Could Cryptocurrency Markets Come Back After Monday’s Dump?
Monday started with a drop in the cryptocurrency market as all the coins in the top 10 are in the red zone.
BTC/USD
Bitcoin (BTC) has dropped to its lowest level today, down 4.28% in the past 24 hours.
Bitcoin (BTC) has declined below $40,000, limiting a local bearish trend. A decrease in price is accompanied by an increase in sales volume, which means that further downside moves are likely. In this case, there is a chance to see a test of the $38,000 mark soon.
At press time, bitcoin is trading at $39,378.
ETH/USD
Ethereum (ETH) is following the decline of BTC with a drop of 6.79% since yesterday.
Ethereum (ETH) has also declined the psychological mark of $3,000 on the daily chart. For the time being, one needs to pay attention to the nearest support level of $2,774. If buyers can hold, one can expect a bounceback of $3,000-$3,200. In another case, there could be a breakout rate of $2,300 per ETH.
Ethereum is trading at $2,925 at press time.
XRP/USD
XRP is the biggest loser on the list, down almost 7%.
After a failed attempt to reach the $0.80 mark, XRP has continued its decline. At the moment, the price is close to the $0.6959 support level which means that the bears are more powerful than the bulls. In this regard, a more likely scenario is testing of support levels soon.
At press time, XRP is trading at $0.7450.