The cryptocurrency market is experiencing a downturn, with the decline intensifying in early May following reports of Changpeng Zhao, the former CEO of Binance, being sentenced to four months in prison for pleading guilty to violating US anti-money laundering laws.
Throughout the week, the crypto market capitalization decreased from $2.36 trillion to $2.16 trillion. Within the span of seven days, Bitcoin depreciated by over 9%, Litecoin dropped by 5%, Ripple experienced an almost 3% decline, and Ethereum saw a 7% decrease.
Bitcoin
Bitcoin is witnessing a decline, dipping below the significant threshold of $60,000 per coin this week. Presently, the primary cryptocurrency's price is pitting the support at 57,686 to the test.
Should consolidation occur below this level, BTC/USD could potentially decline further to reach the level of 52,880. Now, if the support at 57,686 remains intact, a rebound toward $60,000 per coin becomes a possible scenario.
Ripple
Ripple has experienced a drop, reaching the support range between 0.5089 and 0.5865, where it is currently undergoing a strength test. Should the price hold within this range, a recovery towards the resistance at 0.5865 may occur.
Alternatively, a breakout and subsequent consolidation below the support could lead XRP/USD towards the next level at 0.4336.
Ethereum
Ethereum has descended to the support range between 2927.91 and 3293.59, currently undergoing an evaluation of its durability. If the broader crypto market downtrend persists and the price consolidates below 2927.91, the subsequent target to the downside would be the support level at 2780.86. Alternatively, ETH/USD could potentially rebound within the corridor between 2927.91 and 3293.59.
Litecoin
Litecoin continues to maintain its position above the marked support level of 76.95, from which it could progressively recover towards the levels of 81.76 and 88.12.
However, if consolidation occurs below 76.95, LTCUSD's decline may extend towards the $69 per coin region.
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