Is the cryptocurrency market going to face a sharp fall soon? – FXStreet
The new week has begun neutral for the cryptocurrency market as neither bulls nor bears are dominating at the moment.
Top coins by CoinMarketCap
Bitcoin (BTC) has started the first week of April with the drop, going down by 0.53%.
BTC/USD chart by TradingView
Despite the drop, BTC remains bullish as its rate is above the support level at $44,766. Thus, the selling trading volume is low, which means that bears are not powerful enough for a prolonged fall. In this case, there is a chance to see the volatility decline and sideways trading in the range of $44,500-46,500.
Bitcoin is trading at $45,697 at press time.
Ethereum (ETH) has lost more than BTC as the main altcoin has fallen by 0.72% over the last 24 hours.
ETH/USD chart by TradingView
Ethereum (ETH) is looking more bearish as the price has broken the local level at $3,483. Even though the scenario is not bearish yet as the rate is trading in a wide range, the rate can restest the support level at $3,300 if it does not come back above $3,500 until the end of the day.
Ethereum is trading at $3,441 at press time.
XRP is the biggest loser from the list as its rate has declined by 0.80% since yesterday.
XRP/USD chart by TradingView
XRP is trading sideways as none of the sides have accumulated enough power for a further sharp move. If today's price drop continues and the rate comes back to $0.80, one may expect a fall to the zone around $0.75, where most of the actions happens before the growth.
XRP is trading at $0.8217 at press time.
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Bitcoin price could go for a countertrend rally. The risky countertrend move could unfold impulsive as wave C of B. Bitcoin price could continue to fake out traders as Smart Money has completed a successful liquidity hunt two Mondays in a row.
Solana price could see more downside as the bulls fail to establish support on multiple key levels. Solana price could fall an additional 25% into the $78 zone as the bulls failed to hold support following the breakout on March 30th.
Ethereum price could hit new highs with the upcoming Ethereum Merge, Travis Kling, a leading crypto analyst believes it is the biggest catalyst in history. Despite the delay, Merge’s timing is perfect for Ethereum’s price as the event could act as a catalyst for the altcoin.
XRP price could see liquidity grabs as the SEC delays the controversial securities hearing again. Liquidity under $0.62 has been deemed unsafe eye candy for long-term investors. XRP price still looks macro bullish despite the current market decline.
Bitcoin price reveals an opportunity to buy as it stoops to crucial support levels. This downswing looks to be a ploy from market makers to purge the sell-side liquidity before triggering an uptrend.
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