The cryptocurrency market has seen a notable downturn, with top tokens like Bitcoin, Ethereum, and Ripple falling below key support levels
Major cryptocurrency tokens, including Bitcoin, Ethereum, and Ripple, experienced a decline in value on Friday, February 2024, as bearish sentiment prevailed in the market following a drop in key support levels. This price action drew the attention of large investors and institutions, prompting many to reassess their short-term investment strategies in light of the recent market downturn.
Bitcoin encountered resistance at the $100,000 level, experiencing a drop of 2.77% in the past 24 hours and a decrease of 5.38% over the last week. Despite the decline, Bitcoin's market cap remained strong at $1.962 trillion, giving it a market dominance of 57.68%. The Moving Average Convergence Divergence (MACD) showed a rising red histogram and a negative crossover of its averages, indicating mixed sentiment. If bulls can maintain Bitcoin above the $100,000 threshold, it may target an upper high of $108,000. However, a bearish trend could see it fall to a low of $92,000
Bitcoin's immediate support is found at $97,000, while resistance lies at $104,000. The RSI indicates a neutral trend, while the Stochastic Oscillator shows oversold conditions.
Ethereum also experienced bearish behaviour, recording a 4.49% drop in 24 hours and a 6.52% decline over the past week. The coin has fallen 10.35% in the last month, with a year-to-date return of -7.08%. The Relative Strength Index (RSI) has sharply declined towards the oversold zone, indicating increased negative market pressure. Should bullish momentum return, Ethereum could retest its high of $3,300; however, if bearish forces prevail, it may retreat to the critical support level of $3,000.
Ethereum's direct support is at $2,900, followed by $2,750, while resistance is encountered at $3,200. The RSI indicates oversold conditions, while the Stochastic Oscillator shows a neutral trend.
Ripple's price decreased by approximately 1.5% in the last 24 hours and roughly 2% over the week, yet it has shown a notable 17.79% increase over the past month, with a year-to-date return of +36.79%. The EMA 50/200-day indicates a consistent uptrend, but the MACD shows a persistent decline in the red histogram, signalling growing bearish sentiment. If bulls regain traction, XRP could test its resistance level of $3.50; however, intensified bearish pressure could pull it down to around $2.50.
Immediate support for XRP is at $2.70, followed by $2.50, while resistance lies at $3.20. The RSI indicates a neutral trend, while the Stochastic Oscillator shows oversold conditions.
