Bitcoin price continues to plunge, building huge bearish momentum that could drag the price close to the crucial support levels around $40,800. No doubt the selling volume is not accumulated that could drag the price down, but there is no buying volume at all and hence a slight selling could drag the price down.
Currently, the BTC price is sliding down within a descending channel in the short term and below mentioned levels are to be closely monitored.
- Major support levels at $40,894 need to be held strong. While the asset is expected to flip, the possibilities of the price sliding down below may not be completely eliminated. As the BTC price has flipped multiple times at these levels, making it one of the strongest support levels
- In case the asset flips the trend, the BTC price needs to attain a minimum level of $42,792. More than slicing through these levels, the assets needs to sustain above these levels strongly to continue within the uptrend
- The 200-day & the 50-day MA levels are just below the resistance levels and hence act as interim resistance levels to achieve.
Ethereum(ETH)
Ethereum price yet again approaching the $3000 carrying huge bearish momentum, yet as in each case, the price may not plunge below these levels. The day’s trade began with a notable bullish trend which headed very close to the $3250 mark.
Yet the fresh sell-off since then, compelled the price to form constant lower highs and lows in order to maintain the downtrend. Currently priced at $3119, one needs to keep a close watch at these levels of the ETH price.
- Ethereum’s huge support levels are hovering around $3039 levels which held the asset amid multiple sell-offs. And hence being one of the major support levels, the ETH price is expected to flip from these levels royally.
- Yet the resistance levels reside above $2700 levels where-in the 50-day MA also marks its presence. Therefore following a flip, the asset needs to attain a minimum of $3300 to be completely out of the danger zone.
- However, the ETH is being less volatile at the moment and hence could follow the same trend until the bull steps in to increase the volatility rate.
Cardano(ADA)
Cardano price maintained a huge upswing amid the huge bearish trend during the previous day trade. With the announcement of the launch of Sundaeswap, the ADA price spiked high and smashed the upper resistance levels above $1.6 in a very short period.
However, the recent sell-off also impacted the ADA price which is following a massive downtrend since then. Yet despite the bearish trend, the possibilities of an upswing still prevails over the platform if the below mentioned levels are tested successfully.
- The strong support levels reside around $1.3 and luckily the asset appears to have halted with the downtrend and is attempting for a flip.
- In case of a flip the ADA price has to surpass the $1.5 levels again and hit the levels above $1.6 in order to hover within a safe zone
- While the day’s range is in between $1.45 and $1.63, a day close above these resistance levels may resume the uptrend aiming for a $2 target before the end of the week.
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