Looking at the Bitcoin quotes, we notice that the exchange rate of the oldest virtual currency has dropped by almost $7,000, i.e. nearly 22%, over the last week, extending the range of the previous November depreciation to over $44,000 - i.e. almost 64%.
Such a significant sale meant that Bitcoin, which still cost $69,000 seven months ago, is now worth less than $25,000.
It is worth emphasizing that the BTC exchange rate broke the bottom last weekend from a monthly consolidation, which naturally confirms the potential for further depreciation.
The nearest support, where a slight demand response could appear, is located for $24,000. However, this level is of minor importance and will probably be defeated sooner or later. If this happens, the BTC rate could move further south, slipping below $20,000.
Looking at the Ethereum quotes, we notice that the price of this cryptocurrency has dropped in the last few days by almost $650, i.e. nearly 34%. And, from the historic peaks in November 2021, the ETH price has already dropped by $3,600, nearly 74%.
Such a significant sale has made Ethereum, which cost nearly $4,900 seven months ago, worth less than $1,300. Given that this sale resulted in a defeat of $1,400 technical support, it seems highly likely that we will see a further $1,000 sell-off over the next few days.
Solana's price has recently slipped below $37 technical support. This sale resulted in the SOL course being almost 90% below the highs from November last year and is currently at the lowest level since July 2021.
We could expect a $23 technical support re-test if the sale continues. However, if this barrier is overcome, the sale could continue at $12.
Looking at the quotations of the Polygon cryptocurrency, we notice that its rate has recently dropped to the lowest level since April 2021. Currently, it ranks as much as 85% below the highs from November last year.
It is noteworthy that the MATIC price has recently dropped below the technical support of $0.56, which means it is now close to the next support of $0.45. However, if this level is broken, we could expect further depreciation towards $0.30 or even further to $0.19.
Watch the full analysis here: https://www.youtube.com/watch?v=x6AnfELr0Ks
It’s time to finally get down to business. Start serious trading with Geco.one.
Top 20 cryptocurrencies, 1:100 leverage, staking, low fees, intuitive design, unrivalled liquidity & instant order execution.
Trading on derivatives has never been easier. Join us https://app.geco.one