According to the previous price analysis, cryptocurrencies have significantly dropped below their various resistance levels. However, we are still not sure what caused this. On other recent news, Japan finally got a body for crypto exchanges regulation. According to the news, Japan crypto market might increase significantly because this restored the market confidence in cryptocurrencies.
Therefore, let’s find out the current prices for the price analysis.
Bitcoin attained a high of $9,750 on April 25th. From the time, it was involved in a downside below the $9,000 price level and down to the $8,700 price level. However, from 26th April, a bullish trend initiated which saw the cryptocurrency improve slightly. Currently, it is at the $9,109 price level.
If this upside trend continues, we should expect the $9,200 and the $9,400 resistance level. However, on the downside, dropping below the $8,800 price level might attract more losses.
Support level: $8,800
Resistance level: $9,200
Ethereum experienced a downside trend which saw it break many support levels. The cryptocurrency almost dropped below the $600 price level but has been stabilizing from the time. Ethereum experienced a low of $615 but has not been involved in a slight increment in price to the $650 price level.
Currently, Ethereum price has slightly experienced a bullish trend. Therefore, rallying above the $660 price levels might subject it to the $670 and the $680 resistance levels. On the downside, dropping below the $620 price level might attract losses. Therefore, we don’t advice on any buying.
Support level: $620
Resistance level: $660
Bitcoin cash BCH
Bitcoin cash was also involved in a downside in prices recently. This saw it drop significantly and attained a low at the $1,240 levels. However, it has been trying to stabilize in this position which has seen it experience a slight rise in prices to the $1,354 levels. The previous trend indicated a bearish sign.
According to the current analysis, Bitcoin cash might be involved in a slight rally in prices soon. This might see it attain the $1,380 level which might then see it rise to the $1,400 levels. On the downside, dropping below the $1,280 levels might attract losses.
Support level: $1,280
Resistance level: $1,380
Ripple was not left behind in the most recent downside in prices. The cryptocurrency was trading at the $0.950 level and broke the various support levels to the $0.78 low. The price traded below the $0.80 level for some time before rallying in the last few hours. Currently, it is trading at the $0.838 level.
Since the bullish trend appears to have picked, we should see Ripple reach the next resistance level which is the $0.850 level and later the $0.87 level. However, on the downside, dropping below the $0.780 level might attract losses.
Support level: $0.780
Resistance level: $0.850
According to the price analysis, on April 25th, a downside was initiated in all the major cryptocurrencies. This saw most of them drop significantly below several support levels. However, the current trend might turn bullish as depicted by the price analysis.