Key Insights:
- Bitcoin is gaining ground beneath the $40,000 mark.
- The price of Ether (ETH) fell below the critical $3,000 support level.
- AVAX is indicating a significant drop below $75.
Bitcoin
Following a surge in selling activity, bitcoin's price began a new drop from the $43,000 level. The support zone of $40,950 was clearly breached.
On the hourly chart, there was a break below a crucial bullish trend line with support near $41,900. It even moved below the $40,000 support level and closed below the 21 SMA (H1). The present price action is bearish, and the bears appear to be going for a $39,000 challenge.
Near $38,550, the next big support is found. Any further declines could push the price closer to $38,000 in the near future.
Ethereum (ETH)
From the $3,165 resistance zone, ETH followed a similar pattern and began a new fall. The price dropped below the $3,100 support level.
On the hourly chart, Ether fell below a strong bullish trend line, with support near $3,020. It fell below $3,000 and the 21-day simple moving average (H1). Near the $2,930 level, the next big support is found.
A break below the $2,930 support on the downside might take the price lower to $2,840. The prior support at $3,035 and the 21 simple moving average (H1) could pose as significant resistance on the upward.
Avalanche (AVAX)
Above the $100 resistance, AVAX tried a huge upward break. The bulls, on the other hand, were unable to generate traction beyond the $100 mark.
A peak was made near $104 and the price began to fall sharply. The 21-day simple moving average and the $88 support level were both broken to the downside. The price fell below the 50% Fib retracement level of the upward run from the swing low of $65 to the high of $104.
On the daily chart, AVAX is presently attempting to close below a critical bullish trend line with support near $75. If the bears win, the price might plummet to the $65 support level. If there are any more losses, the key $55 support zone may be tested in the following days.
ADA, BNB, and DOT price
Cardano (ADA) is currently trading below the $0.90 support level, down 5%. The important support is near $0.865, and a break below that level might lead to a test of $0.85.
Binance Coin (BNB) is gradually falling towards the support levels of $402 and $400. In the short run, if the price breaks below $400, it may fall to $382.
Polkadot (DOT) is down more than 5% and has fallen below the $19.00 mark. The price appears to be moving down, possibly targeting the $18.00 support level.
GMT, AMP, and LEO are a few popular coins. AMP is the only one of them that is exhibiting signs of life above $0.0234.
