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The correction may have begun on the cryptocurrency market as the rates of most coins are going down.
The rate of Bitcoin (BTC) has declined by 3.64% over the last 24 hours.
Bitcoin (BTC) could not continue the rise after yesterday’s bullish candle. Thus, the rate of the main crypto is again below the vital $30,000 mark. At the moment, one should pay close attention to the daily closure.
If it happens below the low of $29,122, the accumulation might be enough for a breakout of the nearest support level at $28,936.
Bitcoin is trading at $29,214 at press time.
Ethereum (ETH) has followed the drop of Bitcoin (BTC), falling by 6.27%.
From the technical point of view, Ethereum (ETH) is trading similarly to Bitcoin (BTC) as the rate is also below the vital level of $2,000. Currently, traders should focus on the support at $1,942. If a false breakout happens, there is a chance to see a bounce back to the $2,040 area.
Ethereum is trading at $1,979 at press time.
XRP is not an exception to the rule, going down by 4.76%.
On the daily time frame, the price of XRP has bounced off the support level at $0.4824. If the bar closure occurrs far form this mark, traders are likely to see a local growth to the $0.52 zone.
XRP is trading at $.04970 at press time.
The price of Binance Coin (BNB) has dropped by 5.25% over the last 24 hours.
The price of BNB has returned to the middle of the wide channel after a failed attempt to fix above the resistance at $346.3. If the candle closes with no wicks, the decline may continue to $316 as there are no prerequisites for a bounce back yet.
BNB is trading at $326.7 at press time.
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.
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Disclaimer: The opinions expressed here are not investment advice; they are provided for informational purposes only. The opinions expressed by our writers are their own and do not represent the views of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. We do not recommend investing money you cannot afford to lose.
