After a spectacular short bull run of the cryptocurrency markets, the markets crashed on December 25th. The markets were at $143 billion on 24th December, but are currently at $128 billion. One of the major reason for the crash is probably the holiday sell-off season.
Bitcoin is in a sharp bearish trend. The cryptocurrency tried breaking the $4,200 resistance line but was cut short. The failing of Bitcoin to touch $4,200 yesterday combined with a holiday season in the west, saw a sharp decline in the price of Bitcoin.
The bear market isn’t over yet. The major support for Bitcoin is currently $3,600 and the next major support for Bitcoin is at $3,480, $20 less than the psychological support of $3,500. The bearish trend is predicted to continue till New Year.
The positive news of Binance putting up XRP base pairs, propelled XRP upward increasing by 15% and reaching $0.42. But due to the cryptocurrency market correction, XRP is currently down by 11%. Major support of $0.40 was broken. XRP is currently trading at $0.38.
But a key bullish trend line forming at around $0.375 in the hourly charts. Investors could see a possible rise in XRP price. But for that to happen the XRP should not fall below the bullish support of $0.375.
Ethereum price touched $150, sparking speculations of an Ethereum bull run. Major resistance had formed at $165. But Ethereum couldn’t reach that price. At $153, Ethereum price fell on a sharp downtrend due to the cryptocurrency market correction.
Major support (through buying walls) has formed for ETH/USD at the price range between $110 – $115 [Source: Kraken]. If Ethereum breaks the psychological barrier of $100, it could experience sharp downward trends.
Tron is one of the worst hit by today’s market correction, despite the new base pair of TRX/XRP on Binance. The cryptocurrency is down by 15% in 24 hours. Tron is still trading above the $0.018 support level. Although, it’s interesting to note that the TRX/XRP volume is slowly rising, so investors would see a small increase in the value of TRX pegged to XRP.
After running for three weeks in green, Litecoin price dropped due to the market correction. Litecoin failed to touch a crucial psychological price of $35. Litecoin is expected to fall a bit further up to $30 and should see a small increase due to major support forming in the range of $29-$30.
Like Doge’s fun community, Dogecoin is the least hit by today’s market crash. The cryptocurrency is down by 6% and has a market capitalization of $282 million. The DOGE/USD pair remained range bound from October 11 to October 14 this year. So, following the October pattern DOGE/USD would see a small bullish trend in the short term.
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Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
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