The market has taken yet another dive in the last 24 hours. This has seen most coins fall to last week low. Before the plunge, most coins were struggling with respective resistances.
The result of a failed upward movement has always been predictable as bears sense weakness. In the last 48 hours, the bears have taken charge and pulled prices to recent lows. Luckily, recent lows have provided strong support, ensuring there are no further losses.
BTC, ETH And XRP Price Update
For Bitcoin, the recent plunge has seen it slip below $10K. This is after rallying and reaching a high of $10,700 at the start of the week. The coin on Wednesday took a more than 6% dive bringing prices below 10K.
The asset found higher support reaching a bottom just above $9,800 before prices bounce back up. In the last couple of hours, a war has been going on between the bulls and the bears. The bulls have continued to push the prices above $10K while the bears have kept pulling it down. This should continue to be the case until there is a catalyst that pushes prices one way or the other.
In the meantime, while prices are below $10K, this continues to be a buying opportunity for many investors. During the next bullish charge, the ensuing target is the failed $11K position, making current prices a bargain.
Ethereum, whose price movement has correlated with Bitcoin even more than other altcoins in the last few weeks has also seen a huge dip. At the start of the week, the number one altcoin reached $200 before lacking enough support to stay above it.
Yesterday when prices began crashing, Ehereum took a more than 6% hit to go as low as the $183 position. In the last few hours, the bulls have tried to push prices above $190 but there has been major resistance around $186. Having hit a bottom of $178 during last week’s dip, it is encouraging for investors that the altcoin has found higher support this time.
XRP, on the other hand, has not had such success. The latest dip has taken it straight to last week’s lows. Yesterday’s drop pulled XRP to the $0.26. This is around the same region the asset was trading last week.
This has been a consequence of not rallying high at the start of the week and only climbing to around $0.28. The lack of a higher resistance meant it would lack higher support.
What triggered the drop remains unclear but it could well be a market response after a failed rally above recent resistance positions.