According to the price analysis this week, cryptocurrencies have had a rough time in the market. Additionally, according to the recent news in the market, there was the first Blockchain based election done in West Virginia but the votes need auditing. Additionally, more and more businesses are getting attracted to use the blockchain technology for various ventures. In other news, more than 30% of the financial executives agreed to commit their resources to the blockchain technology although many others are not sure.
Let find out the prices of the major cryptocurrencies from the price analysis.
During the previous analysis, we anticipated a rally in Bitcoin which was not the case. The cryptocurrency faced a downside and an upside and continued trading at the same range just above the $9,300 price level. Currently, Bitcoin has been faced with a sharp drop in price to the $9,100 price levels.
With positive market conditions, Bitcoin might trade just in the same range between the $9,050 and the $9,400 price level for some time. However, if bitcoin drops significantly below the $9,050 price level, this might attract losses to the investors.
Support level: $9,050
Resistance level: $9,400
Ethereum has been faced with a downside trend from the start of the week. During the previous analysis, the cryptocurrency was eyeing the $750 price level. However, just after attaining the level, a downside was initiated which saw it drop significantly to the $720 price levels. Additionally, Ethereum has been faced with an upside above the $760 price level before experiencing a sharp downside a few hours ago.
Currently, we believe that Ethereum will recover slightly to the $760 and the $780 price levels soon. This is with positive market conditions. On the downside, dropping below the $720 price level might attract losses.
Support level: $720
Resistance level: $760
Bitcoin Cash BCH
Bitcoin cash faced a downside on May 9. However, this lasted for some few hours before an upside began. The downside saw the cryptocurrency attain the $1.49 low levels before initiating an upside. From the time, Bitcoin cash has been trading just above the $1,600 price level. However, currently, it has been faced with a sharp downside.
If Bitcoin cash attains a bullish trend, we might experience the $1,700 price levels soon. On the other hand, a drop below the $1,500 price level might attract losses.
Support level: $1,500
Resistance level: $1,700
Ripple has adopted a downside trend from the start of the week. From the previous analysis, Ripple was involved in a downside which saw it drop significantly below the $0.80 price level but recovered to the $0.80 price level. However, according to the current statistics, the price has dropped below the $0.80 level again.
In case of ripple experiences the bullish trend, we might experience the $0.81 price level by tomorrow. On the downside, dropping below the $0.77 price level might attract more losses for the investors.
Support level: $0.77
Resistance level: $0.81
According to the price analysis, this week has been filled with downsides and crypto corrections. However, we believe that an upside might initiate as predicted in the price analysis.