The #cryptocurrencymarket faces a downturn: What does this mean for investors?

The crypto market is currently under bearish pressure, with major cryptocurrencies like Bitcoin, Ethereum, Shiba Inu, Dogecoin, and Terra experiencing significant losses. Investors and traders are now questioning whether this is a buying opportunity or if the market will continue its downward trend. Key support and resistance levels are being analyzed to estimate future price movements.

Bitcoin #BTC☀ struggles to hold key support levels

Bitcoin has dropped to $63,600.84, marking a 3.51% decrease over the past 24 hours. This decline continues a downward trend from $65,900, signaling a persistent bearish sentiment. The increased trading volume, up 127.72%, suggests intense market activity likely driven by major sell-offs.

The current support level stands at $63,000, but if Bitcoin breaks below this, it could test the $61,000 mark. On the upside, the resistance at $65,900 remains a key obstacle. Only breaking above this level would signal potential recovery into a bullish trend.

Ethereum faces continued decline with limited upside potential

Ethereum ( $ETH ) has also seen a 2.32% drop and is currently trading at $2,603.50. The price has been steadily falling from $2,665, confirming the downward trend. Immediate support lies at $2,600, but if this level breaks, Ethereum could dip further to around $2,580 – $2,590.

Resistance is located at $2,665, and only a sustained move above this level could shift momentum toward a bullish outlook. The trading volume has increased by 49.10%, indicating heightened activity on both sides, but a break below $2,600 could lead to further losses.

Shiba Inu and Dogecoin: Meme coins under pressure

Meme coins like Shiba Inu (#shiba⚡ ) and Dogecoin (#doge⚡ ) are also under pressure. $SHIB has dropped 8.54% and is now priced at $0.0000178. Immediate support is near $0.0000175, with resistance at $0.0000185. Failing to hold support could push SHIB into a deeper bearish trend.

Dogecoin is trading at $0.1176, down 7.03%. Support for DOGE stands at $0.1170, but if this level fails, $DOGE could fall to $0.1150. Resistance is seen at $0.1200, and breaking above this could signal a potential recovery.

Terra (#LUNA✅ ) sees sharp decline

Terra is one of the most affected cryptocurrencies, with its price dropping by 10.11% to $0.4159. The price has been in a strong downtrend from $0.4626, indicating continued weakness.

Support at $0.4159 is being tested, but a break below $0.41 could increase selling pressure. Resistance at $0.44 is critical for any short-term recovery. The trading volume has surged to $75.18 million, suggesting increased market participation.

Conclusion: A buying opportunity or risk?

The cryptocurrency market is facing significant bearish pressure, raising questions about whether this is a good buying opportunity or if the downtrend will continue. Analysts are closely monitoring key support and resistance levels for major cryptocurrencies, as any further breakdown in support could signal a deepening of the bearish trend.

Notice:

,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“