The new year has kicked off with a crypto market correction, with all coins from the top 10 list being in the red zone.
BTC/USD
Bitcoin (BTC) price has dropped 2.24% in the past 24 hours.
Despite the drop, the main cryptocurrency is in the middle of a wide channel between support at $41,967 and resistance at $53,300. In this case, one needs to wait until the price returns to the green line and finds the leg below it.
If that happens, the bears could fully seize the opportunity to push BTC price down to the critical $40,000 level.
Bitcoin is trading at $46,934 at press time.
XRP/USD
XRP is stabilizing today, with its price down just 1% since yesterday.
XRP is traded similarly to Bitcoin (BTC) as it also has a wide range. Volume is low, which means that the bears are not ready to give up even though the price is recovering towards the $0.8 area.
If the buyers fail to hold this mark, it is highly likely to see an extended decline to the nearest support at $0.652.
XRP is trading at $0.8440 at press time.
BNB / USD
Binance Coin (BNB) is no exception today, with a 1% drop
The price of the native exchange coin is around the most liquid area around $525. Trading volume is low, which indicates the absence of strong buyers or sellers. Correspondingly, the price could continue to decline if the daily candle fixes below $489. Such a scenario could be relevant within the next few weeks.
BNB is trading at $517.6 at press time.
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