The cryptocurrency market has almost recovered after the last correction; however, some cryptocurrencies remain in the red zone.
First of all, XRP, Bitcoin Cash (BCH) and Bitcoin SV (BSV) have all seen declines in the past 24 hours. Many digital asset charts form a triangle pattern, implying that the current trend continues with the breakdown of the cap. However, the reluctance of buyers to go higher increases the likelihood of a downward correction.
BTC / USD
On the daily chart, Bitcoin (BTC) continues to correct near the key resistance level of $ 12,150. The closest support area is 10 thousand 605 dollars. The RSI indicator’s values have practically tested the support line, and this could trigger another attempt to increase the asset’s value. The development of a small correction with the support area test at $ 10,605 should not be overlooked.
After that, investors can expect the rise to the potential target to continue towards $ 13,865. Cancellation of the positive option will be a break of the lower bound of the rising channel fixed below the $ 10,500 level. In this case, the decline target may be the level of 8 thousand 690 dollars.
Bitcoin was being traded at $ 11,546 at the time of writing.
XRP / USD
XRP prices are back below the upper limit of the rising channel. It is important to go beyond the $ 0.33 level again for continued growth. An additional signal in favor of the price increase is a test of the support line in the RSI indicator. Cancellation of this scenario could mean the breakdown of the support area with the price fixing below $ 0.234, in which case the price could be expected to drop to $ 0.216. XRP is trading at $ 0.282 at the time of the press.
ADA / USD
Although the Cardano (ADA) rate has increased compared to the last day, the short-term scenario continues its downward trend. Last week, the price change reached -4.55%.
On the daily chart, Cardano (ADA) has entered the correction phase based on long wicks. Also, the trading volume is falling slightly, which means that the decline will continue. Moreover, the liquidity is low, which is another reason for the impending decline. In this case, the closest support is $ 0.1196 and this could be obtained in a short time.
Cardano is trading at $ 0.138 at the time of print.
EOS / USD
EOS on the daily chart continues to trade above the support level. The rally continues towards a recovery potential and the initial target of $ 3.50. An additional signal in favor of such a scenario is a rebound from the trendline in the RSI indicator, where a new test is likely after a breakout. Canceling this option could mean breaking the lower bound of the ascendant channel fixed below $ 2.50. In this case, we expect the decline to continue to the level of $ 2.15. EOS was trading at $ 3.08 at the time of print.
DASH / USD
Dash is among the losers today, as its altcoin rate has dropped more than 2% since yesterday. According to the chart, DASH is in the middle of decreasing transaction volume. Since there is no liquidity to keep the cryptocurrency ratio at current levels, further declines are more likely than growth. DASH is currently forming a triangular pattern with an endpoint of $ 81.86 at the end of the month. DASH trades at $ 90.48 at the time of printing.
WGRT / USD
WaykiChain Governance Coin (WGRT) is a relatively new cryptocurrency. WGRT has grown significantly recently. Once trading, the cryptocurrency is rising for most of the summer. Technically speaking, the bullish trend continues to prevail. However, the altcoin may face a correction for further growth. Also, the value of the RSI indicator is in the overbought territory considering a possible drop. In this regard, the closest support is $ 0.01390 and can be obtained in a short time.
LINK / USD
Chainlink (LINK) operates similarly to WGRT. LINK is the biggest winner of our list. Its price increased by almost 20% compared to the previous day. However, the long-term scenario is in an upward trend and a correction is required to continue the upward trend. Therefore, the short-term trend is likely to show a bearish trend as the altcoin was overbought and the trading volume dropped slightly. Bulls can also show strength at the $ 12.60 mark. Chainlink was trading at $ 18.30 at the time of writing.