Just after a week of growth, crypto markets have been subjected to a decline in price from yesterday March 25. Bitcoin has been involved in losing more than 5% of its value and fell below the $8,500 level. Ethereum has also fallen by up to 3.7% in the last 36 hours.
According to the statistics, all the other cryptocurrencies have experienced a slight drop in prices. However, according to the reports made by cointelegraph, the Nigerian Deposit Insurance Corporation was involved in warning the public about the trade in cryptocurrencies. Reddit also got rid of Bitcoin payment option to the reddit gold.
Let’s find out the current cryptocurrency prices.
During the previous analysis, Bitcoin was trading at the $8,432 level. This was a representation of a fall in prices from the $9,000 positions. However, on March 24th, the market was assured that Binance wouldn’t shut down as alleged. This saw the growth improvement of Bitcoin to above the $8,900 level.
The current fall where Bitcoin went back to the $8,500 level after approaching the $9,000 level could be due to two news as announced by Cointelegraph. There was a report on March 24th that Nigeria’s Deposit Insurance Corporation told the members of the public to shun cryptocurrencies. They cited lack of any kind of backing by a “physical commodity.” On the other hand, on March 23, reddit is said to have gotten rid of the option of payment with Bitcoin for the premium membership program, reddit gold because of the “upcoming Coinbase change.”
Therefore, these might be the reasons for the slight drop. However, we believe that at these low positions, Bitcoin is gaining stability and market conditions are becoming somehow favorable. Once every obstacle has been gotten rid of, we expect the cryptocurrency to improve back to the $9,000 levels. However, the support level lies at the $8,000 price level.
Ethereum has been trading at the same price range from March 23. However, according to the current statistics, on March 24th, the cryptocurrency rallied to the $540 levels. In accordance with today’s statistics, the cryptocurrency has dropped slightly to the $522 price level.
In accordance with the market and the current conditions, Ethereum might improve back to the $540 price level soon. This is because it is involved in an improving trend for the past few hours. Therefore, rallying to the $540 price level might subject the cryptocurrency to the $600 price level soon. On the other hand, the support level lies at the $500 level and going beyond this point might subject it to the $460 levels. However, a price rally is most likely.
From March 23rd, Bitcoin cash has been involved in a slight rally in prices on March 24th to the $1,029 price level. Bitcoin cash traded at that level for quite some time, and now, it has fallen to the $971 price levels. However, this is a slight fall in price which might be subjected to a rally in the next few days.
In accordance with the market conditions, the bulls are trying to push the cryptocurrency to the support levels at the $1,150 levels, but this has not borne any fruit. Therefore, we still expect the cryptocurrency to improve back above the $1,000 price levels and further to the $1,100 levels.
Ripple had been experiencing an improvement in price in the previous week. However, this was cut short after it fell to the $0.634 level on March 23. After this fall, the cryptocurrency then rallied to the $0.675 level which was a slight improvement in prices. However, according to today’s statistics and analysis, the cryptocurrency has been subjected to a fall in prices below this point.
Currently, Ripple has been faced by gradual fall in price and now trades at the $0.6285 level. In accordance with the previous analysis, we suggested the support levels at the $0.60 level. Therefore, falling beyond this point might subject the cryptocurrency to fall below the support levels. On the other hand, we expect the cryptocurrency to improve back to the $0.70 levels which might trigger the $0.80 levels soon. However, we do not find any tradable XRP/USD pair.
IOTA fell from the $1.41 levels on March 22 to the $1.31 levels on March 23. Since then, it has been trading just between the $1.30 and the $1.40 level for some time.
Currently, the cryptocurrency trades at the $1.31 price level. According to the nature of the cryptocurrency and the market situation, the cryptocurrency might trade at this range for some time before it can move back to the $1.45 price levels soon. Therefore, we are still in the expectation that it will really soon. However, the support levels lie at the $1.20 level.
Litecoin has been highly regarded in the market for the past few months. The cryptocurrency has been subjected to minimal price drops according to the data from January. On March 23, it had fallen to the $158 price level in just some few hours. This was due to the Binance scare. On 24th March, Litecoin improved to the $168 price level.
According to the current statistics, the cryptocurrency has fallen back to the $159 price level. This has been the trend in all the major cryptocurrencies in the market. However, we believe that this is short lived and the cryptocurrency should rally to the $170 price level soon. However, the support level lies at the $150 level.
From the time NEM fell to the $0.30 levels, it has not yet been involved in recovery. Last week, it was subjected to trading below the $0.30 for some days. However, according to March 23rd analysis, the cryptocurrency improved to the $0.309 level.
NEM currently trades at the $0.28 level. The support level is at the $0.25 price level and going below the support level means that we might experience the $0.22 levels soon. However, if the market conditions are favorable, the cryptocurrency should go above the $0.30 level soon.
Cardano has been the weakest cryptocurrency in the market. It has been trading below the $0.000020 price level for quite some time without showing any signs of success in the future.
The cryptocurrency trades at the $0.0000174 price level which is a slight fall from last week’s price analysis. We are however not sure of the next market conditions of Cardano. We do not advise on any trade.