It was a red, bloody week all over the cryptocurrency market. Almost everything, with a few exceptions, declined substantially as the total market cap slipped below $2 trillion.
Bitcoin: Bitcoin saw a turbulent week in which the price dropped by 20% to break beneath $50,000 and reach as low as $47,500 today. The cryptocurrency fell below $60,000 at the start of the week as it saw a large spike lower in which it dropped to the $51,440 support. It continued lower yesterday as it closed at around $51,440. Today, it dropped to $47,500. It has since recovered slightly and is now trading above $50,000 as it battles to hold support at the 100-days MA there.
Ethereum: Ethereum saw a smaller 8% price drop throughout the week as it currently trades at $2275. The cryptocurrency has been range bound between $2400 and $2162 for the past six days and must close a daily candle above the range to dictate the next direction for the market. Yesterday, ETH also managed to reach a new ATH price at $2642 but was unable to close a daily candle above $2402. Looking ahead, the first resistance lies at 0.048 BTC. This is followed by 0.05 BTC, 0.0516 BTC, 0.0523 BTC, and 0.0541 BTC (April 2018 Lows).
Ripple: XRP saw a very sharp 33% price decrease this week as it falls to the current $1.10 level. The coin set a new multi-year high at $1.98 a couple of weeks ago and has been in a steady dip ever since. Today, XRP went below the $1.00 level to reach as low as $0.85. It has since rebounded from there to trade back above $1.00 and sit at the $1.10 level. Looking ahead, the first support beneath $1.10 lies at $1.00. This is followed by $0.927, $0.828 (2020 Highs), $0.75, and $0.678.
Cardano: ADA also saw a severe 23% price drop this week as it fell to the current $1.10 level. The cryptocurrency failed to break resistance at $1.50 at the start of the week and has been in a steady decrease from there. Today, ADA fell beneath a shallow ascending price channel as it spiked as low as $0.9. There, it quickly found support and rebounded back above $1.00 to the current $1.10 level. Looking ahead, the first level of support lies at $1.05. This is followed by $1.00, $0.905, $0.755, and $0.7.