Cryptocurrencies are known for their volatility with prices able to change drastically and this is partly what was experienced in the last 24 hours. The market suffered massive price correction with most top coins trading in the red zone.
Leading coin Bitcoin led the bearish movement having failed to surpass the $10,200 resistance barrier. This, alongside movement from major whales resulted in BTC falling below the support levels of $9800.
Bitcoin is currently valued at $9,598 with some analysts suggesting that the coin could suffer more losses in the coming weeks.
The travails of Bitcoin as expected saw the market follow suit with popular altcoins, Ethereum, EOS and Litecoin suffering huge losses.
Ethereum analysis
Ethereum had enjoyed a decent upward run in recent days with the altcoin moving above $275 resistance levels. However, ETH failed on multiple occasions to surpass the $286 mark leading to its current downturn in value.
There was a sharp decline from the $280 mark and the price begun to drop until it reached its current levels below the $260 mark. Ethereum is currently valued at $251 with a loss of 10.29% to the USD in the last 24 hours.
If Ethereum price starts a fresh positive movement the next resistance level will be around $265. However, a bearish trend could see the coin drop to $240.
EOS Analysis
EOS is also one of the coins affected by the recent bearish movement within the market. The altcoin lost 13.09 in value to the USD in the last 24 hours and currently trades at $3.96 per unit.
Looking at the market trend, a positive movement for EOS could see the coin hit the $4 mark. While its next resistance point is likely to be around the $4.30 point.
If the bearish trend continues the next support levels for EOS would be around $3.50.
Litecoin analysis
Litecoin has enjoyed a fairly positive run in recent weeks with its price progression in tandem with that of leading coin Bitcoin. The last 24 hours has seen the coin suffer double-digit losses of around 10.48%.
As at the time of writing LTC is valued at $68.85 per unit and placed 7th on the coin rankings. If the bearish position continues the next support levels will be within $65 while an upsurge in price would put the resistance levels at $70.
