NewsPrice Analysis

Bitcoin Leads Market Plunge With 5%, ETH Follows At 10% and BNB 11%

Bitcoin failed once again to break the $11,000 properly and has now crashed towards the $10,000 level. This drastic price action, ultimately, has driven the whole crypto markets towards ruins within the past 48 hours. As of today, even the very bests of Defi tokens are seen to be nurturing a common unprecedented downtrend.

Ethereum, like Bitcoin also crashed below the key support at $350. This marked the beginning of a downtrend in which the top cryptocurrency has now fallen towards the $340 level as many other altcoins nurture the downtrend.

In fact, it is easier to say that the only set of cryptocurrencies recording any form of stability as of the time of writing this piece are mostly stable coins. 

#1. Bitcoin (BTC 5% Loss):

BTC price

As BTC makes a drastic move down the price chart, the last 24 hours were particularly disappointing. With a 5% on the daily timeframe, BTC now accrues more than a 2% plunge in the last 7 days.

BTC has an equally distributed market sentiment. With a 50% pessimism, the market is expected to move either ways without any preference to any side.

Technical Point

  • Price bounced off the $11,000 level and fell into deep downtrend
  • Strong support lies at $10,000
  • Next key resistance at $10,500

At present, Bitcoin is changing hands at $10,445 while the chart looks bearish in the shorter timeframe.

#2. Ethereum (ETH 9% Loss):

Ethereum

Ethereum is showing a great correlation to the price of Bitcoin. The top crypto plunged in almost the same proportion to BTC. In the daily timeframe, ETH lost around 10% in value.

The coin swung into a downtrend phase having tested the support at $350. The bullish momentum, though held prices firmly above $340, could not succeed further.

ETH is looking good on the yearly and 60-day, timeframes, with 58% and 24% respectively.

Technical Points

  • Next key resistance at $350
  • Next major support at $335
  • RSI consolidates around the oversold condition.

#3. Binance Coin (BNB 11% Loss):

BNB

coming third on this list, BNB joins the calibre of top losers with roughly 12% loss within the last 24 hours.

BNB has a quite disappointing market sentiment. Many market observers believe in the short term possibility of a bearish run. With around 49% market pressure, BNB emits strong possibility for further plunge.

Technical Points

  •  Major support is building at the $22.0 level
  • Next level of key resistance lies at $25.0
  • RSI swings into a horizontal pattern at the 50.0 level.

As of present, BNB is changing hands at $23.65 amid a market cap of around $3.4 billion.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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