Could the turnaround experienced yesterday have led to a deeper correction in the market? On the last day of the week, the top 10 cryptocurrencies returned to the correction phase, taking place in the red zone.
Bitcoin (BTC) Price Analysis
Bitcoin fell 9.50% during the day. Despite yesterday’s signs of recovery, the bulls could not take over. The weakness of buyers was confirmed by the low transaction volume. These signals indicate that the leading coin is not yet ready to return to the $50,000 territory. Moreover, the price is likely to drop below the MA 200 to the $32,000 zone.
Bitcoin (BTC) is trading at $37,000 as of the time of this writing.
Ethereum (ETH) Price Analysis
Ethereum, the largest altcoin, fell 10% in the 24-hour time frame. ETH is following Bitcoin, the leading cryptocurrency in price action. If the bulls lose the critical $2,400 zone, they can take the breather at $2,040. The vital support zone of $2,040 is on record as the most critical area for bulls to protect.
Ethereum (ETH) is trading at $2,459 as of the time of this writing.
Ripple (XRP) Price Analysis
XRP continues its downward movement with a 15% drop in the last 24 hours. The bulls managed to come back from the critical support level of $0.915. However, the bulls’ attempts to raise XRP above $1.20 failed. If buyers fail to return to the $1.20 zone in the short term, XRP is likely to fall into the $0.915 support zone.
XRP is trading at $1.01 as of the time this news was written.
Cardano (ADA) Price Analysis
Cardano (ADA) fell 17% during the day. ADA charts are progressing in parallel with XRP. ADA, which has gone into free fall from the $ 1.76 zone, continues its downtrend. Although the sales volume is low, the strength of the bulls is running out. The ADA could drop to the $1.33 zone in the coming sessions.