- Bitcoin faces critical support levels at $101,000 and $100,000, if it fails price could go below $100K.
- Ethereum’s recovery hinges on reclaiming $3,250 amid weak market volume.
- Dogecoin’s surge in selling pressure signals further downside risk in the short term.
The cryptocurrency market has recently experienced a significant downturn, with major coins like Bitcoin, Ethereum, XRP, Dogecoin, and Shiba Inu all facing sharp declines. This sudden drop has left many investors questioning the causes and potential implications. A combination of weakening market sentiment, decreased trading volume, and rising selling pressure seems to be behind the recent crash.
Bitcoin Testing Key Support Levels
Bitcoin has been under pressure, currently trading at $102,027.88, reflecting a 2.77% decline in the past 24 hours. The market cap has also decreased by 2.78%, accompanied by a drop in trading volume by 11.68%, signaling a reduction in market activity. Bitcoin started the day near $104,000 but faced persistent selling, pushing the price below $103,000.
The immediate support level lies at $101,000, followed by a crucial psychological support at $100,000. If Bitcoin fails to hold these levels, further declines could be imminent. On the upside, resistance is seen at $104,000, with $105,000 acting as a stronger barrier.
Ethereum Struggling with Selling Pressure
Ethereum has seen a 3.27% drop in the past 24 hours, trading at $3,203.27. The market cap fell by the same percentage, while trading volume dropped by 17.17%, pointing to waning market interest. Ethereum began near $3,311 but quickly faced downward pressure.
Ethereum’s support levels are $3,200, $3,150, and $3,100, with the latter being a psychological support zone. Resistance levels to watch are $3,250 and $3,300. The trend is currently bearish, but a recovery may occur if Ethereum can reclaim $3,250 with strong volume.
XRP Bearish Sentiment Continues
XRP has been struggling, down 2.71% at $3.08. Despite an increase in trading volume by 14.31%, the selling pressure has remained dominant. XRP started near $3.17, peaked at $3.25, and has since fallen. The next support levels are $3.05, $3.00, and $2.95. Resistance is at $3.15, $3.25, and $3.30.
Dogecoin Rising Selling Pressure
Dogecoin has experienced a 4.41% drop, trading at $0.3493. The market cap fell to $51.68 billion, and trading volume surged by 67.09%, indicating intense selling pressure. Support is seen at $0.3450, $0.3400, and $0.3300, with resistance at $0.3550, $0.3650, and $0.3700.
Shiba Inu Struggling with Low Market Activity
Shiba Inu has also seen a 2.69% decline, now trading at $0.00001994. The market cap decreased to $11.75 billion, and trading volume dropped by 42.99%, suggesting weak market participation.