Bears Show Resilience as Top Coins Experience Declines
According to CoinStats, the bears are not ready to give up just yet. The top cryptocurrencies are witnessing a decline in their prices, with Bitcoin (BTC) being one of the biggest losers today, falling by 3.21%. Ethereum (ETH), on the other hand, has experienced a surge of almost 7% in the last 24 hours. Let’s take a closer look at the price analysis for some of these top coins.
BTC/USD: Bitcoin Falls 3.21%, Buyers Eye $46K-$47K Zone
The price of Bitcoin has once again bounced off the $44,779 level on the daily chart. If the bar closes far from this level, buyers can take this as an opportunity to re-enter the market. This could potentially lead to a local rise and push the price towards the $46,000-$47,000 zone. At the time of writing, Bitcoin is trading at $45,168.
ETH/USD: Ethereum Surges Nearly 7%, Targets $2,500-$2,600
In contrast to Bitcoin, the price of Ethereum has seen a significant surge of almost 7% in the last day. The price is currently on its way to test the resistance level of $2,447. If the candle closes near this level with no long wick, there is a possibility that the accumulated energy might be enough for a blast to the $2,500-$2,600 area in the near future. At present, Ethereum is trading at $2,427.
XRP/USD: XRP Prepares to Break Support at $0.5491
The price of XRP has experienced a decline of 0.41% since yesterday. From a technical standpoint, XRP is on the verge of breaking the support level at $0.5491. If this support level is breached, traders might witness a significant drop in the price, potentially pushing it to the $0.50-$0.52 range in a short period of time. Currently, XRP is trading at $0.5580.
BNB/USD: Binance Coin Dips 1.91%, Bulls Aim for $300 Zone
Binance Coin (BNB) has not been immune to the recent market decline, falling by 1.91%. However, there is still hope for bulls as the rate of BNB has made a false breakout of yesterday’s low. If the bar closes near the current prices, bulls might gain control locally, which could lead to a bounce back towards the $300 zone. At the time of writing, BNB is trading at $293.
ADA/USD: Cardano Declines Almost 2%, Expecting Possible Breakout
Cardano (ADA) has followed the general trend of declining prices, experiencing a drop of almost 2%. On the daily timeframe, ADA is approaching the support level of $0.4617. If the situation remains unchanged, a breakout followed by a continued drop to the $0.40-$0.45 range can be expected in the near future. ADA is currently trading at $0.4998.
SOL/USD: Solana Falls 5.86%, Aiming for $85 Support Level
Solana (SOL) is one of the biggest losers today, seeing a decline of 5.86%. On the daily chart, the rate of SOL is more bearish than bullish as it has failed to fix above the vital zone of $100 once again. In this scenario, a further downward move to the support level of $85 is the more likely scenario in the next few days. The current trading price for SOL is $92.61.
Please note that the opinions expressed in this article are the writer’s own and should not be taken as financial advice. The cryptocurrency market is highly volatile, and it is important to conduct thorough research and consult with financial experts before making any investment decisions.
Analyst comment
Neutral news.
As an analyst, the market is experiencing declines in top cryptocurrencies like Bitcoin, XRP, and Solana. However, Ethereum has seen a surge and Binance Coin has potential for a bounce back. There is a possibility of a breakout and continued drop for Cardano. It is important for investors to conduct thorough research and consult with financial experts before making any investment decisions.
