Crypto Market Today: Bitcoin and Ether Plunge, ADA Approaches Key Support


After multiple failures above $55,000, bitcoin price started a fresh decline. There was a clear break below the $52,000 and $50,000 support levels. It is sliding steadily and seems like the price could decline towards the $47,170 level. The next major support sits near the $46,400 level, below which there is a risk of a larger decline.

If there is a fresh recovery, the price could rise towards the key $49,750 and $50,000 resistance levels in the coming sessions.

Ether (ETH)

Ether attempted a strong upward move from the $3,750 zone. There was a clear move above the $4,000 level, but the price struggled to surpass $4,250. It is slowly moving lower and declining towards the $3,950 support. The next key support is near $3,800.

On the upside, there is a key bearish trend line forming with resistance near $4,100 level on the hourly chart. The next key barrier is $4,250, above which the price could start a steady increase.

Cardano (ADA)

Cardano (ADA) started a major decline from well above the $2.50 level. There was a break below a major bullish trend line on the daily chart at $2.20. ADA declined below a couple of important patterns and extended decline below $2.00.

The price even traded below the 61.8% Fib retracement level of the upward move from the $1.02 swing low to $3.05 high. It is slowly moving lower and declining towards a major support at $1.10 and $1.05. Any more losses might find a strong buying interest near $1.00. A downside break below $1.00 might start a strong bearish wave. The next stop for the bears could be $0.70.

On the upside, the price is facing resistance near the $1.35 level. The next major resistance is $1.40, above which it could rise towards $1.50. A daily close above the $1.50 level might start a steady increase towards the $2.00 level in the coming weeks.

BNB and DOT price

Binance Coin (BNB) down over 10% and it is now trading well below USD 600. The price is struggling to stay above the USD 550 level. A clear break and close below USD 550 could push the price towards the USD 520 level. The next major support is near the USD 500 level.

Polkadot (DOT) is sliding and is trading well below the $30.00 level. An immediate support is near the $26.00 level. The main support is near $25.00, below which the price could tumble. In the stated case, the price could decline towards the $20.00 support zone.

A few coins are rising, including BTT, LEO and CAKE. Out of these BTT rallied over 20% and surpassed the $0.003 level.

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