The new week has started with the ongoing correction in the cryptocurrency market as prices of most coins are falling.
Top Coins by CoinMarketCap
BTC/USD
Bitcoin (BTC) is the least down of our list today, down 1.69%.
BTC/USD chart by TradingView
On the daily chart, Bitcoin (BTC) has bounced off the recently formed local support at $38,547. However, the bearish pressure persists, which means that the breakout above the mentioned level may be a prerequisite for a further decline.
If so, expect a drop to the $36,000 area in the first few days of May.
Bitcoin is trading at $38,924 at press time.
ETH/USD
Ethereum (ETH) failed to withstand BTC’s fall and its price has also fallen since yesterday.
ETH/USD chart by TradingView
According to the technical analysis, the price touched the blue line in the middle of the wide channel at $2,774. Until the price breaks above, there is a chance for recovery and further growth. However, in case of a breakout and decline below $2,600, the downtrend could extend to $2,500. Also, sales volume has increased, which means that bears are more powerful than bulls.
Ethereum is trading at $2,871 at press time.
XRP/USD
XRP is the biggest loser today as its price has fallen more than 5% in the last 24 hours.
XRP/USD chart by TradingView
After yesterday’s bearish candle, XRP touched $0.65. For now, the medium-term scenario is bearish rather than bullish as the price continues to trade below $0.70. If nothing changes, traders could face another downtrend to the next support level at $0.54. But if buyers take the initiative and push XRP back above $0.70, the medium-term rise could continue.
XRP is trading at $0.6640 at press time.
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