By Shelly Melancon (Switzerland)
The bears have regained control of the crypto market as the coins have been trading in losses today. Here’s a breakdown of analysis for some of the performance by BTC and a few altcoins.
BTC/USD
The 24-hour chart shows that BTC has dipped below the $44.78K level, retracing back to the channel where it has been previously. If the buying pressure doesn’t intensify, BTC’s price may keep dropping until it reaches the $40k mark, which might happen by next week. As of this writing, the BTC price is $43.73K.
ETH/USD
The 1-hour price chart indicates that the ETH price has declined below the price at the 200-day MA. The bearish momentum will likely be maintained after it breaches the $3.25K level. If the bulls do not quickly rescue the price, the ETH price may reach the $3.12k mark (its liquidity level).
ETH price has dipped by 6.55% in the last day, following the usual pattern of BTC price action. But if the bears retain control, ETH’s price may likely reach the $3K mark. If it declines to this $3K level, reaching the $2.8K level becomes a possibility. ETH trades at $3.25K as of this writing.
XRP/USD
Ripple’s native token isn’t immune to the bearishness of the crypto market. XRP price has declined by 5.64% and looks to come off worse given the bear’s actions. It has declined below the $0.8 crucial resistance level and might even reach the $0.74 mark in the next few days unless the bulls can intensify their buying pressure. XRP currently trades at $0.779.
Also read:AVAX/USD
AVAX price has dipped the most among this list after declining by 9.36% over the last 24 hours. Even though the selling pressure has reduced, AVAX still hit the $85 level, as shown on the 24-hour chart. But if the bears intensify their selling efforts, AVAX price may likely hit $80. Further intense pressure may cause AVAX to decline towards the $75 mark before this week is over. As of this writing, AVAX exchanges hands at $87.33.
DOT/USD
The price of Polkadot’s native token (DOT) has also declined, losing about 8.83% of its current value. Despite the gradual decline in selling pressure, DOT has hit the $20 level. The daily candle close would significantly affect DOT price in the near term. If the bears retain control of the crypto market, DOT price may likely trade around the $18 range. As of this writing, DOT trades at $21.20.
TRX/USD
TRX price displays the biggest bearish engulfing candle over the past month on the 30-day price chart. The bulls would need to rally by nearly 28% into the $0.075 peak to invalidate the bearish trend. The TRX price might hit the $0.10 price level if this should happen.
ADA/USD
Cardano’s native token (ADA) is the only coin on this list that might experience a price reversal. The network’s adoption became wider following a spike in ADA holders. This rise represents a 49% year-on-year increase in the number of ADA holders. Also, the number of DeFi projects on the network has increased significantly. Hence, many analysts predict that an ADA bullish cycle is on the horizon. ADA currently trades at $1.09.
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