The crypto market shows strong signs of further decline.of Bitcoin Prices are battling the lower end wall of $19,000 ethereum Dropped below $1,300. XRPdespite bullish news from the Ripple vs. SEC battle, has failed to sustain the price above $0.50.
Top coins such as Bitcoin, Ethereum and XRP are losing momentum as the crypto market shows signs of a downtrend once again. Another sell off is likely if BTC, ETH, and XRP break below short-term support levels.
Bitcoin price going down?
The $19,100 mark has served as a solid support level for Bitcoin price for most of the last two months. At the time of writing, BTC is trading at $19,053 with a daily loss of just 0.59%. , the one-week loss was 3.5%.
Bitcoin recently saw a massive outflow of coins from exchanges, hitting a daily high of 40,572 BTC in four months. With the supply of coins on exchanges down to 8.48% of his, the potential for future sales has also decreased.
A drop in the price of Bitcoin below $19,000 could have a cascading effect as there is a significant supply barrier at this level. However, CryptoQuant analysts currently believe there are no signs of a 2018-like dump event.
Especially at the end of Q3 2018, when the BTC price started to fall, volatility Moving sideways, there was a sharp increase in the number of addresses sent to spot exchanges. On the contrary, this cycle has seen coins drift away from exchanges despite greater bearish sentiment.
Compared to the current period, the number of addresses depositing BTC on spot exchanges is at its lowest level in years, with the exception of this data system peak that marked a steep price decline.
Volatile Ethereum Price Action
Ethereum price is below the critical $1,300 level, down 0.50% over the past 24 hours. However, ETH whales continue to accumulate, according to Santiment data. Notably, since Sept. 11, the address of the Ethereum billionaire whale, who holds over 1 million ETH, has added 3.5 million coins in total.
Recent accumulations have increased the cumulative bag of Ethereum Billionaire Whale Addresses by more than 14%, with 132 addresses currently in existence.
One trend of concern, however, is the drop in active Ethereum addresses to a four-month low. This is because weak hands continued to drop after the merger. This also indicates a high level of participant indifference as price action remains stagnant: Oct. 17 saw his 400,000 active addresses on the network since June 26. It was the first day it fell below
ETH price faced a refusal at the psychological $1,300 level on October 20th. ETH has been trying to keep him above the $1,300 level, but at the time of writing he was trading at $1,288. A break below $1,280 could accelerate the decline.
The Relative Strength Index on the daily chart looks flat and is in oversold territory. The RSI moving average is doubly rejecting the indicator. Further sell-side pressure could push ETH price back to the low $1,200s.
However, in the case of bearish disabling, ETH could move to the $1,380s if the bulls continue to buy over the weekend.
XRP Price Drops As Lawsuit Nears Conclusion
At press time, the XRP price is trading at $0.4468, down 2.63% on the daily chart and 10.17% on the weekly chart. XRP has been on a long-term downward trend since his October 10th, while Ripple is nearing its close. regular battle with the SEC.
On-chain Accumulation Metrics Show Healthy Outlook for XRP as Ripple Whale accumulation Nearly 300 million XRP in the last few months. However, technical indicators may dominate XRP’s near-term price momentum, with retail volumes still trending downward.
XRP’s next liquidity level could be around $0.40 and potentially around $0.38 as the price trend tends to decline. A break below $0.38 could prove problematic for the coin and extend the bearish price action to levels below $0.32.
If the bearish forecast fails and the bulls take over the weekend’s price action, XRP could rise to the next resistance at $0.48.
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