As an experienced market analyst, I’ve seen my fair share of corrections and trends in the cryptocurrency market. Based on the latest data from CoinMarketCap and the price movements of Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), it appears that we are currently experiencing a market correction.
The market keeps facing a correction, according to CoinMarketCap.
BTC/USD
The price of Bitcoin (BTC) has declined by 0.14% since yesterday.
Despite the decline today, Bitcoin’s rate continues to hover around the same level, building momentum for potential future growth. However, if the $69,000 support zone gives way, a drop toward the $67,000 to $68,000 price range may ensue.
Bitcoin is trading at $69,458 at press time.
ETH/USD
Ethereum (ETH) has followed the drop of BTC, going down by 0.67%.
The daily chart for Ethereum shows a more pessimistic trend than optimistic, with the price hovering nearer the support level than the resistance level. Keep an eye on the $3,600 mark at present.
Should a breakdown occur and the candle forms a new low, the price correction could potentially extend down to the $3,500 level.
Ethereum is trading at $3,679 at press time.
XRP/USD
Meanwhile, XRP is the exception to the rule, rising by 0.52%.
Although XRP experienced a minor uptick today, its rate of growth hasn’t gained enough momentum to sustain further increases. This assessment is supported by declining trading volume. Consequently, it seems more plausible that XRP will continue to trade sideways within the $0.49-$0.51 range during the present week.
XRP is trading at $0.4997 at press time.
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2024-06-10 18:52