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Weekly Price Analysis: Yearly Selloffs Push Prices Lower
The cryptocurrency market has continued to experience a tumultuous year, with prices plummeting in recent weeks. Bitcoin’s price, which had been steadily increasing since its inception, hit a weekly low of $175.12 before closing at $194.44 – a staggering 15.07% drop.
Ripple, another prominent cryptocurrency, has also seen a significant downturn. It had briefly broken all-time highs just two weeks prior but subsequently began trading within an internal supply zone and then melted to a weekly low of $1.95 before recovering slightly to close at $2.27 – a 16.42% decline.
As the year draws to a close, it appears that yearly selloffs are still very much in play. The demand zone around $160 remains as the primary support zone for Bitcoin’s price action, with open interest continuing to fall. Solana is trading at $184.82 at the time of writing.
In Ripple’s case, its price has seen lower highs and lower lows within a predetermined range between $1.89 and $2.90. The recent drop to $1.95 indicates that the first logical support zone remains around $160.
Source: coinjournal.net
