Can any coins remain bullish after the sharp fall of BTC?
|The new week has begun with the ongoing correction of the cryptocurrency market as the prices of most of the coins are going down.
Top coins by CoinMarketCap
BTC/USD
Bitcoin (BTC) has fallen the least from our list today, declining by 1.69%.
BTC/USD chart by TradingView
On the daily chart, Bitcoin (BTC) has bounced off the recently formed local support at $38,547. However, bears' pressure continues, which means that the breakout of the mentioned level can be a prerequisite for a further decrease.
In this case, one can expect a drop to the area around $36,000 in the first days of May.
Bitcoin is trading at $38,924 at press time.
ETH/USD
Ethereum (ETH) could not withstand BTC's fall, and its rate has also declined since yesterday.
ETH/USD chart by TradingView
According to the technical analysis, the price has touched the blue line in the middle of the wide channel at $2,774. Until the rate is above it, there is a chance to see a bounceback and further growth, However, in case of a breakout and drop below $2,600, the downtrend may continue to $2,500. In addition, the selling volume has increased, which means that bears are more powerful than bulls.
Ethereum is trading at $2,871 at press time.
XRP/USD
XRP is the biggest loser today as its rate has dropped by more than 5% over the past 24 hours.
XRP/USD chart by TradingView
After yesterday's bearish candle, XRP has touched the $0.65 mark. At the moment, the mid-term scenario is rather more bearish than bullish as the price remains trading below $0.70. If nothing changes, traders may be faced with a further downtrend to the nearest support level at $0.54. But if buyers seize the initiative and return XRP above $0.70, the mid-term rise may continue.
XRP is trading at $0.6640 at press time.
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