On Monday, the top cryptocurrencies went through a huge correction, starting the week with cautious momentum. Particularly, Bitcoin ($BTC), Ethereum ($ETH), and Ripple ($XRP) have recorded a substantial dip over the past 24 hours.
As the new market statistics reveal, these key crypto assets are reportedly testing their crucial support levels while the wider sentiment underscores a bear market. Keeping this in view, the investors are looking for a potentially major move to occur in the near term.
Bitcoin and Ethereum Tumble More than 5% to Test Key Support Levels
Specifically, Bitcoin ($BTC) has witnessed a notable plunge beneath the 50-week simple moving average. As a result, it is now hovering around $89,783.54, showing a notable 5.48% dip over the past 24 hours. This has increased the risk of a slump below the $88,500, entering the critical support zone.
Additionally, Ethereum ($ETH) is hovering around $3,004.84. The respective price level indicates a 5.61% decrease over 24 hours. This scenario is also alarming, with growing concerns of a plunge below the psychological $3K mark.
Ripple Approaches Support Near $2 while Market Awaits Potential Turning Points
Ripple’s ($XRP) situation is also similarly cautious while it is changing hands around $2.16. This displays a 3.81% decrease in the meantime. The popular crypto asset is moving toward the psychological $2.0 mark, triggering speculation of a continuous downtrend amid the rising market uncertainty.
Overall, these leading crypto assets are preparing to test their notable price support levels. Hence, if the supports sustain and macroeconomic conditions improve, the prices could stabilize and lead toward another accumulation period.
Contrarily, a breakdown below these support zones could start steeper corrections, increasing the risk of reaching a bottom. Thus, the market onlookers are keenly watching for the potential turning points to take place in the near future.
