The market is drowning in the sea of red. Digital assets have plummeted with some trading lows in October and September 2017. The selloff that started at the beginning of August has become unstoppable. The trading over the last weekend appeared to have consolidated the losses and recovery was about to begin. However, cryptocurrencies took another plunge on Monday and during the early hours of Tuesday 14.
Ethereum (ETH), for instance, declined below $300 only to find a support at $250. Ripple (XRP) is down 3.77% on the day while trading at $0.26. Bitcoin Cash plummeted below $500 and is currently trading at $497 after embracing the support at $480. This trend is reflected in the majority of the coins and altcoins in the market.
Bitcoin Price Analysis
Bitcoin engaged reverse gears yesterday after breaking the support at $6,400. A slide below the trendline support on the 30-minutes chart at $6,347.80 triggered further declines below the next support area at $6,300. The buyers fought to keep the price above the medium-term support at $6,300 earlier today but the selling pressure was simply too hostile to be tamed. And for the first time in August, the price broke the $6,000 support and traded as low as $5,953 before regaining balance.
BTC/USD is back above $6,000 while the stubborn resistance at $6,100 has been cleared. The move above $6,100 appears to be a bear trap for the bulls who are too eager to break resistance lines to the upside. The next target for Bitcoin is at $6,200 while the intermediate supply zone at $6,280 is the key resistance. The former support at $6,300 will offer stiff resistance to the bull’s psychological $6,400. In the meantime, a support above $6,100 is vital to the bulls, although $6,030 and $6,000 could come in handy if declines extend. Bitcoin is, however, still on the verge of another slide and risks of dropping below $6,000 again.
Tron (TRX) Price Analysis
Tron price is down a whopping 19% in the last 24 hours according to the data on CoinMarketCap. The digital asset has not been spared from the ongoing selling pressure in the market. Last week’s trading saw the support at $0.30 broken and the price settled around the pivotal $0.0250.
The weekend trading witnessed further declines, but the support at $0.0220 was the saving grace for the buyers. As mentioned in the market overview section, the selloff is far from over. Similarly, Tron resumed the trip downstream on Monday, where it sunk below $0.020. If that was not enough, the bulls suffered under the mercy of the bears on Tuesday as the price plunged even more. TRX/USD downside decelerated below $0.017 before finding a support above $0.016.
Tron is currently trading at $0.0177 while the intraday gains in the wake of the declines have been limited at $0.0180. The trend is slightly bullish at the time of writing, but the bears still have the grip on the price, and oh it is tight! The path of least resistance is to the downside for now and therefore, the buyers must keep the support at $0.017 and $0.016 respectively.
Ethereum Classic Price Analysis
There is not much difference between Ethereum Classic price performance and the above cryptocurrencies. The crypto traded slightly above $20.00 early last week recently engaged the free fall mode and is currently seeking balance at $10.00. The selloff across the market has fizzled out the effect of the hype that surrounded ETC listing on one of the largest exchanges in the world, Coinbase.
After rejecting the support at $15.00, ETC/USD has been trading lower highs and lower lows. The weekend trading found support at $13.00 but yesterday’s declines butchered this very support. Moreover, the 61.8% Fib level, taken between the highs of $13.29 and the lows of $10.05 at $12.06 was unable to hold the drop that continued on the opening the session today. Ethereum Classic balanced and consolidated the losses above $10.00 but the trend is too weak to sustain trading above $11.00.
The 23.6% Fib level at $10.81 is the current immediate support. On the other hand, technical indicators on the half-hour chart signal that the bear dominance will continue in the near-term. The stronger $10.00 support has to hold to prevent declines into the $9.00 range.