The market is today knee-deep in the red. This comes after a slow weekend and a start to the week that saw a majority of coins trade sideways. In the top 20 coins, a majority have shed around 3% to 10%. This latest drop sees a number of cryptocurrencies risk key support positions.
Bitcoin, in particular, is at the time of press clinging to $10K. If the losses extend for the next couple of hours, the crypto king is set to slide below $10K. Ethereum, on the other hand, has abandoned its $220-$230 range to hit $210 at the time of press. Extended losses could see Ethereum slip below $200. XRP is also suffering a drop of more than 4% but is holding up well above $0.31.
In the past, Josh Rager had stated that Bitcoin below $10,000 is a gift. This is to say it is an opportunity to accumulate. Hopefully, this will be the case and hence at the same time protect some key supports. Last week when Bitcoin dropped below $10K, it went as far as below $9,200. This time, the bulls will hope to find a higher support position, possibly above $9,800.
Tron’s All Too Common Mishaps
Tron however, remains by far the biggest loser. As we have reported, the coin has wiped out more than 10% in the last 24 hours. This follows the cancellation of the much-awaited lunch between Tron’s CEO Justin Sun and American billionaire Warren Buffett. According to Tron’s team, the lunch was canceled due to Sun’s health concerns. Sun was reportedly hospitalized due to kidney stones. But is this all?
In the past, there has been a concern that Justin Sun is always creating publicity stunts. Previously there have been mix-ups with Tron giving out a Tesla and Justin pledging to give 7,000 BTC after to Binance after the exchange was hacked. This not to mention the misleading communication in partnerships, notably with the football club, Liverpool and Baidu. This latest move with Buffett’s lunch could just be a move to attract more publicity.
Market Need To Find Stability While Bulls Consolidate
Yesterday, the market was looking like it was stable with most coins trading sideways. But as we reported, with the daily trading volume low, this could easily attract bears. In the days to come, the bulls need to bring in some stability into the market and avoid prices sporadically dropping below $10K if they are to rally back to $13K and beyond in the near future.