Many cryptocurrencies, especially Bitcoin, fell below the support levels.
The cryptocurrency market continues its downward trend, following the leader. The market, which recovered slightly with a sudden rise the other day, broke its path downwards again. Many cryptocurrencies, especially Bitcoin, fell below the support levels. Investors continue to lose on the days when the downtrend has continued since April.
Bitcoin (BTC)
The leading cryptocurrency, Bitcoin, has recorded a drop of about 2.13% since last day. On the daily charts, Bitcoin slumped below the critical level of $32,000. If the daily candle closes below this vital level, the $30,000 levels can be seen again. On the other hand, the important resistance level for Bitcoin to climb back to the $40,000 levels is the price band between $35,500 and $36,000.
Bitcoin price is trading at $31,770 as of the writing of this article.
Ethereum (ETH)
The largest altcoin slumped below $2,000, adding momentum to the downside move. A critical support level for ETH was lost, while the price approached the second vital support point. ETH price approaching the $1,888 support point could test it here. Failure of this test could accelerate the decline and push Ethereum to the $1,730 level. On the other hand, a rebound of the upward move is dependent on a break of the $2,045 resistance level.
As of the writing of this article, Ethereum is trading at $1,919.
Ripple (XRP)
The popular cryptocurrency XRP has deviated from the price range it has been in for about 23 days. Hanging below $0.60, XRP fell to $ 0.586 during the day. However, low volume buyers pushed the price back to $0.60. XRP, which is at a very critical price level, continues its course with the efforts of the bulls to keep the price above $ 0.60. Losses at these levels could push the price to $0.58 and then below $0.55.
As of the writing of this article, XRP is trading at $0.60.
DFI.Money (YFII)
YFII followed a downward movement of 3.35% in line with the market general trend. However, despite the drop, the YFII other level is approaching $2,318 again. Insufficient sales volume indicates that buyers control the market. If YFII breaks this resistance point, it could pave the way for the journey to $2,500. There could be an upside break after $2,500.
YFII is currently hovering at $2,262.
Dogecoin (DOGE)
DOGE, the most popular meme coin, slumped below critical support level, down more than 6%. Dogecoin cleared the way for the decline by losing the key $0.20 support point. Experts stated that a downward move below this level could lead the DOGE price to disaster. The next support point for DOGE is recorded at $0.16.
Dogecoin price is trading at $0.1888 as of the writing of this article.
Cardano (ADA)
The popular cryptocurrency ADA has slumped as low as $1.20, losing close to 4% in the last 24 hours. The bulls, protecting the $1.20 zone, which will benefit the bearish momentum, took the price up to $1.22. However, the critical level for the bulls is $1.40 for the upside momentum to turn into a rally scenario. On the other hand, losing $1.12 on a downside price move could deepen the decline and push the price below** $1.**
Cardano (ADA) is trading at $1.22 as of the writing of this article.
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