How long will the drop of the cryptocurrency market last?
|Bears remain more powerful than bulls as almost all of the coins from the top 10 list are in the red zone.
Top coins by CoinMarketCap
BTC/USD
Trading volumes were very low yesterday morning. The Bitcoin price dropped below the psychological level of $50,000, setting the daily low at $48,656.
This decline has awakened consumer demand, and purchase volumes increased to the average level. The BTC price was able to recover to the two-hour EMA55; however, the resistance of this moving average was not overcome.
BTC/USD chart by TradingView
As of this morning, the pair has again rolled back below the $50,000 mark. During the day, the pullback may continue to the $47,745 level. If the bears are able to push it, then one can expect a decline to the support of $46,000.
The negative scenario may not work if the bulls pick up the price in the area of $49,500 and try to gain a foothold above the average price level.
Bitcoin is trading at $48,655 at press time.
ETH/USD
Sellers tried to push through the support of the two-hour EMA55 yesterday. During the day, the Ethereum (ETH) price pierced the moving average and marked the daily low at $4,226.
ETH/USD chart by TradingView
In the evening, the pair recovered above the level of $4,400 and, tonight, buyers came close to the level of $4,500 but could not test it.
In the morning, the ETH price returned to the area of average prices. Today, one might again hope for the support of the two-hour EMA55. If the bears are unable to push through the EMA55 moving average, then there is a chance to see recovery above $4,500.
Ethereum is trading at $4,220 at press time.
XRP/USD
Buyers were unable to break through the resistance of the two-hour EMA55 in the morning yesterday. In the afternoon, their attempt was more successful. Toward evening, the XRP price fixed a local maximum at the point of $0.885.
XRP/USD chart by TradingView
If the pair consolidates above the moving average EMA55, then by the end of the week, the recovery can continue to the level of $0.960.
XRP is trading at $0.8851 at press time.
BNB/USD
The rate of Binance Coin (BNB) is almost unchanged since yesterday. The price has gone down by only 0.53%.
BNB/USD chart by TradingView
Despite the fall, BNB is located in the zone of the most liquidity around $580, far away from the support at $540. At the moment, neither bulls nor bears are controlling the situation on the market, which is also confirmed by the low trading volume. If sellers break the purple support line and fix below it, the fall may continue to the vital level of $500.
BNB is trading at $575.90 at press time.
ADA/USD
Cardano (ADA) is looking worse than BNB as the altcoin has declined by 3%.
ADA/USD chart by TradingView
From the technical point of view, the price drop may continue if ADA fixes below the nearest support level at $1.284. If that happens, the decline may get ADA to the crucial level at $1.072.
ADA is trading at $1.321 at press time.
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