The encrypted currency market has again reached a crossroads, where Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) show signs of potential declining corrections.
After months of upscale rises driven by institutional attention and favorable macroeconomic conditions, market indicators now indicate poor momentum.
The main support levels of these main encrypted currencies are tested, raising questions about their ability to maintain the upward paths.
With the increasing fluctuations in the market, the possibility of corrections can redefine short -term investor strategies and affect market morale on a wider scale.
Bitcoin is approaching decisive support amid weak momentum
Bitcoin, the leading cryptocurrency, has rapidly increased in recent months, reaching its highest level at $ 109,588 last week.
Ecstasy has ever diminished, as Bitcoin recorded a modest decrease by 2.22 % during the weekend.
On Monday, Bitcoin was circulated near $ 100,000 – a decisive psychological and technical support level.
Market indicators draw a mixed image.
The RSI has decreased below 50, indicating the decline in the bullish momentum, while the rapprochement and divergence of the moving average (MACD) indicates a potential declining intersection.
If Bitcoin fails to stay above $ 100,000, a further decrease may occur about $ 90,000.
This level would experience long -term bullish support.
On the other hand, maintaining a brand of $ 100,000 can pave the way for recovery, and perhaps reconsidering the last peak.
The broader effects of bitcoin prices extend to the encrypted currency market in general, due to its dominant location and influence.
Ethereum tests the 200 -day moving average
Ethereum, the second largest encrypted currency in terms of market value, showed signs of weakness.
Last week, ETH found support at the 200 -day SIA moving average (EMA) of $ 3136, but has decreased since then.
As of Monday, Ethereum trading was slightly higher than this level, with the tendency of the market morale towards the downward trend.
ETHEREUM is currently standing at 42, less than the 50 neutral threshold, indicating the loss of bullish momentum.
In addition, the Maccaric index confirmed the existence of a declining intersection, indicating the possibility of a landing more.
If Ethereum is closed under the moving average for 200 days, the next important support level is $ 3000 – a psychologically important threshold.
However, if the Si -moving average remains at 3,136 dollars fixed, Etharium may regain the bullish momentum and target immediate resistance at $ 3,730.
This scenario will require renewable purchase pressures, which seems missing amid the current market conditions.
XRP faces trends test with high fluctuations
The Ripple XRP, known for its usefulness in the cross -border payments, was not immune to the broader shrinkage in the market.
After he faced resistance at $ 3.40 last week, XRP retreated and now homes around $ 2.99.
The distinctive symbol is approaching the upper trend line, which has provided reliable support since the beginning of the year.
The main technical indicators indicate caution. XRP has decreased from the purchasing saturation levels and is now at 57, indicating a decrease in interest in purchase.
Meanwhile, the Maccadery index shows a declining intersection, in line with the broader market morale.
The closure under $ 2.72 may lead to a more important correction, with $ 1.96 as the next important support level.
On the contrary, if XRP maintains the trend and restores momentum, you may try to restore the resistance level of $ 3.40.
However, as with bitcoin and Ethereum, this scenario depends on the stability of the wider market conditions.
The post bitcoin, ethereum and XRP are preparing for potential corrections amid twice the momentum first appeared on Invezz
