Dip buyers are seemingly powerless against the price retracement and red candles plaguing the crypto market since yesterday. Following the weekend surge, the price correction extends till today as most cryptocurrencies are stuck in a price region, struggling for a break to the top.
Here is the crypto market outlook for today:
The price correction that started yesterday got the bears thrilled as they exerted their dominance. Yesterday, BTC saw the prices start at $60,268, with the dip acting out, the coin dropped by 7.9% to record an intraday low of $55,527.
This morning the king coin suffered another dip as critical supports broke, leaving the coins spiraling down to record an intraday low of $53,567; the lowest since the week’s beginning.
Traders will look to stop the bearish dominance and cause evident changes in the market price of BTC. To cause a positive change, traders must prevent any price retracement to $54k and use the $55,000 support as a base to support the attack on vital resistance levels above.
Cardano’s price chart pattern is forming a bullish flag. This is an indication that there is an impending pump for the coin. As of this morning, the coin was on the rise but started retracing when it got to the new intraday high.
With hopes that there is going to be a Cardano surge today, traders more guard the $1.03 support and push for a price change. With enough buys, the sixth coin by market cap will record significant gains today
One of the few coins to quickly recover from the dip is Ripple. Following a dull trading day, XRP pumps to the highest in seven days. It surged as high as $0.49 and records a gain of 12.3% in an hour.
Such a rapid pump as the one XRP experienced this morning is risky as a retracement is inbound. Traders can also improve the price before a full-blown price retracement.
Following the path of the king coin, UNI is also pumping after a massive dip it had this morning. The dip saw UNI lost 8% of its value per unit. With the price recovery underway, traders will be poised at seeing prices close trading above $30.
Currently trading above $29, traders will look to keep that way. A drop below the $29 mark will spell more price dip for Uniswap and will dash all hopes of trading above $30.
After the dip yesterday, traders will hope to stop it and push for advancement in prices of various crypto assets.
Will that happen today? Let’s watch and see.
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