Following an extended period of low volatility, the crypto market has suffered yet another devastating selloff. The tailspin drop saw Bitcoin price head rock bottom plunging below $6,000. Other legacy cryptos like Ethereum price were not spared as well, dropping mercilessly to test the support at $170. Although Ripple price tanked too, its fall was not as bad like that of Ethereum. Besides, Ripple’s XRP has zoomed past ETH to become the 2nd largest digital asset in the market as per the data provided by Blockmodo. It is believed that the historic Bitcoin Cash (BCH) hard fork taking place is the force behind the selloff. However, for now investors have to face the losses head on and hope for a pullback in the coming weeks.
The entire cryptocurrency market is in shambles at the time of writing. Reddcoin price is among the most affected by the fall that took place yesterday towards the close of the session. RDD/USD is down 17.67% in the last 24 hours while exchanging hands at $0.00199. The bearish trend is far from over. The battered bulls battled to keep the support at $0.0020 after the losses corrected below the previous consolidation level at $0.0025.
The price is trading below the hourly 100 SMA. Fortunately, the RSI is heading north but still at 29%. This means that the bulls have an opportunity to push for a reversal. Likewise, the MACD has reached the bottom at -0.0001 and is beginning to revamp the trend upwards. The sellers appear to be exhausted giving way for the ongoing bullish move limited by the resistance at $0.0021. The supply zone at $0.00265 is the nest resistance target; a break above $0.0021 will likely place Reddcoin on a journey to recovery.
Unlike Reddcoin (RDD), which is still languishing in bear pressure, MonaCoin price has attempted a recovery move from the lows formed yesterday at $1.025. Prior to the devastating declines that have left everybody in the crypto universe shocked, MonaCoin was trading above the reclaimed support at $1.06. The crypto was also stuck in a range with the upper limit at $1.18. The sudden drop sent the crypto falling head first in several bear candles that broke below $1.04 before finding refuge at $1.025.
Currently, MONA/USD is trading at $1057 after correcting from the intraday high at $1.12. Moments after the drop had settled, buyers took over pushing for a reversal that broke above the bearish trendline. However, they lost steam during the Asian trading hours on Thursday leading to a recoil south. The bulls have fought for another support at the 23.6% Fib level and an ongoing pullback from the support is aiming for the key resistance at $1.12 which coincides with the 100 SMA. Indicators on the chart are still in the red in spite of the bullish pullback. The bear pressure is still present but the buyers currently have room to breathe.
Bitcoin is the worst hit by yesterday’s fall in the market. The asset plummeted to annual lows as it explored levels towards $5,300. The shocking drop comes after three months of stability where Bitcoin trade in a range between the $6,100 and $6,800. While the exact cause of the drop has not been identified, experts are linking the historic Bitcoin Cash (BCH) hard fork to the matter.
Bitcoin had suffered slight losses yesterday dropping below $6,200. However, the asset lacked the energy to keep the price above $6,100, triggering further breakdown below $6,000. The former support at $5,800 did little to stop the massacre which was head to $5,000 instead finding a line in the sand at $5,300.
Bitcoin price has pulled back a little and currently is trading at $5553. A bullish move in underway using a short-term support at $5,500. It will encounter resistance at $5,600 and the range limit at $5,700. Indicators are turning bullish while sending positive buy signals. Bitcoin will soon find its way above $6,000, but first the buyers must increase their entries and reclaim the former support at $5,800.