How Low Can BTC, ETH, And XRP Price Crash
Amid intensified bearish sentiment in the cryptocurrency market, the price of Bitcoin broke down its important support trendline of $58,000. Furthermore, with the shares of Nvidia bleeding, Artificial Intelligence (AI) has experienced a major blow.
On the other hand, top altcoins continue struggling to hold the values above their crucial support levels.
In this write-up, we have highlighted various technical and social sentiments of the top 3 cryptocurrencies along with their possible short-term price targets.
Bitcoin Price Tests Its Crucial Lower Zone
The BTC price has dropped 4.09% within the past day with a trading volume of $33.404 Billion with the rising volatility in the market. Moreover, it has plunged 5.51% over the past week. This has resulted in it hovering close to its support zone around the $56,500 level.
TradingView: BTC/USDT
The EMA 50/200-day has recorded a constant downtrend in the 1D time frame. Furthermore, it highlights a high possibility of a Death Cross, indicating a strong bearish sentiment in the crypto market.
Maintaining the price above its crucial support level could result in it retesting its $60,000 mark during the upcoming weeks. However, if the bears continue to dominate the market, the Bitcoin price could plunge toward its low of $53,500.
Read our Bitcoin Price Prediction for long-term targets
Ethereum Price Experiences Increased Bearish Action
With a drop of approximately 5% within the past day, the second-largest cryptocurrency by market cap has plunged below its important support level of $2,500. Moreover, it has plunged 17.96% over the past month, highlighting a long-term bearish influence.
TradingView: ETH/USDT
The Moving Average Convergence Divergence (MACD) has displayed a rising red histogram with a negative convergence in its 1D time frame. Further, with a bearish SMA, the ETH price may continue losing value this week.
If the bulls regain momentum, the Ethereum price will head toward its resistance level of $2,530. However, with a bearish action, the altcoin leader may retest its crucial support level of $2,175.
Ripple Price Hovers Close To Its Important Support
Despite recording a long-term bullish sentiment, the XRP price has dropped 3.12% within the past day and 5.16% over the past week. Moreover, the Ripple crypto is on the verge of testing its crucial support, the outcome of which is uncertain.
TradingView: XRP/USDT
The Relative Strength Index (RSI) has failed to breach its neutral point. This has resulted in it recording a sharp bearish reversal. Further, the EMA 50/200-day shows a negative trend. This indicates a bearish outlook for the XRP price this week.
If the market regains momentum, the Ripple price will breach its support zone and prepare to test its $0.60 level. On the flip side, if the bears overpowered the bulls, the XRP coin price would bleed toward its lower support level of $0.4880.
Concerned about XRP’s future? Read our Ripple (XRP) Price Prediction for future insights!
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