As a seasoned market analyst with over two decades of experience under my belt, I’ve seen more than a few market corrections, and this one feels somewhat familiar. The drop in Bitcoin, Ethereum, and XRP prices is reminiscent of the dance these cryptos do when they’re trying to find their footing.
A new week has started with a market correction, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has fallen by 2.77% over the last 24 hours.
On the daily graph, Bitcoin’s rate has dropped following an unsuccessful effort to rise above the $66,000 region. If today’s line closes close to its lowest point, there could be a possibility of it testing the $60,000-$62,000 range by the week’s end.
Bitcoin is trading at $63,966 at press time.
ETH/USD
The rate of Ethereum (ETH) is also going down today.
After a deceptive surge past the resistance level of $2,702, the value of ETH has started to decrease. As long as the rate remains under this threshold, the market is being dominated by those who predict a downward trend (the “bears”).
In this case, traders may witness a more profound decrease to the $2,500-$2,550 zone.
Ethereum is trading at $2,614 at press time.
XRP/USD
XRP is not an exception to the rule, falling by 2.19%.
On a day-by-day basis, it appears that the value of XRP hasn’t quite reached a point where it can sustain further growth just yet. If today’s candle ends significantly away from the resistance level at $0.6586, there’s a possibility we might see a continued drop towards the significant support zone around $0.60 in the near future.
XRP is trading at $0.6230 at press time.
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2024-09-30 18:51