The cryptocurrency market is navigating a complex period of volatility, showing signs of a short-term downtrend. As of today, investors are witnessing a mixed bag of gains and losses across the major cryptocurrencies. Why are cryptos crashing? Will the current XRP crash continue to erase previous gains? In this article, we analyze Bitcoin, XRP, Ethereum, Litecoin and MATIC.
Bitcoin Crypto Price Today: Regaining $29,000
Bitcoin, the leading cryptocurrency, failed to break the psychological barrier of $30,000, showing a drop below this level. Despite this setback, Bitcoin managed to regain its position at $29,000. Traders should remain vigilant, as Bitcoin might continue to plummet towards its next critical support level of $28,000. The $28,000 and $26,000regions could offer a solid platform for a potential reversal if the broader market conditions improve.
XRP Crashes after Victory against SEC
XRP, the native cryptocurrency of Ripple Labs, saw a steep crash after nearly touching the $0.90 mark on its victory day against the Securities and Exchange Commission (SEC). This sudden fall is not unexpected. In previous articles, we highlighted the possibility of a strong adjustment in XRP’s prices due to the uncertainty surrounding the legal battle. XRP might continue to correct downwards towards the $0.55 level before finding new yearly highs as it breached its descending triangle formation lower.
Ethereum Finds its Old Support
Ethereum, the second-largest cryptocurrency by market cap, once again found its robust support price of approximately $1,800 after two years. This price level is vital for Ethereum, presenting a key inflection point. If Ethereum falls below this support, investors should brace for a further drop towards $1,600.
Litecoin Awaits Halving Event
Litecoin’s price experienced a decline, touching the $85 mark. Investors had high hopes for a rise to $100, especially with the halving event anticipated to happen soon. However, the overall negative sentiment in the crypto market pushed LTC prices lower. The halving event remains an essential factor to watch as it has historically resulted in significant price movements.
MATIC Still in Recovery Mode
Lastly, MATIC, the native token of the Polygon platform, reached a low of $0.67. Despite a strong community push and advancements in its roadmap, the SEC memo and negative crypto market sentiment played substantial roles in causing the MATIC price to drop. However, with its active development and increased adoption, MATIC might find solid ground for recovery.
