Altcoins Dive as Bitcoin and Ethereum Lose Key Support

  • Bitcoin has fallen below the 38,000 mark.
  • XRP traded near USD 0.70, while Ethereum tested the USD 2,500 support.
  • LUNA, ZEC, QNT, and FTM are all down between 8% and 18%.

The price of bitcoin continued to plummet below the critical USD 40,000 support zone, breaking the USD 38,500 support zone. It is currently down 3% and showing bearish indications near USD 37,900 (04:12 UTC).

Similarly, the majority of big altcoins are losing ground. The price of ETH has dropped 4%, with a break below USD 2,550. XRP is having a hard time staying above the USD 0.70 support level. The ADA currency pair is approaching the USD 0.80 support level.

Market capitalization in total

screenshot 2022 03 07 at 06 25 21 crypto market cap and defi market cap charts tradingview

Bitcoin’s value

Bitcoin price has gathered bearish momentum after a clear breach below USD 40,000. BTC has fallen below the USD 38,500 support level and is now trading in the red zone. The bears appear to be in command, and further losses below USD 37,000 are possible. The next major support level is near USD 36,200, below which the price may drop to USD 35,500.

On the upside, the price may encounter resistance near USD 38,500. The key weekly barrier is currently building above USD 40,000, above which the price may begin a larger rise.

The cost of Ethereum

The price of Ethereum has also started to fall below the USD 2,800 support level. The USD 2,650 and USD 2,550 support levels were broken by ETH. It’s also having trouble staying above USD 2,500. The next major support level is near USD 2,440, below which the price may fall to USD 2,320.
On the upside, the price is coming up against resistance near USD 2,550. The next significant stumbling block could be near USD 2,650, which served as a previous support zone.

Price of ADA, BNB, SOL, DOGE, and XRP

Cardano (ADA) is currently trading at a price below the USD 0.82 support level. The price is currently trying to maintain its position above the USD 0.80 support level. If the price breaks to the negative, it might fall to USD 0.765.

BNB is down 3%, and it has clearly broken through the USD 385 support level. The price is currently hovering around the USD 365 support level. Any further declines could push the price below USD 350.

Solana (SOL) lost 6% of its value and fell below the USD 85 support level. The price is now hovering around USD 80. The next significant support level is near USD 75, below which the price could touch USD 70.

DOGE is now trading under the USD 0.120 support level. If the price closes below USD 0.120, it could potentially fall to USD 0.110. A recovery wave towards USD 0.125, on the other hand, could face sellers.

The price of XRP has fallen below the USD 0.72 support level, although it has managed to retain the USD 0.70 support. If the price breaks to the negative, it might fall to USD 0.665.

Today’s market for other altcoins

AVAX, DOT, DOGE, SHIB, MATIC, CRO, ATOM, LTC, NEAR, LINK, UNI, and BCH are among the cryptocurrencies that have lost more than 5% of their value. LUNA is the worst performer, down about 8% and trading below USD 80. After a week, it’s still up 8%. WAVES, on the other hand, soared 9%, approaching USD 19 and extending its weekly gains to nearly 67 percent.

Overall, bitcoin’s price is falling below the USD 38,500 barrier, indicating a bearish trend. If BTC falls below USD 38,000, a move to USD 36,200 or possibly USD 35,500 is possible.


Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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