Crypto Crash: Top Tokens Plunge Below Support Levels

The cryptocurrency market has witnessed a significant downturn, with the combined value of all cryptocurrencies dropping below the $3.10 trillion mark, indicating a strong bearish sentiment. This decline has been accompanied by a plunge in the prices of top tokens such as Bitcoin, Ethereum, and XRP, which have all fallen below their crucial support levels.

Bitcoin, the largest cryptocurrency by market capitalization, has lost over 3% of its value in the past 24 hours, with a trading volume of $106.063 billion. The seven-day loss stands at 5.61%, and the monthly return is -2%. The Moving Average Convergence Divergence (MACD) indicator shows a rising red histogram in the daily time frame, suggesting a bearish outlook for the BTC price. However, if the bulls regain momentum, the price of Bitcoin could retest its milestone price of $100k this week.

Ethereum, the second-largest cryptocurrency, has experienced a more significant decline, with a 15.44% drop in the past 24 hours and a trading volume of $91.47 billion. The seven-day loss is 17.11%, and the monthly return is -28.26%. The Relative Strength Index (RSI) has failed to surpass its neutral point, resulting in it plunging toward its oversold range in the daily time frame. If the price of Ethereum can maintain above its important support level of $2,530, it could push the price toward its upper high of $3,200.

Ripple (XRP) has also recorded a significant price drop, losing over 15% in the past 24 hours. The seven-day loss is 20.89%, and the monthly return is -3.44%. The EMA 50/200-day displays a negative outlook in the daily time frame, and the MACD indicator records a significant rise in the red histogram. If the market favors the bulls, the XRP price will retest its high of $3 this week. However, a sustained bearish action could pull the price of Ripple token toward its low of $2.

The recent price action of these top cryptocurrencies has raised concerns among investors