Bitcoin and ETH Tumble, XRP Reaches Crucial Support

Key Insights:

• Bitcoin started a major decline below the $25,500 support.
• Ether (ETH) declined over 20% and traded below $1,200.
• XRP is now approaching a crucial support at $0.30 on the weekly chart.

Bitcoin

After clearing the $27,200 support, bitcoin price started a sharp decline. The price tumbled below the $26,000 and $25,000 support levels. The move was such that the bears push the price below the $24,400 support.

There was a clear move below the $24,000 level and the 21 simple moving average (H1). It tested the $22,800 zone and remains at a risk of more losses. The next major support is near the $22,000 level, below which there is a risk of a drop towards the $20,500 level.

On the upside, there is a major resistance forming at $24,000 and a bearish trend line on the hourly chart.

Ethereum (ETH)

ETH also followed a similar path after it failed to clear the $1,800 resistance. There was a bearish reaction below the $1,550 support and the 21 simple moving average (H1).

The price declined over 20% and traded below the $1,250 support zone. It even spiked below the $1,200 level and might continue to move down. An immediate support is near the $1,125 level. The next major support is near the $1,080 level.

Any more losses might send ether price towards the $1,000 level. On the upside, the bears might remain active near the $1,250 and $1,310 levels.

XRP

XRP started a major decline from the $1.00 resistance zone. There was a drop below the $0.80 and $0.65 support levels.

The price even settled below the $0.50 level and the 21-week simple moving average. There is also a crucial bearish trend line forming with resistance near $0.70 on the weekly chart. The price is now trading below the $0.35 level, but it is now approaching a major support.

The $0.30 zone represents a multi-touch zone for the bulls. If there is a downside break below the $0.30 support, the price could nosedive to $0.225 or even $0.20.

On the upside, the price could face a strong resistance near the $0.50 level. The main resistance sits near the $0.70 zone, above which the price could rally.

ADA, BNB, and DOT price

Cardano (ADA) is down 15% and there was a break below the $0.50 support zone. The next major support is near $0.42, where the bulls might take a stand.

Binance Coin (BNB) is gaining pace below the $235 level. If the bulls fail to protect the $200 support, the price could dive towards the $180 level.

Polkadot (DOT) is down over 15% and trading below the $7.50 level. The next major support is near the $6.50 level, below which there is a risk of a move towards the $5.80 level.

A few trending coins are LEO, GAL, and ASR. Out of these, LEO is stable near the $5.30 level and might continue to trade in a range.