Bitcoin price analysis: How low could BTC fall after the recent sell-off?
Bitcoin’s narrow range broke to the downside, triggering a long liquidation and pulling the price to $25,166. The $24,800 level is expected to provide strong support, and the oversold RSI suggests a possible pullback or consolidation in the near term. If the price rebounds off $24,800, it could reach the 20-day EMA of $28,786. However, if bears continue to sell on rallies, there is a possibility of a break below $24,800, leading to a nosedive to $20,000. A break and close above the 20-day EMA would indicate a possible consolidation.
Ether price analysis: Can ETH find support and avoid further decline?
Ether turned down and broke below immediate support at $1,816, indicating bearish control. The selling momentum increased, and the price plummeted below the critical support at $1,626. While the oversold RSI suggests a possible consolidation or short-term recovery, a turn down from the overhead resistance at $0.56 and the 20-day EMA could put the $0.41 support at risk. A break below this level may signal a decline to $1,368.39.
BNB price analysis: Will Binance Coin recover or continue to slide?
Binance Coin broke and closed below a symmetrical triangle pattern, indicating bearish dominance. The price plunged below the decisive support at $220, and if the bulls fail to push it back above that level, the bears may intensify their efforts to sink the pair to the pattern target of $196 and then to $183. However, a recovery above $220 would suggest a potential bear trap, keeping the pair range-bound between $220 and $265.
XRP price analysis: Can Ripple’s token bounce back from recent losses?
XRP tumbled below the breakout level of $0.56, indicating continued selling pressure. The fall completed a 100% retracement of the previous rally, but the bulls bought the dip near the strong support zone of $0.45 to $0.41. The recovery may face resistance at $0.56 and the 20-day EMA. If the price turns down from this overhead zone, the $0.41 support could be at risk of breaking down.
Cardano price analysis: Will ADA bulls defend key support level?
Cardano dropped below a descending channel pattern, signaling accelerated selling. However, the bulls successfully protected the crucial support at $0.24, indicating strong buying at lower levels. If the bulls push the price back into the channel, a rally toward the resistance line of the channel could be attempted. However, a turn down from the 20-day EMA would signal a potential downtrend resumption.
The recent sell-off in cryptocurrencies has led to uncertainty among investors, with analysts expecting further declines in the near term. Bitcoin’s support at $24,800 will be closely watched, while Ether, Binance Coin, XRP, and Cardano face key support and resistance levels that could determine their future direction. As the market continues to experience volatility, it is important for traders to stay cautious and closely monitor these important levels.
Analyst comment
Positive news: None
Negative news: The sharp decline in cryptocurrency prices and the expectation of further declines.
Neutral news: Unclear cause of the sell-off, confusion surrounding SpaceX’s alleged write-down of its Bitcoin holdings.
As an analyst, I believe the market will continue to experience volatility and may see further declines in the near term. Traders should closely monitor support and resistance levels to determine the future direction of cryptocurrencies.
