The cryptocurrency market saw the floor turning red with blood as major cryptocurrencies exhibited losses of above 5%. Bitcoin [BTC] exhibited a loss of 4.2%, while XRP lost over 12% of its value in the past 24 hours.
While the price moved downwards, there exists a crucial resistance level at $6790 level. It has also narrowly avoided breaking the $6150 support level.
However, the psychological support level at $6300 seems to be the bottom that caught the knife in this run. It is holding strong.
There is a long-term uptrend from the $6150 – $6310 mark since mid-Septemeber. This should act as a support for the price in order to prevent it from taking a lower hit.
There are also two downtrends from $6790 – $6700 and $6485 – $6310, representing the general downwards movement the coin has experienced since the past month.
The MACD is showing a bearish crossover, as the MACD is moving below the signal line in a steep downward trajectory.
The Parabolic SAR is indicating bearish momentum on the price.
The WMA is providing resistance at $6490.
The $8370 – $6630 is currently in power, with the uptrend from the bottom of $5820 – $6325 contesting it. The 20-period EMA is at $6568. and has not caught up to the price as of yet.
The Stochastic RSI is demonstrating an oversold signal, which is generally considered to be a bullish sign. However, this is also indicative of the sell-off that caused the rice to drop.
The volume spike to a high that was not seen since last month, which is an unusual activity considering the lack of volume in the market. The price oscillator, however, shows that the price continues to move in a parabolic movement.
The $0.45 – $0.409 downtrend is in power, with the price continuing to move downwards. The $0.58 – $0.49 downtrend also represents the negative price movement seen by the coin.
The MACD is forming a bearish cross, with more divergence to occur as seen by the histogram moving downwards.
The Klinger Volume Oscillator is also demonstrating a bearish downwards cross, as seen by the oscillator moving downwards.
The $0.894 – $0.575 downtrend has been in power since May of this year. However, the uptrend from $0.26 – $0.40 provides a much-needed support for the price.
The Stochastic Momentum Indicator is in the oversold zone, indicating that the price has still not recovered from its sell-off. The DEMA is at $0.502 and is providing a future resistance for the price.
The volume oscillator shows a slight upwards trend, which is different from the movement that has been observed so far.
The Parabolic SAR is flashing a bearish indication since a week.
Both coins seem to be heading downwards with greater momentum, as the entire market is exhibiting price movement in the same vein.
Bitcoin might test the $6100 and the $5800 support if current price movements continue to occur. The $6300 psychological support level is of most concern at the current moment.
XRP is entering uncharted territory as the coin continues to decrease in value. However, it is unlikely that the coin might test its previous support level if it continues moving downwards.
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