Crypto market down: Can coins return to their previous levels after current decline?

New Delhi: The global crypto market saw a decrease in capitalisation by 5.24 percent over the last 24 hours. The current total market capitalisation stands at $2.13 trillion. Bitcoin, currently trading at $46,881.43 is down by 3.6 percent in the last 24 hours, on the other hand, BTC’s market dominance increased by 0.48 percent.

While Ethereum is down by 5.16 percent in the last 24 hours and currently trading at $3,781. Cardano fell by 5.30 percent and is trading at $1.24. Polkadot plunged by 7.53 percent and is currently trading at $25.96, Avalanche priced at $78.65 plunged by 7.43 percent.

Memecoins DOGE plunged by 3 percent while SHIB went down by 4 percent. Digital coins have struggled a lot as the market saw the Chinese ban, flash crash and speculative risk over the Omicron spread scare.

Bitcoin has moved backward by more than 30% from its ATH (all-time high) of almost $69,000 on November 10. Meanwhile, according to the experts, Neither bulls nor bears have full control of the market at this moment.

Can coins return to their previous levels after current decline?

BITCOIN

Following the breakout from the $53,300, BTC is placed at the wide channel with the nearest is located at the level of $41,967. Bulls need to hold this area as there is absolute chance to witness a sharp drop below the critical zone of $40,000.

Ethereum

ETH was trying to hold the price in a sideways consolidation with a support level of $4,000. The price level of $4,000 is considered as the important psychological level for ETH. However, buyers made a dull attempt to break and find support above the $4,100 price level.

By Monday, ETH’s price went back to the support area of $4,000. A breakout is expected from here and this could lead ETH towards the price barrier at $4,300.

XRP

Last weekend, XRP failed to gain momentum and found it difficult to hold the above the Exponential Moving Average (EMA). As per experts, XRP is still below the average price as the coin set the local maximum around the $0.857 mark

A strong attempt by the bulls can take the XRP’s price towards the resistance area of $0.96.