Bitcoin (BTC) and Ethereum (ETH) retested their major support levels on Monday; a break below these levels could signal a bearish trend ahead, while Ripple (XRP) closed below its key support level, indicating a likely bearish outlook in the coming days.
Bitcoin retests its daily support level around $52,226; a close below this support could lead to further price declines. Ethereum is retesting its weekly support at $2,118; closing below it may lead to further price declines. Ripple closes below $0.544 support, signaling a shift from a bullish to a bearish market structure.
As of Monday, it continues to decline by 9% and trades at $0.477. If the former daily support at $0.544 acts as resistance, XRP could continue to decline 17% to retest its weekly support at $0.413. The Relative Strength Index on the daily chart has briefly fallen below the neutral 50 level, and the Awesome Oscillator is approaching a similar decline; sustained weakening in these momentum indicators could signal strong bearish pressure and further declines in Ripple's price.
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