The bears have resumed control over the majority of the digital assets despite the bulls’ efforts. Hence, almost all the top 10 virtual assets are in the red.
Top 10 digital assets. Source: CoinMarketCap
BTC/USD
In the first trading half of yesterday, BTC/USD traded narrowly and along a sideways channel. However, BTC’s price fell deeper towards the $47.8K range following increased selling pressure in the second half of the day. Fortunately, a reduction in trading volumes made a recovery possible this morning. Analysts agree that the $47.8K price levels will act as a support in the near term and prevent a further slide in price.
BTC/USD 2-hour chart. Source: TradingView
The PoC line should provide the upper limit of this short period of consolidation, as shown on the volume profile indicator. However, it is still likely that BTC’s price will dip slightly from its current price of $47.9K before the week is over.
ETH/USD
Eth price dip continued yesterday from where it stopped on December 28, touching its support of $3.85K. Even though the selling pressure eased yesterday night, the ETH/USD pair is only trading sideways and along a narrow channel as of this morning.
ETH/USD 2-hour chart. Source: TradingView
While recovery cannot be ruled out today, a further decline towards the $3.65K range is also possible. If the selling pressure is sustained, eth price may trade at about $3.4K before the weekends. As of this writing, ETH currently trades at $3.78K.
XRP/USD
The bears retained control over XRP price, with the decline continuing till the afternoon. The XRP price even touched the $0.86 price late yesterday.
XRP/USD 2-hour chart. Source: TradingView
While XRP price didn’t decline further in the night, it might likely resume its dipping move around the PoC line region. Also, it may likely touch the support price of $0.81 before this week is over. XRP currently trades at about $0.8322 as of this writing.
LUNA/USDT
Despite the general crypto market dip, LUNA’s price was setting new peak prices. But it is now close to the overbought region (as indicated by the Optex bands) and might likely test the confluence support zone before it makes any bullish move.
LUNA/USDT 24-hour chart. Source: TradingView
Also, the RSI on the 7-day chart is close to the first overbought region. A fall below the $75 support will mean that the $55 region will act as its next support, as indicated by the 0.618 fib retracement level.
ADA/USDT
Like other coins, there is also intense selling pressure on ADA. But ADA price hasn’t been as severely affected as other coins. Short-term traders continue to exit their trading positions primarily because of the weakness indicated by the daily candlestick chart.
ADA/USDT chart. Source: TradingView
Consequently, a strong bear trap is forming gradually. However, ADA’s $0.02/3-box reversal point and figure chart (as shown above) indicates that ADA price is moving towards a bull market. Hence, long-term traders can make an entry position at the $1.43 price.
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