Bitcoin is struggling to break the USD 22,000 support level as it’s down over 5% today. Ethereum tested an essential milestone for many traders – namely whether or not they should buy more bitcoins vs. other coins on perceived value increase due partly to Bitcoin being less popular than before.
Because people are starting to realize its potential power while also wanting diversification away from solely relying upon one coin, etc., some cryptocurrencies surging higher but alas, no success here either, with both crypto assets diving below respective floors within just four hours!
Some traders believe that bitcoin may have found a bottom, but as long as it remains below the $22,000 level, the bears will remain in control. The next level of support to watch is the $20,000 level, a break of which could send bitcoin tumbling towards the $18,000 level. Ethereum is struggling to find support above the $600 level.
A break below this level could see ether testing the $580 support level. The overall cryptocurrency market remains under pressure as investors continue to rotate out of bitcoin and into altcoins. This will likely continue in the near term as bitcoin struggles to find direction. However, if bitcoin can reclaim the $22,000 level, it could trigger a relief rally that could see other cryptocurrencies surging higher.
Some Cryptocurrencies Surging Higher
The current situation in cryptocurrency markets is challenging, but there is some hope on the horizon. Ethereum and XRP, the two most significant coins by market cap, are both showing signs of recovery from recent lows. While they remain well below their all-time highs, they are both up significantly from where they started the year.
Bitcoin, meanwhile, is down nearly 10% from its recent high. All aspects of cryptocurrency trading have been hit hard in recent weeks and months, but there is reason to believe that the worst may be over. Ethereum and XRP both show signs of life, and Bitcoin has demonstrated remarkable resilience in the face of adversity. If these trends continue, there is a good chance that the cryptocurrency markets will return to growth soon.
Bitcoin Price
The bitcoin price was trading near USD 22,500 after a sharp decline below the US$22 500 support level. The cryptocurrency moved into bearish territory early this week. It tested out current lows at about 21 thousand dollars before attempting another uptrend which has been ongoing for the most part on Monday morning as we speak!
Strong resistance can now be seen around the 23K mark, but first thing’s first: there are still plenty more obstacles left in front of us so keep exploring those. It is important to note that the market is still very young and fluctuating, which makes traded coin values very volatile. Nevertheless, it’s exciting times for all those involved!
Ethereum Price
After finally given some much-needed respite following what had been an incredibly testing weekend for many digital assets, the market took a rather nasty hit which saw prices drop considerably. It now seems as if we might be in for some more of the same, unfortunately, as, at the time of writing, the market has taken yet another plunge. The Cardano price is currently consolidating below the $0.45 support zone, and it remains vulnerable to bears as there’s no sign of an impending correction yet ready in sight.
With only steady losses being seen now, should things worsen before they possibly can improve even more so than what has already occurred thus far throughout tomorrow morning hours? From Monday evening until Tuesday morning, the price of Cardano (ADA) had been relatively stable and flat around the $0.45 level, which many analysts and investors had been keeping a very close eye on as they awaited a further breakthrough just like we had seen throughout most of last week.
However, as alluded to earlier in this report, that breakthrough never came about, unfortunately. Instead, ADA started to slowly lose ground, resulting in a sudden and sharp decline that caught many people off guard. At current prices, Cardano is still trading down by 8% over the past 24 hours, which isn’t too bad given how badly leverage was decimated over the past few days.
The Current Situation in Cryptocurrency Markets
The main question on everybody’s mind right now, though, is whether or not ADA will be able to remain above $0.40 or whether we are going to see further declines in the near future. Only time will tell, unfortunately. Looking at the chart, you can see that ADA has found some support around the $0.42 level, but it remains to be seen whether this will be enough to stop the bearish momentum from continuing any further.
One thing worth bearing is that if the market does correct, lower from here. Cardano would likely find some additional support around the $0.40 level, which has been a significant psychological barrier in recent times, so it will be interesting to see how things play out over the next few hours and days.
Some cryptocurrencies surging higher such as the Binance coin (BNB), which was up more than 5% on Tuesday, trading near $300, while the USD 275 support zone remained well bid. It has gained over USD 300, with an immediate resistance at USD 305. Solana (SOL) fell below the USD 35 support level, correcting losses and testing USD 36.50. USD 37.20 is near the first resistance, which may rise steadily if it does not cross. DOGE fell below the USD 0.070 support level and might drop towards USD 0.065 if it does not recover above USD 0.0700 and USD 0.072.
XRP price fell under the USD 0.35 support and tested USD 0.335. It’s consolidating and might attempt a fresh rise above the USD 0.35 resistance zone. Other altcoins are correcting losses, including DOT, SHIB, MATIC, UNI, FTT, BCH, VET, APE, EOS, QNT, EGLD, and AAVE. EOS has risen over 8% and traded above the USD 1.55 level. The bitcoin price is bearish below the USD 22,000 level. It may drop down to the USD 20,000 level if the bears persist.
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