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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

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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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.

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