This week, the cryptocurrency market faces headwinds due to geopolitical instability, resulting in decreased risk appetite and a reduced demand for high-yield assets.
Market capitalization has dipped from $1.09 trillion to $1.04 trillion during the week. Bitcoin has experienced a decline of over 3.0%, Ripple over 8.0%, while Ethereum and Litecoin have seen drops exceeding 5% within seven days.
Bitcoin
Bitcoin is currently declining, as it is approaching the support of the sideways range between 26,480 and 28,790. Should the horizontal support at 26,480 fail to hold, the leading cryptocurrency may experience a drop toward the nearest level at 25,201.
Ripple
Ripple is trading under pressure, having reached support at 0.4828 and putting its strength to the test. If this horizontal level fails, the next southern target will be the support at 0.4552 marked with dotted lines.
Ethereum
Ethereum remains in a downward trend, trading within the sideways range between 1484.77 and 1678.21. In the event that the second-largest cryptocurrency revisits the September 11th lows, we should anticipate a potential drop to the support at 1484.77.
Litecoin
In the meantime, Litecoin is demonstrating a steady decline, rebounding off the resistance of the range between 57.68 and 68.08 marked with green dotted lines. The LTC/USD pair still has enough room to move toward the corridor’s support.
151
