Can one expect a market reversal soon?
|Bears have started the new week with continued pressure as the rates of most of the coins are going down.
Top coins by CoinMarketCap
BTC/USD
Bitcoin (BTC) is falling by 4.40% over the last 24 hours.
BTC/USD chart by TradingView
Bitcoin (BTC) has tested the $32,950 mark, which corresponds to the support level of the wide channel. If bulls cannot seize the initiative by the end of the day and the candle closes below $33,000, a sharp drop may continue to $30,000 shortly.
Bitcoin is trading at $32,985 at press time.
ETH/USD
Ethereum (ETH) has faced a greater decrease than Bitcoin (BTC), going down by almost 5%.
ETH/USD chart by TradingView
Analyzing the daily chart of Ethereum (ETH), the price is about to reach the support level at $2,300. If buyers can hold it, one can expect a short-term bounceback. However, if a breakout takes place, the downward move might lead to a decrease to $2,000.
Ethereum is trading at $2,402 at press time.
XRP/USD
XRP has lost more than Ethereum (ETH) as its rate has declined by more than 7%.
XRP/USD chart by TradingView
XRP has already broken the support level at $0.5461 on the daily chart. If buyers cannot return the price above it by the end of the day, the drop may continue to the test of the $0.50 mark soon.
XRP is trading at $0.5327 at press time.
BNB/USD
Binance Coin (BNB) is no exception to the rule, falling by 8.57%.
BNB/USD chart by TradingView
From the technical point of view, Binance Coin (BNB) is trading similarly to XRP as the price has also crossed the support level at $336. In this case, the more likely scenario is a further decrease to the important mark of $300 within the next few days.
BNB is trading at $327.8 at press time.
ADA/USD
Cardano (ADA) is the biggest loser from the list today, declining by almost 11% over the last 24 hours.
ADA/USD chart by Trading View
Cardano (ADA) is trading below the crucial mark of $0.6856. The fall is accompanied by an increased selling trading volume, which means that the drop may continue. Respectively, the ongoing bearish trend may lead to the test of the $0.50 level shortly.
ADA is trading at $0.6646 at press time.
LUNA/USD
LUNA is trading similar to Cardano (ADA), going down by 10.61%.
LUNA/USD chart by TradingView
LUNA is following other coins from the list, falling after the breakout of the 61 level. If sellers' pressure continues and the candle closes near the zone of $50, buyers have the chance to seize the initiative around the support at $45.
LUNA is trading at $58.10 at press time.
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