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After a spectacular upward trend in cryptocurrency markets, the markets crashed on December 25th. The markets were at $ 143 billion on December 24th, but are currently at $ 128 billion. One of the main reasons for the accident is probably the holiday sale season.
Bitcoin – BTC / USD
Bitcoin has a strong bearish trend. The cryptocurrency tried to break the $ 4,200 resistance line but it was interrupted. Bitcoin's inability to touch $ 4,200 yesterday combined with a holiday season in the West, saw a sharp decline in the price of Bitcoin.
The bear market is not finished yet. The main support for Bitcoin is currently $ 3,600 and the next major Bitcoin support is $ 3,480, $ 20 less than the $ 3,500 psychological support. The bearish trend is expected to continue until the new year.
XRP – XRP / USD
The positive news of Binance that accumulate pairs of XRP bases pushed up XRP by increasing by 15% and reaching $ 0.42. But due to the correction of the cryptocurrency market, XRP is currently declining by 11%. The main support of $ 0.40 has been discontinued. XRP is currently trading at $ 0.38.
But a key trusting trend line is forming at around $ 0.375 in the hourly charts. Investors could see a possible increase in the XRP price. But for this to happen, XRP should not fall below the bullish support of $ 0.375.
Ethereum – ETH / USD
The price of Ethereum has touched $ 150, causing speculation on a race to the bull of Ethereum. The greatest resistance had formed at $ 165. But Ethereum could not reach that price. At $ 153, the price of Ethereum fell on a strong downward trend due to the correction of the cryptocurrency market.
The largest support (through the purchase of walls) was formed for ETH / USD in the price range between $ 110 – $ 115 [Source: Kraken]. If Ethereum breaks the psychological barrier of $ 100, it could experience strong downward trends.
Tron – TRX / USD
Tron is one of the hardest hit by today's market correction, despite the new TRX / XRP base pair on Binance. The cryptocurrency decreases by 15% in 24 hours. Tron is still trading above the $ 0.018 support level. Although it is interesting to note that the volume TRX / XRP is slowly increasing, so investors would see a small increase in the value of TRX anchored to XRP.
Litecoin – LTC / USD
After running for three weeks in green, Litecoin's price fell due to market correction. Litecoin failed to touch a crucial psychological price of $ 35. Litecoin should drop a little higher up to $ 30 and should see a small rise due to an important support that hovers between $ 29 and $ 30.
Dogecoin – DOGE / USD
Like the amusing community of Doge, Dogecoin is the least affected by the collapse of the market today. The cryptocurrency decreases by 6% and has a market capitalization of $ 282 million. The DOGE / USD pair has been bound by October 11 to October 14 of this year. So, following the October DOGE / USD scheme, it would see a small uptrend in the short term.
Read also:
Two thirds of the top 50 cryptocurrencies have plummeted by over 90% in 2018
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