Crypto Market Analysis: Bearish Clouds Loom Over-BTC, ETH, SOL, ADA, XRP Prices Run Down

The post Crypto Market Analysis: Bearish Clouds Loom Over-BTC, ETH, SOL, ADA, XRP Prices Run Down appeared first on Coinpedia Fintech News

Ever since the markets witnessed the recent rejection in mid-July, the popular tokens have been maintaining a steep descending trend. Besides, Bitcoin remains stuck around $29,000 as a massive drop in volume is recorded, impacting the volatility to a large extent. This has halted the growing strength of the bulls, paving the way for the bears to intensify their action. Hence, the popular altcoins that have been holding lower support are believed to encounter a significant drop in the next 48 hours. 

Bitcoin (BTC) 

Bitcoin maintained a consistent trend between pre-determined resistance and support levels over a period. However, it appears to be uncertain of the next price action while the technical indicators are flashing bearish signals. The RSI is heading towards the lower support in the short term, indicating the price may drop towards the lower support just below $29,000 at $28,834 during the weekend. 

Ethereum (ETH) 

The ETH price has been maintaining a consistent descending trend ever since the beginning of the month, hence forming a descending triangle. The trade has now approached the lower support of the triangle and looking out for a bullish breakout. The accumulated selling pressure had prevented it from doing so. However, the MACD is about to undergo a bullish crossover which indicates ease in the selling volume. Therefore, the price may witness a rebound but could remain within the descending triangle for the next few days. 

Solana (SOL) 

The Solana price is trading within a descending parallel channel ever since it faced a rejection from the interim highs in July. the price after a healthy rebound has managed to trade within the upper bands of the channel, indicating the growing strength of the bulls. However, the Stochastic RSI is displaying some deviation in its path toward the lower support, which suggests the SOL price could maintain a sideways trend during the weekend. 

Cardano (ADA) 

The Cardano price has dropped below the ascending trend line that it followed for over a month. The bearish start to the month may prove extremely fatal for the token as it may continue to shed its gains and reach interim support at around $0.28. Moreover, the stochastic RSI is about to undergo a bearish cross, which may drag the price toward the immediate lows during the weekend. 

Ripple (XRP) 

The win over the SEC spiked the price by over 100% in a short time frame, but the post-rally impact turned out to be extremely bearish, which slashed the price hard. The price, with the fresh bearish attack, has dropped from the 0.5 FIB level and appears to be on its path to reaching the lower FIB level of 0.78, surpassing the 0.612 FIB level. If the bulls manage to hold on to either of these levels, then one can expect a healthy rebound, or else the XRP price may shed all its gains and reach the 0 FIB levels at its initial position at $0.468.