As a seasoned researcher who has weathered numerous market storms and witnessed the crypto market’s dramatic ups and downs for years, I find myself standing at the precipice of yet another potential shift. The sea of red on CoinStats is a familiar sight, though it never ceases to bring a shiver down my spine.
Most of the coins keep updating new local lows, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has dropped by almost 10% since yesterday.
Looking at the daily chart, Bitcoin’s price appears to have made an unsuccessful breach of the $53,550 support level. If the closing price for today strays significantly from this point, traders might observe a brief rebound towards the $56,000 area in the near term.
Bitcoin is trading at $54,291 at press time.
ETH/USD
Ethereum (ETH) is more of a loser than BTC, falling by 15.97%.
From the technical point of view, the price of ETH has bounced off the support level of $2,132.
Despite it being premature to consider a reversal, if the market ends significantly below the current level, bulls might temporarily take control, potentially prompting a challenge towards the $2,600 – $2,800 price range.
Ethereum is trading at $2,401 at press time.
XRP/USD
XRP is not an exception to the rule, declining by 8.88%.
On a daily basis, the value of XRP has approached the $0.45 level. For now, attention should be given to the significant level at $0.50. As long as the price stays below this point, bears have the upper hand over bulls. In such a scenario, the decline could extend towards the $0.40 mark.
XRP is trading at $0.4794 at press time.
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2024-08-05 18:26