How great is the effect of Bitcoin's (BTC) fall on altcoins?
|After a few days of growth, bears have seized the initiative, and the majority of the coins are in the red zone. Solana (SOL) and Polkadot (DOT) are the only exceptions to the rule.
Top coins by CoinMarketCap
BTC/USD
Yesterday's attempt by buyers to break through the resistance of $48,000 was unsuccessful. The pair rolled back to the support of $46,000 and remained in sideways consolidation until the end of the day.
BTC/USD chart by TradingView
Last night, the bears managed to pierce this support level, but in the morning the price of Bitcoin (BTC) recovered to the two-hour EMA55. If buyers cannot hold above the moving average EMA55, then the decline may continue to the support of $44,000.
Bitcoin is trading at $45,984 at press time.
LTC/USD
Litecoin (LTC) could not keep up the rise and the rate of the "digital silver" has gone down by 1.74%.
LTC/USD chart by TradingView
On the daily chart, Litecoin (LTC) could not fix above the level at $185 supported by decreasing trading volumes. At the moment, neither bulls nor bears are dominating, which means that traders are accumulating power for the future price blast. If buyers can break the resistance, one might expect long-term growth to the next zone around $239.
Litecoin is trading at $178 at press time.
ADA/USD
Cardano (ADA) is following the decline of Litecoin (LTC), falling by 1.65% over the past 24 hours.
ADA/USD chart by Trading View
From the technical point of view, Cardano (ADA) has fixed above the formed mirror level of $2.0317. Until bulls hold this level, the price action remains bullish.
But if bears break the support and fix below it, the decline may continue to the next important mark at $1.70.
Cardano is trading at $2.0708 at press time.
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