The crypto market is facing heavy selling pressure, with Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) closing below key support levels. On Monday, these leading cryptocurrencies saw substantial losses, indicating that the downward trend may continue. Crypto analyst Manish Chhetri provides insights into what could be next for these three major tokens.
Bitcoin Bears Take Control!
Bitcoin’s price dipped below the crucial $100,000 support level, closing under its 50-day Exponential Moving Average (EMA) of $98,611 on Sunday. As of Monday, BTC is trading around $93,800, reflecting a 4.3% decline. If the correction continues, BTC may test the next major support at $90,000. A confirmed close below this level could extend losses toward $85,000.
The daily chart’s Relative Strength Index (RSI) is reading 36, signaling strong bearish momentum as it remains below the neutral 50 level. Meanwhile, the Moving Average Convergence Divergence (MACD) is also bearish, hinting at further downside. However, if BTC finds support near $90,000, it could rebound and retest the $98,611 EMA level.
Ethereum Prepares for a Deeper Correction!
Ethereum encountered a rejection near its descending trendline on Saturday, dropping by 13.87% and closing below the psychological $3,000 level. As of Monday, ETH is trading around $2,490, reflecting a 13% decline. If ETH fails to hold above $2,359, the next major support lies at $1,905.
Advertisement Banner
ETH’s RSI is currently 27, indicating an oversold condition. The MACD also remains bearish, confirming the prevailing downward trend. On the flip side, if ETH finds support near $2,359, a potential rebound could push prices back toward $3,000.
XRP Poised for Further Decline!
Ripple’s XRP broke below its ascending trendline on Sunday, plunging by 10.35% to close at $2.60, beneath its 50-day EMA. On Monday, XRP continued its descent, trading around $2.25, marking a 12.6% decline. If XRP closes below its $1.96 daily support, it could extend losses toward the $1.40 weekly support.
XRP’s RSI hovers near 30, signaling oversold conditions and strong selling momentum. The MACD also remains bearish, reinforcing further downside risk. However, if XRP stabilizes near $2.25, a potential bounce could push it back toward the $2.60 EMA level.
Final Thoughts
Despite the ongoing correction, traders remain watchful for key support levels, which could trigger a new wave of accumulation. While recovery might take time, potential rebounds could be on the horizon. Stay updated with The Bit Journal for the latest market insights.
- https://twitter.com/Thebitjournal_
- https://www.linkedin.com/company/the-bit-journal/
- https://t.me/thebitjournal
Follow us on Twitter and LinkedIn and join our Telegram channel to get instant updates on breaking news!
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
