Can the market face one more sharp drop before the upcoming growth?
Nothing crucial has changed on the cryptocurrency market since yesterday as most of the coins remain trading in the red zone. Avalanche (AVAX) is the only exception from the rule, rising by 1.47%.
Bitcoin (BTC) keeps falling, going down by 5.61% over the past 24 hours.
Bitcoin (BTC) is about to test the recently formed resistance at the $40,000 mark. If bulls can hold this level, there is a chance to see a bounceback.
However, in the event of a breakout, the fall below $40,000 may lead the rate of the main crypto to decline to $37,500.
Bitcoin is trading at $40,602 at press time.
Ethereum (ETH) has lost more than BTC, falling by 6%.
Ethereum (ETH) broke the support at $2,815 and continued to fall. At the moment, bears keep controlling the situation on the market.
If buyers cannot hold the initiative, the price drop may lead the rate to the zone around $2,400 shortly.
Ethereum is trading at $2,676 at press time.
XRP has also followed the drop of other coins, going down by 4.19%.
Despite the fall, the price is located in the middle of the channel, which means that sideways trading is the more likely scenario for the upcoming days. However, if bears’ pressure continues, there is a chance to see the test of the support level at $0.6959 soon.
XRP is trading at $0.7336 at press time.