The new week has started with a bearish mood in the crypto market as most coins are in the red zone.
BTC/USD
At the end of last week, the trading volume was quite low and there was no significant movement in the market. The BTC/USD pair continues to consolidate in the mid-price area, gradually narrowing the sideways range.
Today, the possibility that the bulls could make another attempt to break above $44,000 has decreased, while the possibility of a downside momentum has increased.
If sellers turn active, one should expect Bitcoin price to drop to the psychological level of $40,000.
Bitcoin is trading at $42,628 at press time.
ETH / USD
Last Sunday, buyers attempted to break above the $3,400 resistance, but buying volume was below average and Ethereum (ETH) price failed to test it.
Since this morning, the pair has returned to the support of the two-hour EMA55, but aggressive selling pushed the price below this moving average. If today the bears break through the $3,200 level, in the near future, the pair can return to the $3,000 area.
Ethereum is trading at $3,250 at press time.
ADA / USD
Cardano (ADA) is the only gainer today as the rate has skyrocketed 7.75% in the past day.
After testing the support at $1.072, the bulls seem ready to take the ADA ratio to the previous resistance areas. As a result, the growth is supported by increased trading volume, which means that there is a possibility of further higher prices.
If that happens, the closest possible level of recovery is the purple mark at $1,932.
Cardano is trading at $1,519 at press time.
LUNA / USD
LUNA has been tracking the drop of Bitcoin (BTC) and its rate has dropped by 5.40%.
On the daily chart, LUNA failed to test the critical area around $90. If the bear pressure continues and the buyers are unable to hold the $80 mark, one can expect the decline to continue down. recent support is at $70.48 where is also located in the most liquid area.
LUNA is trading at $81.22 at press time.
SOL / USD
Solana (SOL) followed LUNA’s decline, down 5.38%.
Despite the decline in price, SOL is trading in a narrow range between the most liquid zone around $159, serving resistance and support at $130. Currently, the rate is in the middle. channel, which means that neither bulls nor bears are dominating. However, if the price fails to bounce back to $150 shortly and fix above it, there will be an opportunity to see a test of the early support.
SOL is trading at $143.05 at press time.
DOGE / USD
The meme coins couldn’t resist the market drop, and the DOGE rate fell by almost 5%.
After the rate almost tested the resistance at $0.2204, the bears seized the initiative and started pushing the price more urgently. Currently, the rate is lying around the most liquid zone around $0.17. If the daily candle fixes below $0.16, one can expect a drop to $0.10 soon.
DOGE is trading at $0.1687 at press time.
SHIB / USD
The rate of SHIB has dropped 3.78% since yesterday.
SHIB failed to hold the zone above $0.000030 after it tested the $0.000033 mark. If nothing changes, seller pressure is likely to continue and move the price towards the recent levels of $0.00002537. Such a scenario is relevant until the end of the week.
SHIB is trading at $0.00002903 at press time.
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