- As the presidency of The United States Of America falls under the COVID-19 wave, U.S President Donald J. Trump and The First Lady Of U.S. Melania Trump tested positive
- The news has brought a sharp negative divergence to both the U.S. stock market and the cryptomarket
- The pullback looks recoverable in the near term as the U.S. is also expecting a stimulus package by the trump administration which is already officially approved by the House Democrats
Where is the market headed up?
The destruction of the bears can be noticed with the trading terminal turning into the red on Friday’s market session. BTC slipped below the support level of $10500 and Ether also broke below the support level of $350 respectively. However, the overall sentiment is somehow indicating that the pullback won’t increase its magnitude in the market later on as the U.S. is expecting a stimulus package worth $2.2 Trillion to aid the citizens in the pandemic.
Bitcoin (BTC) Price Analysis
The global sentiments are currently damaging the levels of BTC in the market. From The POTUS and FLOTUS testing positive for COVID-19 to a failed or we can say a chaotic first debate for the U.S. Presidential Election 2020, the overall market conditions were turned bearish. Therefore, BTC dropped below the support level of $10500. However, a technical positive reaction from BTC at $10,416 on coinmarketcap.com, provided a little recovery to the price level and the world’s largest crypto asset is again above the support level of $10,500.
Resistance level: $10900
Support level: $10500
Ethereum (ETH) Price Analysis
Ether also broke below the major support level of $350 and currently facing an overall loss of -6.03% with the current price of $344.58. The price level of $340 acted as a new support level for the digital asset on Friday’s session. There has been an increase in 24-hour volume traded of ETH and currently standing at $18,089388,107 as compared to on Thursday’s session which was $ 12,360,670,278. Sustaining above the price level of $340 might be indicating that the current ongoing pullback activity won’t be for a longer duration for Ether.
Resistance Level: $370 and $390
Support level: $340 and $320
Cardano (ADA) Price Analysis
Despite major coins recovery on the levels in the overall bearish momentum in the market, some of the crypto assets have faced severe damage in the levels. Cardano is being one of them which a significant downfall of -8.46%. It also broke below the crucial mark of $0.10. The price levels below $0.10 have not relation to ADA as they have provided sustained consolidation to the cryptoasset on the past several occasions. It is expected that if there’s an upcoming price recovery wave for the crypto assets, ADA might attempt for crossing $0.10 again.
Resistance level: $0.12
Support level: $0.092
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.