The bulls failed to seize the initiative and most of the top 10 cryptocurrencies were in the red zone at the time of writing. So what will happen in the future? Analyst Denys Serhiichuk commented.
While Bitcoin (BTC) fell by 1.89% in the last day, Bitcoin (BTC) was the least loser among the top 10 cryptocurrencies since the price change in the last 7 days was over 3%. On the daily chart, Bitcoin (BTC) is stuck in a narrow channel between the $48,465 resistance and the most liquidity zone at $46,548. The trading volume is at the lowest levels, which means that traders are not accumulating enough strength for a big move. In this case, it is necessary to pay close attention to the resistance, which can go up to $ 50,000 if it is broken.
Bitcoin was trading at $47,524 at the time of writing.
The leading altcoin has lost 3.35% in the last 24 hours. With this ratio, it became the second biggest loser after DOT. As the altcoin failed to stabilize above $3,500, Ethereum (ETH) has fallen at a higher rate than Bitcoin (BTC). Currently, a more likely price action is a test of the liquidity zone near $3,200 where a potential reversal could occur.
Ethereum was trading at $3,361 at the time of writing.
XRP is no exception to the rule as it has been in a downtrend for the past 24 hours. XRP trades similarly to Bitcoin (BTC) as neither sellers nor buyers can dominate the market. However, the price is closer to the $1,0133 support, which means the bears are currently stronger than the bulls. In this case, they can completely seize the initiative if the price breaks the support and falls below it on the daily chart.
XRP was trading at $1.07 at the time of writing.