The Moving Average Convergence and Divergence (MACD) indicator shows neutral price action with its averages recording a similar trend. On the other hand, the SMA indicator displays a negative convergence. This suggests that the price may lose value this week.
If the market prefers bulls, the Ethereum price will retest the spot resistance level at $3300. However, a downward movement may pull the price towards a new low for several months.
Ripple price breaks important support line at $3
In the growing uncertainty, the price of Ripple recorded a double-digit low. Ripple lost 10.08% with a trading volume of $8.850 billion, a 170% increase in daily trading volumes. Moreover, with a weekly decline of 11.83%, it is worth $2.8373.
The RSI records a strong rejection around the overbought range. This has led to a sharp decline. Moreover, the average trend line is recording a bearish movement, indicating a negative outlook for the third largest cryptocurrency.
Suppose a trend reversal, in this case, the Ripple price will surpass its $3 mark and head towards a new 52-week high. On the other hand, rising uncertainty may pull Ripple towards a low of $2.50.
In the meantime, investors must remain cautious and strategic. The interaction between the $2.62, $2.03 and $1.50 levels will be critical in shaping the short-term XRP trajectory. While market sentiment looks muted, these support areas offer the potential for stability and recovery.
XRP’s performance reflects broader dynamics in the cryptocurrency market, where volatility and sentiment shifts play an important role. The results at these key levels will not only affect the price of XRP, but will also serve as an indicator of investor confidence in altcoins. Long-term traders and holders should remain vigilant, leveraging technical and fundamental analysis to navigate the challenges ahead.
Cryptocurrency market falls: Bitcoin below 100K
Today, the cryptocurrency market witnessed a strong decline of 6.73%. The market reportedly saw liquidations exceeding $28 billion, making this the highest decline since the US elections in 2024. After that, the price of Bitcoin fell below the $100,000 level, indicating a bearish outlook.
In the same vein, all of the top twenty cryptocurrencies have fallen below important support levels. Given the current market sentiment.
Bitcoin Price Fails to Maintain Support at $100K
Bitcoin fell 5.56% today with a 24-hour trading volume of $47.79 billion, a change of +124.74%. However, the largest cryptocurrency fell below the $100,000 level for the first time since January 17 of this month. Moreover, with a dominance of 58.31%, it is worth $1.95 trillion.
The Relative Strength Index (RSI) recorded a sharp decline as the median trend line experienced a bearish convergence. However, with its 50-day exponential moving average acting as support, the price of the BTC token is recording increasing volatility in the market.
If there is a reversal to the uptrend, the price of Bitcoin will gain momentum and regain the $100K level. Conversely, if bears dominate the crypto space, the BTC price could retest its low of $92,000 this week.
ETH price retests crucial support level at $3,000
The price of Ethereum failed to maintain the crucial support level at $3,100, recording an 8.31% correction in 24 hours. With an annual return so far of -7.77%, the largest altcoin has consistently failed to gain momentum this year, indicating a growing lack of interest from investors.
Ripple below $3: Will the downtrend continue?
XRP, a prominent cryptocurrency, recently fell below the $3 level, suggesting a possible shift in its upward trajectory. This breakout of a key psychological level could pave the way for further downward pressure unless a strong recovery is initiated. XRP is currently trading at around $2.78 with a 10.81% drop in 24 hours, and is at a crossroads, with investors closely watching its next move. Conversely, if bears dominate the crypto space, the BTC price could retest its low of $92,000 this week.
A drop below $3 turned this level into a critical resistance zone. To regain investor confidence in its upward momentum, XRP must regain this threshold with compelling buying interest and higher trading volume. However, the path forward depends on how XRP navigates through several key price points in the near term.
The $2.62 level is in line with the 50-day moving XRP average, a metric often used to gauge short-term trends. This area has acted as a support area during previous corrections, making it a crucial test of the asset. A rebound at $2.62 could signal the beginning of a possible reversal, indicating renewed buying interest and market optimism. Conversely, failure to maintain this level could lead to further declines.
XRP’s current technical setup tends to fall, with a crash below $3 casting doubt on its ability to maintain its previous uptrend. However, not everything was lost. A crucial step above $3, supported by increased trading volume, could reignite bullish momentum and restore market confidence. Such a scenario suggests that XRP has weathered the current storm and is ready to resume its rise.
