A new week has begun with another crypto market correction, with all top 10 coins in the red zone.
BTC/USD
Bitcoin (BTC) price has dropped 5.14%.
On the daily chart, the decline has continued after the bulls lost the $39.573 level. For now, one needs to keep an eye on the support around $30,000. There is a possibility that the bears lost ground.
In this case, Bitcoin can recover to $35,000.
Bitcoin is trading at $33,869 at press time.
ETH / USD
Ethereum (ETH) is underperforming Bitcoin (BTC). The top cryptocurrency fell 8%.
Ethereum (ETH) looks worse than Bitcoin (BTC), with its price well below the critical support of $2,410. If the correction continues, ETH can drop to $1,730. But if buyers can seize the opportunity and bounce back to $2,500, it is possible the price will rally in the short term.
Ethereum is trading at $2,266 at press time.
XRP/USD
XRP is no exception, down 6.75%.
XRP is in the middle of the channel between the $0.50 support and $0.69 resistance. Until the coin starts trading sideways, neither the bulls nor the bears dominate the market. All in all, there is a small chance for XRP to make another strong move.
XRP is trading at $0.5786 at press time.
ADA / USD
Cardano (ADA) is underperforming XRP, down 9.31%.
Cardano (ADA) broke below the critical support at $1,072 on the daily chart on increasing trading volume. If the bears manage to do that, it is likely to see a further drop to $0.80 in the nearest days.
ADA is trading at $1,017 at press time.
BNB / USD
Binance Coin (BNB) has followed the decline of Bitcoin (BTC), down 8.10% in the past day.
After testing the resistance at $385, BNB has continued to decline. At the moment, the bears are stronger than the bulls and if the buyers are unable to hold the teh price from the fall, the drop could send BNB below $300 in the short term.
BNB is trading at $350.3 at press time.
SOL / USD
Solana (SOL) is the biggest loser today, down 12%.
From a technical point of view, Solana (SOL) is very far from its resistance at $130.
One needs to pay attention to the area around $100. If the daily candle fixes above this important area, a short-term correction is likely to be witnessed.
SOL is trading at $87.62 at press time.
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