Global Crypto Market Fumbles 3.39% as Most Coins Turn Red
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- To prevent further declines, ETH must remain above the $2,600 support level.
- SHIB is trading similarly to DOGE from a technical standpoint.
Bulls couldn’t hang on for long, and most coins have returned to their original red zone. Only Polkadot (DOT) had an increase of 1.35 percent. When compared to the US Dollar, Bitcoin could not break beyond the $40,000 barrier. BTC is presently in a downward trend and might go as low as $36,000, a significant support level.
After failing to break over the $39,250 resistance level, Bitcoin has begun a new slump. In other words, the price is now trading below $38,000 and the 100-hour SMA. On the hourly chart of the BTC/USD pair, a strong bullish trend line with support at $37,500 was broken.
Similar Case For Altcoins
After failing to break $2,800, Ethereum reversed its gains against the US Dollar. To prevent further declines, the price of ETH must remain above the $2,600 support level. Ethereum is down 2.95%.
There has been a 1.13 percent decrease in the value of DOGE following the fall of Bitcoin (BTC). The rate of DOGE hasn’t changed much because of the current price decline. This indicates that neither bulls nor bears are now controlling the market. While sellers’ pressure is expected to continue, a breakthrough of support at the current price may be imminent if the price returns to $0.1310.
The meme currency has fallen by 3.14 percent, making SHIB one of the biggest loser today. SHIB is trading similarly to DOGE from a technical standpoint, as there is little likelihood of witnessing any significant swings shortly since buyers and sellers are weak. To sum it up, the $0.00001704 support and $0.00002537 resistance levels need to be closely monitored.
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