Cryptocurrency markets, previously trending upward, are now facing considerable volatility, particularly for major players like Bitcoin, Ethereum, and Ripple.
Cryptocurrency markets are experiencing a downturn with BTC, ETH, and XRP facing significant hurdles.
After hitting all-time highs recently, major cryptocurrencies have encountered substantial obstacles in the past week, sparking concerns among investors and analysts alike. Here's a closer look at the latest developments in the cryptocurrency market.
As the cryptocurrency market continues to experience drastic shifts in prices, several digital assets have encountered critical points of resistance. This development has piqued the interest of investors and analysts, leading to speculation about a potential bear market. Among the affected cryptocurrencies, Bitcoin, Ethereum, and Ripple have faced significant hurdles in recent trading sessions.
According to technical analysis by TradingView on Friday, March 24, the price of Bitcoin dropped below crucial levels, closing below its 50-day Exponential Moving Average (EMA) at $98,611. This downturn occurred after BTC encountered resistance at the $100,000 mark.
If this downward trend persists, analysts believe that Bitcoin could retest its support levels at $90,000 and potentially $85,000. The Relative Strength Index (RSI) also showed signs of weakness, clocking in at 36.
Meanwhile, ETH mirrored this downward trajectory, slipping below $2,500 and recently closing down nearly 13% in a single day. It may face further declines if it can’t hold above the $2,359 level, with looming support at $1,905.
On the other hand, XRP also tumbled by over 12%. After breaking below its ascending trendline, XRP is now testing its daily support at $1.96, with a risk of sliding further to $1.40.
The latest technical indicators suggest a strong bearish momentum across the board. As cryptocurrency volatility continues, cautious investors may wish to evaluate their positions and watch for potential rebounds at critical support levels. This turbulent market may lead to lucrative opportunities for those prepared to act quickly, but the risks are substantial. Stay vigilant!
