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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