Was today's dump a prerequisite for continued growth?
|The market has faced a deep correction as all top 10 coins are located in the red zone. Bitcoin (BTC) has fallen the least among them, going down by 18% over the last 24 hours.
Top coins by CoinMarketCap
BTC/USD
The rate of Bitcoin (BTC) has dropped by 15% since yesterday, having touched the mark of $30,000.
BTC/USD chart by TradingView
Bitcoin (BTC) has tested the zone of $30,000 where most of the liquidity is focused. In addition, it crossed the MA 200 on the daily chart that confirms ongoing bearish pressure. However, one may expect a short-term bounceback from the current levels to the nearest resistance at $42,000 soon.
But this does not mean that the bullish trend is about to come back as the selling trading volume remains high.
Bitcoin is trading at $36,900 at press time.
ETH/USD
Ethereum (ETH), as well as other altcoins, is more bearish than Bitcoin (BTC) as it has dropped by a whopping 21%.
ETH/USD chart by TradingView
Despite the sharp dump of Ethereum (ETH), the rate has successfully bounced off the levels around $2,000. From a technical point of view, the situation is similar to Bitcoin (BTC), as the bulls may seize the initiative now and return the rate of the chief altcoin to $3,000.
Ethereum is trading at $2,674 at press time.
XRP/USD
The rate of XRP has fell down even deeper than that of Ethereum (ETH), with a drop of 24%.
XRP/USD chart by TradingView
The current dump might be viewed as gaining more liquidity for a future rise as the selling trading volume is even lower than the decline on April 17. In this case, the correction to the created level at $1.315 is the more likely scenario for the upcoming days.
XRP is trading at $1.248 at press time.
BNB/USD
Binance Coin (BNB) is the biggest loser today as the the native exchange coin has lost 30% of its price share since yesterday.
BNB/USD chart by TradingView
Binance Coin (BNB) is not an exception to the rule as it has also bounced off its support zone at $260. At the moment, BNB might keep growing as it is already oversold on the daily time frame. A rise to $480 may happen shortly.
Binance Coin is trading at $369 at press time.
ADA/USD
Cardano (ADA) has also been under bearish influence recently, and the drop over the last day has constituted 18%.
ADA/USD chart by TradingView
Cardano (ADA) has tested the MA 50 and almost reached the MA 200 on the daily chart. While the altcoin keeps trading above $1.33, the bullish scenario remains relevant. Regarding the short-term prediction, the retest of the resistance at $1.763 may occur within the next few days.
Cardano is trading at $1.64 at press time.
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