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Crypto markets on October 8th: Bitcoin corrects lower, Ethereum and Altcoins battle for speed

Cryptocurrency market on October 8th by cryptonew: Bitcoin price began to correct down from a high of over USD 55,000. BTC has fallen below $ 54,000. At 04:28 UTC, BTC is trading below $ 54,000 and could correct even lower.

Large altcoins show mixed results. ETH is trading above $ 3,500 and could accelerate higher if it breaks above $ 3,600. XRP failed to break the USD 1.10 resistance and corrected to the downside. ADA rose above $ 2.32 but made no further moves.

Cryptocurrency Market October 8th

October 8th cryptocurrency market: Bitcoin price

After Bitcoin price traded above $ 55,500, a downward correction began. BTC traded below $ 54,500 and $ 54,000. It is currently moving down towards the USD 53,500 support area. The next big support is near $ 53,200 below which a larger decline is likely. If so, the price could drop to $ 52,000.

On the downside, the price is encountering resistance near $ 54,500. The first major resistance is now forming near the $ 55,000 mark, above which the price could rise again.

Cryptocurrency Market October 8th: Ethereum Price

Ethereum price is showing positive signs above the $ 3,500 pivot level. ETH even broke the $ 3,600 mark, but there was no suitable degree. If the day closes above $ 3,600, the price can rise towards $ 3,700 and $ 3,750.

On the flip side, initial support is close to the $ 3,510 and $ 3,500 support levels. The next big support is at $ 3,440, below which a drop to the $ 3,350 support is possible.

Crypto Market October 8th: ADA, LTC, DOGE and XRP prices

Cardano (ADA) accelerated above the $ 2.25 and $ 2.30 levels. It even rose to over $ 2.32, but the bulls couldn’t stay active. As a result, there has been a downward correction and the price is currently trading below $ 2.30.

Litecoin (LTC) has broken the USD 180 and USD 185 resistance levels. However, it had met strong resistance near the $ 188 level. The price is currently correcting downward and trading below $ 180. If it breaks below $ 172, it can drop to $ 165.

Dogecoin (DOGE) broke the $ 0.250 level before correcting down. The price is currently consolidating near the $ 0.240 level. If it rallies above $ 0.250 again, the bulls can test the $ 0.265 level for a short time.

XRP price attempted to break out of the $ 1.08 resistance. The price failed to break the USD 1.10 mark and is currently correcting downwards. Price could soon make another attempt to break the $ 1.10 resistance in the near future.

Important NOTE: All content on the website is for informational purposes only and does not constitute investment advice. Your money, the choice is yours.

Crypto Market October 8th: Another Altcoin Market

Many altcoins are up more than 5%, including FTM, BSV, CHZ, EGLD, LUNA, NEAR, REV, SC, ALGO, KSM, YFI, ONE and DOT. Of these, FTM rose 25% and broke $ 2.10 before correcting down.

Overall, Bitcoin price corrects gains below the $ 54,000 mark. However, BTC could stay stable near $ 53,000 and start a new rally in the near future.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.