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Altcoins Dive While BTC And ETH Break Key Support

Created by TradeOr

Cryptocurrency 07 Mar 2022
A downward trend is on the horizon for all cryptos including Altcoins, BTC and ETH. A decline in BTC price led to a break below the $40,000 and $38,500 support zones. The price is currently down 3% (04:12 UTC) and showing bearish signs near $37,900. The majority of major altcoins are also experiencing bearish momentum. ETH is down 4% and has slipped below $2,550. The price of XRP is struggling to hold above the $0.70 support level and ADA is heading toward $0.80.

BTC and ETH Movements

In the wake of a move below $40,000, bitcoin’s price has entered a bearish trend. BTC moved further into the red zone as it fell below the $38,500 support area. Bears appear to be in control and more losses are possible below $37,000. The next critical support lies near $36,200; below that level, the price may decline to $35,500. USD 38,500 might serve as a strong resistance zone for the price to rise. At this time, the main weekly resistance is forming near $40,000, which would trigger a stronger increase.

Meanwhile, Ethereum’s price is gaining a sharp decline below $2,800. ETH broke support at $2,650 and $2,550. It is also having difficulty staying above the $2,500 level. USD 2,440 is the next key support, below which the price could plunge to $2,320. Toward the upside, $2,550 is proving to be a strong resistance level. Consequently, $2,650 could be the next major obstacle.

Altcoin Movements

Cordano (ADA) traded below the $0.82 support level. The price is currently struggling to stay above the $0.80 support. A downside break could push the price down to $0.765. The price of Binance Coin (BNB) has fallen 3% and moved below the $385 support level. It is currently trading near the $365 support level. Any further losses could push the price towards the $350 level. The price of Solana (SOL) fell 6% and the price is now below the $85 support level. The next major support level is near $75, below which the price may reach $70.

The DOGE-faced cryptocurrency is currently trading below the $0.120 support level. A close below $0.120 might even lead to a decline to $0.110. In the upside scenario, a recovery wave towards $0.125 might face sellers. The price of Ripple (XRP) fell below the $0.72 support level, but it is holding strong to the $0.70 support. If a downside break occurs, we could see the price drop to $0.665.

Some altcoins have dropped over 5% in price, including AVAX, DOT, DOGE, SHIB, MATIC, CRO, ATOM, LTC, NEAR, LINK, UNI, and BCH. LUNA in particular is down almost 8% and is trading below the $80 mark. However, it’s still up 8% in one week. WAVES jumped 9%, nearly reaching $19 and pushing its weekly gains to almost 67%.

As a whole, the bitcoin price is showing bearish signs below the $38,500 mark. In the event that BTC declines below $38,000, it could move towards $36,200 or even $35,500.

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