Can Traders Witness the Local Rise of Coins from Top 10 List This Week?

Join us as we explore the possibility of a local rise in the cryptocurrency market's top 10 coins this week amidst an ongoing decline.

Posted 8 months ago in Market Analysis


A price chart showing the decline of Bitcoin (BTC)

The new week has started with the ongoing decline of the cryptocurrency market. Top coins by CoinMarketCap BTC/USD The price of Bitcoin (BTC) has fallen by 0.70% over the last 24 hours.

Despite today's drop, the rate of Bitcoin (BTC) can decline even further as its price is on its way to again testing the support level of $25,350. If a breakout happens, the decline may continue to the $24,500-$25,000 area by the end of the week. Bitcoin is trading at $25,637 at press time.

The rate of Ethereum (ETH) has followed the drop of Bitcoin (BTC), going down by 2.31%.

From the technical point of view, Ethereum (ETH) is trading similarly to Bitcoin (BTC), as its price is also approaching the support level of $1,571. If the bar closes near that mark, the accumulated energy might be enough for a blast to the vital zone of $1,500. Ethereum is trading at $1,590 at press time.

XRP is the biggest loser from today's list, falling by more than 5%.

Despite the sharp decline, the rate of XRP is located far from the important levels. But if today's candle closes with no long wick and near the $0.45 mark, traders might expect a test of the support of $0.4309 soon. XRP is trading at $0.4735 at press time.

Last updated 9/11/2023, 3:58:33 PM

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