- Bitcoin’s critical support at $56K could stabilize or signal further declines.
- Ethereum’s key support at $2,320 may attract buyers or indicate deeper correction.
- Cosmos (ATOM) shows heightened activity whereby $4.00 support could stabilize price.
The global cryptocurrency market has taken a sharp downturn, with its market capitalization falling 4.22% in the past 24 hours. Major cryptocurrencies like Bitcoin, Ethereum, Solana, and Cosmos (ATOM) are all seeing significant losses.
As per Coinmarketcap data at press time, Bitcoin, priced at $56,437.34, has seen a decline of 4.37% in just one day. The price trend indicates a sharp downturn from around $58,980 to its current level. Support levels for Bitcoin are critical.
Read also: Analyst Predicts Bitcoin at $200K, Ethereum at $15K in 2024 Bull Run
The first key support is at $56,000. If the price holds above this, it could stabilize. However, should it break below $56,000, the next support level to watch is $55,000, where buying interest may emerge to stem further declines.
Resistance levels are at $58,000 and $59,000. If Bitcoin can recover, $58,000 might act as a resistance point, with $59,000 being the next significant hurdle.
Turning to Ethereum, price stands at $2,378.05, reflecting a 5.48% decrease over the last day. Ethereum’s price trend shows a drop from approximately $2,516 to a low near $2,320 before a slight recovery.
For Ethereum, support levels are also key. The first notable support is at $2,320. If the price drops to this level, it could attract buyers. Below this, the critical support level is $2,300, where a further drop might indicate a deeper correction.
Resistance levels for Ethereum are at $2,400 and $2,500. The price around $2,400 could act as immediate resistance, with $2,500 being the next major resistance point.
Read also: Solana Price: Could it Reach $1,000 Like Ethereum Did?
Solana is trading at $128.35, down by 4.24% in the last 24 hours. The price started the day at $134 but has since fallen to around $126. The immediate support level for Solana is $126. If the price declines to this level, it might find buying interest. Below this, the more significant support level is at $124.
Resistance levels for Solana are at $130 and $134. A rebound above $130 could signal a potential recovery, while breaking through $134 could lead to a stronger upward move.
Cosmos (ATOM) is priced at $4.04, having dropped by 9.04% in the past day. The price trend shows a decline from $4.43 to the current level. Key support for ATOM is at $4.00, a psychological level where the price tends to stabilize.
The increased trading volume, up by 53.95%, suggests heightened market activity. This surge in volume could reflect either panic selling or buying anticipation at key support levels.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
