Crypto Price Analysis
Over the last 24 hours the crypto market capitalization fluctuated by almost $40 billion.
To decide if the sharp price fluctuation, will continue or whether a short-term reversal is around the corner, let’s examine the Bitcoin, ETH, XRP, Cardano, XLM and Chainlink.
Video crypto price coverage
XRP has almost touched 2 times the support level of $59 cents in the last 24h. As long as XRP stays above the $59 cent support level, XRP is on track to make a breakout and exceed $65 cent resistance level.
Currently, XLM appears to keep the price above the $17 cent support level. XLM will most likely try to break the 19 cents resistance level in the next 24 hours. Failure to stay above the $19 cent resistance level will push back the price below $17 cent range.
ADA was able to withstand the major selloff with had yesterday above the support level of $14 cents. The current new resistance level is $17 cents. With the current momentum, ADA will probably try to have a breakout above the resistance level. If ADA is enable to stay above $17 cents, ADA price will fluctuate between $14 cents- $16.5 cents
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LINK was also able to withstand yesterday selloff above the support level of $12.95. It is currently holding well above the $12.95 support level. Chainlink will most likely get some further rejection toward the next resistance level of $14.1 cents.
ETH in the last 24 hours was also affected by a major selloff, leading to $80 price drop at some point. In addition, ETH was able to withstand the selloff at the $550 resistance level. ETH currently trading around $598. Ethereum will need to stay above the support level of $573 to try and break the resistance level of $617.
Bitcoin in the last 24 hours, had a drop of almost $2000 after failing to break the $20k resistance level It is currently trading above the moving average.
In order for BTC to break the next resistance level $1853, it need to consolidate above $18400 for the next few days. Yesterday selloff of Bitcoin broke 2 support levels and almost the 3 support level of $18000. In order to see less price fluctuation, BTC must consolidate around $18400. Failure to consolidate will create additional sharpe price fluctuation.
The viewpoints and opinions expressed here are solely those of the author and do not necessarily represent the views of Cryptostec. Any investment and trade move involves risk. When you make a decision, you can do your own analysis.