Bitcoin, Cryptocurrency, News & Updates

Major Cryptocurrencies going for a Reformative Decline

  • Bitcoin price began a downside correction and traded below the $11,500 support.
  • Ethereum breached the $380 support level, XRP dropped close to 10% before recovering.
  • ANT is up 30%, and COMP reached over 25% today.

As announced yesterday, the bitcoin price began a downside correction under the $11,800 level. BTC even broke the primary $11,500 support level. It is currently (08:30 UTC) down over 2%, and it seems like there are chances of more losses towards the $11,200 and $11,000 levels.

Many major altcoins broke many vital supports to move into a short-term bearish zone, including ethereum, XRP, litecoin, bitcoin cash, EOS, TRX, XLM, and ADA. ETH/$traded below the $285 and $280 support levels, with a bearish angle. XRP/$trimmed most of its yesterday’s rally and tumbled over 8% before recovering above $0.280.

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Bitcoin Price

We recently saw a few bearish signs for bitcoin price below $12,000. As a result, there was a bearish reaction below the $11,800 support. BTC declined over 2%, and it even settled below $11,500. If the bears remain in action, there are chances of a push towards the $11,050 and $11,000 support levels.

On the upside, the previous support near $11,500 may perhaps act as a resistance. The first major hurdle is now forming near the $11,800 level, but the primary strength is still near $12,000.

Ethereum Price

Ethereum price is now below the $385 and $380 support levels. It declined close to 4%, and it is currently trading near $378. If there are more downsides, the price could retest the $365 support level. The next significant support is seen near $355.

Conversely, the price might move back above the $380 and $385 levels. If there is a proper close above $385, the bulls could make another attempt to clear the $400 resistance.

Bitcoin Cash, ADA and XRP price

Bitcoin’s cash price dropped below the $285 and $280 support levels. BCH traded close to the $365 support level, and it is currently recovering. The price is back above $280, but it might struggle to climb back above the $285 and $288 levels in the near term.

ADA failed to gain strength above the $0.145 resistance, and it declined below the $0.140 support. The price dived below the $0.132 support and traded close to the $0.122 level. It is currently recovering higher, but the previous support near $0.140 might act as a resistance.

XRP price crashed below the $0.292 support zone. It even dived below the $0.280 support and tested the $0.275 zone. It is currently recovering above $0.280, but the $0.284 level might act as a resistance. The primary strength is now near the $0.292 level. On the downside, there are many supports, starting at $0.275 and up to $0.265.

Other Altcoins Market Today

In the past three sessions, a few small altcoins gained more than 10%, including ANT, COMP, AMPL, MKR, LEND, and SNX. Conversely, HBAR, MIOTA, ERD, BTM, ONT, LSK, and XMR are down over 5%.

Generally, bitcoin has begun a significant downside correction below $11,800. It could yet test the $11,000 handle, but there are speculations of a comeback soon.

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