BTC has yet to fully recover from its previous dips. It saw massive retracements on the first day of the week but grapples with significant selling pressure.
BTC tried to reclaim lost levels with limited success. This sentiment is present across the crypto market, as the global cryptocurrency market cap dropped by over 10% and is currently valued at $3.24 trillion.
Most cryptocurrencies dipped further. after their brief uptrend. One of the top losers in the top 100 is LDO. It slipped below $1.60 again as it lost over 9% in the last 24 hours. HYPE saw a similar decline, losing almost 6%.
It is worth noting that crypto market was on the verge of a breakout before the most recent decline. Fundamentals continues playing a huge role in the ongoing price trend. Donald Trump on Friday announced that he is ready to take steps to counter the tariff imposed on US goods. Investors view the latest reply as a step in the wrong direction.
There is no end in sight for the latest price declines that started as a result of the ongoing trade war. The US President’s latest move shows that he is gearing to continue the battle for longer.
Nonetheless, assets in the top 10 are seeing notable volatility amidst ongoing trend. Let’s examine their performance.
BTC/USD
Bitcoin trades at $95,789 after its failed attempt at $100k. It peaked at $100,185 before retracing, marking its highest valuation in the last three days. The sudden change in fundamentals changed the trajectory.
Data from CryptoQuant suggests that the apex coin is seeing massive selloffs at the time of writing. The exchange reserves are significantly increasing. The derivatives market is seeing the same trend as the bears remain dominant, with open interest sinking. Taker buy-sell ratio fell below 1 as ETFs and other products see less inflow.
BTC prints its fourth red candle in a row. Indicators remain negative as the downtrend continues. Nonetheless, the coin is trading on bollinger’s lower band, indicating that selling pressure is gradually nearing its peak. The relative strength index is at 41 as BTC loses momentum.
ETH/USD
Ethereum is trading at a critical level. It is exchanging at $2,600. Recall that a previous analysis stated that a decisive slip below this level may result in a dip to $2,400. The current day’s candle shows that demand concentration around this mark remains strong, resulting in its holding up.
Nonetheless, RSI is above 30. Further increases in buying pressure may result in the asset becoming oversold. Like BTC, ETH continues printing sell signals on the one-day chart. The bollinger shows it trading below the lower band as the selling pressure peaks.
Ethereum edges closer to the second pivot support at $2,500. That means it may also test the 100% Fibonacci retracement level.
Data from DefiLlama hints at investors losing faith in the coin, as the total locked value reduces. Interaction with the ecosystem is declining as Tron’s revenue surpasses it. Nonetheless, spot market traders continue stacking up the asset, and its exchange reserves decline. They also withdrew a notable amount from exchanges. Reports have it that they moved over 300k ETH into cold storage.
XRP/USD
XRP may close the day with its first green in the last four days. It shows signs of recovery from its previous three-day decline. It lost over lost over 15% during this period.
The latest green candle comes after it opened trading at $2.32 but slightly dip. It recovered and surged to a high of $2.54. Currently trading at $2.40, it suffers from the latest shift in sentiment across the crypto market. Nonetheless, it may close with gains exceeding 3%.
The relative strength index is reflecting the ongoing buyback attempt. It was 33 on Thursday but is at 37 at the time of writing. XRP’s latest price increase sees it return into the bollinger bands. However, it remains close to the lower band.
SOL/USD
Solana climbed above $200 a few hours ago. However, it currently grapples with significant selling pressure at the time of writing. It retraced from its peak at $203 and trades at $189. It continues its downhill movement for the fourth day in a row.
The consistent declines may continue as the indicators continues printing sell signal. SOL trades a little above the lower Bollinger band. This comes it maintained trading close to the metric over the last seven days. RSI is at 37 as the selling pressure increases.
Solana trades close to the 78% fib level at $180. Current price suggest that its is not trading at strong barrier and may dip further, retesting the fib mark.
BNB/USD
Binance coin sees slight price changes over the last three days. The candles representing trading actions during this period show that it saw notable volatility but failed to sustain it. It peaked but retraced to its opening price.
The same trend happened a few hours ago when it surged to $590 It saw significant selling pressure at the mark, resulting in a return to its opening price. Nonetheless, its returns to trading between bollinger’s lower band and middle band.
The relative strength index is at 26, indicating that asset is oversold. Other metrics like MACD and the 50-day MA prints sell signals.
DOGE/USD
Dogecoin downtrend enters the fourth consecutive day. Like BTC, it halted it previous climb after it peaked at $0.26. It dipped as the trading conditions worsened and trades at $0.24 at the time of writing. Down by almost 3%, the bollinger bands shows it’s edging for another slip below the lower band.
The relative strength index indicates massive selling pressure as it slipped below 30. The latest reading comes on the rearview of the moving average convergence divergence sell signals. Its 12-day EMA trends close downward as the 26-day EMA.
DOGE trades close to the second pivot support. Since losing the 61% fib level, it gradually approaches the 78% fib level.
