In recent days, major cryptocurrencies have witnessed significant downturns that have left investors uneasy and questioning the stability of the market.
Major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), are facing further declines as critical support levels are breached, indicating a continuation of the bear market trend.
After dropping below its ascending trendline, XRP has plunged 12.6%, recently closing around $2.25. This puts XRP on the brink of encountering support at $1.96, and if it fails to hold at this level, we can expect a steep drop to $1.40.
The technical indicators present a bleak picture, with the Relative Strength Index (RSI) falling below critical thresholds for each coin, indicating an intense bearish momentum.
In a stunning turn of events, major cryptocurrencies are spiraling downwards, leaving investors on edge. Bitcoin (BTC) has slid beneath the $98,611 mark, breaking key support levels and hinting at a potentially ominous trend ahead.
As of Monday, BTC has plunged over 4.3%, trading dangerously close to a pivotal support level at $90,000. A breach below could signal an even more alarming drop to $85,000, striking fear into the hearts of crypto enthusiasts.
Meanwhile, Ethereum (ETH) isn’t faring much better. After hitting a wall at its descending trendline, it plummeted 13% and fell below the critical $3,000 threshold. Currently hovering around $2,490, Ethereum faces a grim outlook. If it sinks below $2,359, further losses may drag it down to a staggering $1,905.
To provide further context, here are some key takeaways from the article:
Be cautious, as all three major cryptocurrencies may face further declines. Keep an eye on critical support levels, as the landscape appears increasingly precarious.
