin has never dropped beneath the 2000 zone since 23rd May this year. At the moment, ETH seems to rely on 1800 as its support. The 50% Fib Retracement and increased volume node indicate the support at 1800. However, if Ethereum fails to maintain the support, the leading alternative coin might dive down to zones ranging from 1200 to 1400. The coin has 78.6% Fib Extension and 38.2% Fib retracement around the 1400 level.
Do you have any opinions concerning the current crypto market condition? Feel free to comment
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