Has the correction of the market finished yet?
- 20th April 2021
- Posted by: Hakeem
- Category: Crypto
After a slight bounceback yesterday, most of the coins keep trading in the red zone. However, there are some exceptions. Mainly, DOGE is the top gainer, rising by more than 10% over the last day.
Top 10 coins by CoinMarketCap
Last Saturday, the bulls could not gain a foothold above the level of average prices, and the pair rolled back beyond the lower border of the ascending channel. On Sunday, sellers formed a strong bearish momentum that broke through the support of $60,000 and forced the Bitcoin price to test the yellow support at $51,600.
BTC/USD chart by TradingView
The rebound was quite high, to the area of $56,000, but the orange support of 53,400 USD contributed to the real recovery of the Bitcoin (BTC) price around the $57,000 mark.
Today, the recovery may continue to the resistance of $58,000. However, buyers are unlikely to be able to gain a foothold above this level. One believes that, at this line, the price will reverse downward and roll back to the psychological level of $50,000.
Bitcoin is trading at $55,000 at press time.
On Saturday, the upper border of the ascending channel turned the Ether price down and, in the second half of the day, the pair broke through the middle line of the channel, rolling back below the level of average prices.
ETH/USD chart by TradingView
There was a weak attempt to recover on Sunday morning, but the bearish momentum broke through the support of the lower trendline and tested the psychological level of $2,000. The local minimum was set around $1,952. After a dump, the price of Ethereum (ETH) has recovered to the lower border of the ascending channel, but it has not yet been possible to return within this channel. Most likely, the moving average EMA55 will reverse the price downward and, in the near future, the pair will roll back below $2,000.
Ethereum is trading at $2,144 at press time.
Last Saturday, the XRP price failed to gain a foothold above the $1.96 price tag and, at the end of the week, the pair rolled back to the support area of $1.20.
XRP/USD chart by TradingView
At the beginning of this week, buyers slightly recovered the price, but they may not be able to continue the recovery above the resistance of $1.50. Most likely, the hourly EMA55 will reverse the pair to decline and, in the near future, the XRP price will return to the psychological level of $1.00 per coin.
XRP is trading at $1.31 at press time.