Most cryptocurrencies are currently on the downside with the market not correlating to the initial optimism that began the week. The COVID 19 crisis has shown no signs of abating the crypto market largely due to the positivity seen in recent weeks.
However, the crash of WTI crude oil futures yesterday appears to have affected the market with the price of oil falling below $1 for the first time in a very long time. Leading currency Bitcoin has dropped below the $7,000 mark, and the coin losing 3.10% in value in the last 24 hours of trading.
As at the time of publication BTC is trading for $6,864 with the current trend suggesting a return to its support levels of $6,500.
Binance Coin (BNB) Price Analysis
Binance Coin also suffered losses to the USD in the last 24 hours of trading. The coin is currently trading at $15.09. BNB has not had the best of run in recent weeks owing to a downslide that took it to the 9th on the coin rankings.
Looking at the current trend, Binance is on a negative slope and the coin could suffer more dips in price. Its next support level is around the $14.50 mark. However, if the optimism around the upcoming halving plays out, a positive movement would see the coin move above $18 resistance point in coming days.
Cardano (ADA) Price Analysis
Cardano is currently priced at $0.034644, after losing 3.91% against the USD in the last 24 hours. There had been speculations that the recent announcements from Cardano regarding technical updates to its blockchain could spur a mini bullish run, hence a recovery should be expected.
However, the current trend seems a bit bearish, depicting that ADA could be in for a mini bearish run with its next support level at $0.033000. While an upturn in the market could see the coin hit the $0.035 mark before the end of the week.
Tezos (XTZ) Price Analysis
XTZ has also plunged in the last 1 day. The price of the cryptocurrency recently went below its support level of $2.16, moving towards $2.15 at press time. Tezos lost 4.53% in the last 24 hours to the USD but is still ranked within the top 10 coins.
XTZ still looks bullish despite the downturn. The cryptocurrency seems searching for a strong anchor as a support level before initiating a recovery trend. A strong rebound, as signaled by the 200 SMA line of the cryptocurrency would initiate a drive to $2.20.