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BTC, ETH and XRP Price Analysis for April 25

Analytics

u.today 25 April 2022 16:20, UTC
  
Reading time: ~2 m

The new week has begun with the ongoing correction of the cryptocurrency market as the prices of most of the coins are going down.

Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has fallen the least from our list today, declining by 1.69%.

BTC/USD chart by TradingView

On the daily chart, Bitcoin (BTC) has bounced off the recently formed local support at $38,547. However, bears' pressure continues, which means that the breakout of the mentioned level can be a prerequisite for a further decrease.

In this case, one can expect a drop to the area around $36,000 in the first days of May.

Bitcoin is trading at $38,924 at press time.

ETH/USD

Ethereum (ETH) could not withstand BTC's fall, and its rate has also declined since yesterday.

ETH/USD chart by TradingView

According to the technical analysis, the price has touched the blue line in the middle of the wide channel at $2,774. Until the rate is above it, there is a chance to see a bounceback and further growth, However, in case of a breakout and drop below $2,600, the downtrend may continue to $2,500. In addition, the selling volume has increased, which means that bears are more powerful than bulls.

Ethereum is trading at $2,871 at press time.

XRP/USD

XRP is the biggest loser today as its rate has dropped by more than 5% over the past 24 hours.

XRP/USD chart by TradingView

After yesterday's bearish candle, XRP has touched the $0.65 mark. At the moment, the mid-term scenario is rather more bearish than bullish as the price remains trading below $0.70. If nothing changes, traders may be faced with a further downtrend to the nearest support level at $0.54. But if buyers seize the initiative and return XRP above $0.70, the mid-term rise may continue.

XRP is trading at $0.6640 at press time.


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