By Shelly Melancon (Switzerland)
The price analysis for April 11 shows the performance of some of the leading cryptocurrencies, with the crypto market beginning the new week in a bearish state, pushing most of the coins into the red zone.
Price dynamics is one of the major reasons why a supposedly stable price action can suddenly revert to a different value, which is the nature of the crypto market, especially in unforeseen circumstances.
Let’s look at some of the top tokens’ price performances, like BTC, ETH, and XRP.
BTC/USD
In contrast to other cryptocurrencies, Bitcoin has experienced the least drop in value today. The leading cryptocurrency has shot up by a significant 4.28%.
Additionally, the BTC has gone below the liquidity zone at $42,184 and nearly reached the $40,300 mark. Currently, the movement of the daily candle is observable, and if investors can take the chance to hold the asset at the $40,000 mark, a likely false breakout may occur, followed by a price reversal to $42,000.
In another twist event, the sudden decline may be the catalyst for another retest of the $38,000 price zone. The leading cryptocurrency is trading at $40,872 at the moment.
The ETH/USD Pair
Ethereum followed the price slump closely behind Bitcoin, with the price of ETH crashing down by 6.75% over the past 24 hours.
Also read:Analyzing the price performance of Ethereum from the technical perspective, the token has already attained its support level, which is $3,045, and the trading price is the same as the support level. Nevertheless, this scenario is similar to what played out for Bitcoin, where a closure that has yet to reach $3,000 might trigger a further decline to the price range of $2,800–$2,900. Ethereum currently trades at $3,039 price level.
Evaluating the XRP/USD Pair
The biggest loss for the day among the three top digital tokens is XRP. The Ripple native token has recorded a fall in the value of 6.85% in the past 24 hours. With a support level of $0.70323 compared to the low trading volume, XRP has broken the support barrier in place, which further adds to its downward price swing.
Although the bears might be able to pause their pressure briefly, there is still a chance that the price may be able to bounce back in the coming days.
When this happens, the accompanied growth will possibly push the value of XRP to the $0.75 mark. XRP is currently trading at $0.70918.
What to Expect
The price analysis for the three top cryptocurrencies appears bearish for the day, with further price consolidation expected to happen.
Meanwhile, the market appears to be stable from the traders’ and investors’ general perception, particularly given the absence of general market momentum to mirror the present situation.
Regardless of the seeming negative price performance of the three coins analyzed above, there is a high possibility of a price rebound for both of the tokens in the coming days, all things being equal.
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