After a few days of gains, the market has faced a slight correction as some coins are trading in the red zone.
Bitcoin (BTC) could not continue yesterday’s rise, falling 0.71%.
The bears have almost absorbed yesterday’s bullish candle, however, the situation is still likely to turn around by the end of the day. For now, one must pay close attention to the $19,000 mark. If buyers can sustain this level, an upward move towards the $21,000 area is likely soon.
At press time, bitcoin is trading at $19,420.
Ethereum (ETH) fell along with bitcoin, dropping nearly 1.75%.
Ethereum (ETH) price has declined to $1,160 after a false breakout from yesterday’s peak. The selling volume is high which means that the bears are not going to give up so easily. In this case, if the pressure continues and the daily candle settles near $1,050, sellers could take advantage of an opportunity to push the price lower.
Ethereum is trading at $1,081 at press time.
XRP is underperforming Bitcoin (BTC) and Ethereum (ETH) as the altcoin lost 2.91% in price.
XRP is already trading near yesterday’s low of $0.3139, confirming the fact that the coin is underperforming compared to other cryptocurrencies. If buyers lose the $0.31 support, we can expect a sharp decline towards the $0.305-$0.31 area by the end of the week.
At press time, XRP is trading at $0.31435.
Binance Coin (BNB) is the best performing coin on the list today as the decline is 0.67%.
Despite the current decline, BNB hasn’t updated yesterday’s lows, which means the native exchange coin’s strength against a market correction. If the bears fail to reach the $220 mark by the end of the day and settle it down, buyers could seize an opportunity tomorrow.
As of press time, BNB is trading at $224.3.
cardano[एडीए]Couldn’t show the same strength as BNB, down 4%.
Cardano (ADA) is looking weak compared to most other coins as it has not shown any bounce. For now, the altcoin has accumulated enough strength for another bullish move. If the candle holds steady at the $0.44 mark, it is likely to break the support level at $0.4359 in the next few days.
Solana (SOL) is no exception to the rule, having lost 1.1% of its price share since yesterday.
Seller SOL rates are back at yesterday’s lows, which means the coin may not accumulate enough effort for sustained growth. Thus, the price is breaking the $37 resistance level, which confirms the bulls’ weakness. A sideways trade between $33 and $35, respectively, is the more likely scenario.
SOL is trading at $33.52 at press time.
Avalanche (AVAX) is also going down 0.72% from the previous day.
AVAX is trading similar to SOL as the rate could not move higher after yesterday’s bullish candle. Thus, the rate is moving back towards the $14.58 support level, confirming the bear power. If buyers are unable to hold the $16 mark, the medium term decline is likely to continue.
AVAX is trading at $16.88 at press time.