Most of the Crypto Market is bleeding red for weeks together. Although the cryptos were in the bearish zone, the plunge used to be bare minimum ranging from 0.5% to 3%, you can say. However, the last 24 hours seem to be very excruciating for the crypto market. Most of the altcoins are showing a plunge greater than 5%.
Crypto Market Analysis – Dec 17, 2019
The most widely used crypto is trading at $6936 USD with a 2.29% plunge. The BTC/USD RSI trading chart is below level 30, which shows the BTC will still continue in the bearish zone.
The second topmost crypto as per market capitalization, Ethereum has slid down around 6% for the last 24 hrs. The crypto is trading at $133.11. The 4hr MACD trading chart of ETH / USD is nearing -1 level. This denotes that Ethereum will continue the bearish zone.
Ripple‘s XRP is also trading low at $0.198987 with a 6.87% plunge. The 4hr MACD chart of XRP/USD has crossed the level 2 on the negative side. This looks like a piece of bad news for the XRP.
Out of the top 10 cryptos, tether seems to fare considerably well. The crypto is up by 0.28% trading at $1.01. The 4hr price chart shows the price chart is tilted to the south and still sliding down.
Bitcoin cash price declined below the $205 and $200 support levels against the US Dollar. BCH price is down around 5%. The RSI indicator shows the BCH / USD increase and reaching level 30. On the upfront, the price shows the bullish breakout.
Litecoin, EOS & BNB
The Litecoin, EOS, and Binance coin are down by 7% for the last 24hrs with no signs of a breakout. If BNB slides further, the crypto is likely to break $12 support. On the other hand, Litecoin is showing signs of decent recovery if it crosses the upside support of $40 USD.
Looking at the total crypto market cap 4-hours chart, there was a sharp decline below the $188.0B and $185.0B support levels. The crypto market cap is down more than 10.0B and it is now near the $180.0B support area.
Also read: Crypto Market in 2020