Crypto freefall continues, no sign of improvement

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Crypto freefall continues, no sign of shine in carnage saga

Bitcoin, Bitcoin cash, Ethereum and Ripple trending points

  • Crypto priced had been hammered hard, back to the 13 months low, as lastly experienced in 2017
  • Market bias remained highly negative, further falls are likely to happen
  • Market is whispering about an upcoming Ripple ramming, might topple the cryptos further
  • Questions has been asked, will the market recover in near future, as ICOs are paying penalties, compensating previous buyers.

No sign of shine in Crypto freefall saga, further tumbling is likely

Crypto market has been slumped hard to a multi-months low, as sellers are taking complete of the market and pushing the prices below important support levels. Almost all-important support levels are broken, as Bitcoin is trading below $4,500 and Ethereum being battered hard, is residing at 135.3. Ripple is being traded around 0.453 and it is the most stubborn Cryptos among all, suffering the lowest loss percentwise. Litecoin has been traded around 33.8.

In fact, a number of factors are pushing the prices further downwards including the tumbling Bitcoin cash fork, as it was forecasted, dividing the crypto currencies could make them more prone to a puckish plunge. There had been delay in Chinese Bitcoin miner Canaan’s IPO and two ICOs are paying the customers back, that could deduce the Ethereum capital further, as almost all of the ICOs have been sold via Ethereum since 2017. An Ethereum fall below 115.50 regions might be upcoming, as market data suggests.

Bitcoin daily price chart

Bitcoin daily chart

Ripple daily chart

Ripple daily chart

Ripple has fallen to 0.45 from 0.58, showing a greater resistance than other Cryptos, however, a Ripple sell-off might be upcoming, wobbling the prices below 0.35.

Bottom Line

Bitcoin total market capital has been shrunk dramatically, dragged downwards below 100 billion, as crypto freefall continues and further fall is likely to happen. While the buyers are standing aside, sellers have taken complete control of the market. U.S. tech stocks are tumbling, oozing the crypto worries further. As the overall crypto capital has fallen below 200 billion, questions have already been asked whether a Crypto recovery is in the cards or not.

Read more on Cryptocurrency news here

[Disclaimer: The content of this article is personal opinion and should not be considered as investment advice or suggestion towards any trading activity.]

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