Cryptocurrency market October 28, 2021: Bitcoin and Ethereum risk further losses
Cryptocurrency Market Oct 28 by cryptonew: Bitcoin price failed to stay in positive territory and traded under the support of $ 60,000. BTC traded under the support of $ 59,200 and tested $ 58,000. At 05:00 UTC, BTC is trading below $ 59,000 and is threatened with further declines in the near future.
Also, most of the big altcoins are gaining bearish momentum. ETH extended its drop below $ 4,000 and tested $ 3,880. XRP has fallen below $ 1.00. ADA paid less than $ 2.00 and could go as low as $ 1.85.
Cryptocurrency Market October 28, 2021: Bitcoin Price
After a significant break below $ 60,000, Bitcoin price has moved into a bearish zone. BTC even broke the USD 59,200 support area and even tested USD 58,000. It is currently consolidating losses above the $ 58,700 mark. Immediate resistance is near the $ 59,200 level. The next major resistance is at $ 60,000, above which the price could move into a positive zone.
On the flip side, initial support is near the $ 58,000 mark. A close below $ 58,000 could push the price towards the $ 56,500 support.
Cryptocurrency Market October 28, 2021: Ethereum Price
Ethereum price fell 7% and broke the $ 4,000 support. ETH fell below $ 3,950 but found support at $ 3,880. Should there be another loss below $ 3,880, the price could rise to $ 3,650 in the short term.
On the flip side, initial resistance is near the $ 4,050 mark. The next major resistance is at $ 4,150, above which the price can rise towards $ 4,250.
Cryptocurrency market October 28, 2021: ADA, LTC, DOGE and XRP prices
Cardano (ADA) settled below the USD 2.00 support area. It even went below $ 1.92 and tested $ 1.82. On the flip side, it will encounter resistance near the $ 1.98 and $ 2.00 levels. A closing price above $ 2.00 is required for new winnings.
Binance Coin (BNB) has fallen below the $ 460 and $ 450 support levels. The price tested $ 435 and is now trying to start a wave of recovery. To initiate a steady wave of recovery, the price must break through the USD 465 and USD 470 levels.
Solana (SOL) fell after breaking the $ 200 support. The price even went below $ 185 and tested the 178 level. If there were other downsides, the SOL could test the $ 165 support. On the downside, the previous support at $ 195 is now critical resistance.
Dogecoin (DOGE) plunged below $ 0.250 and $ 0.235. It tested the $ 0.220 level and consolidated the losses. Immediate resistance is near the $ 0.235 level. The main breakout resistance is currently forming at $ 0.250.
The XRP price fell below $ 1.05 and even rose below $ 1.00. It tested $ 0.95 where the bulls showed up. The price is currently consolidating losses with a major hurdle near $ 1.05. The main resistance level remains at $ 1.12.
Cryptocurrency Market October 28, 2021: Another Altcoin Market
Many altcoins are down more than 10%, including CHZ, THETA, AR, STX, REV, GRT, YFI, ZIL, MIOTA, XTZ, LINK, DASH and SNX. Of these, CHZ is down 15% and is trading below $ 0.30. Meanwhile, SHIB is correcting strong gains and is down 11% in the last hour, reducing its daily increase to 46%. It increased 163% in a week.
Overall, Bitcoin price is showing signs of falling below $ 60,000. Unless BTC recovers above $ 60,000 and $ 61,200, it could drop further to $ 56,500.
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