Bitcoin price hovers near its 50-day EMA support, with a firm close below likely to open the door to deeper losses.
Ethereum price extends its correction after slipping below the critical $4,488 support level.
XRP price continues to decline, adding to last week’s nearly 2% drop as bearish pressure lingers.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) faced renewed selling pressure on Monday, following corrections of 0.3%, 3.5%, and 2%, respectively, in the previous week. Weakening momentum across these top three cryptocurrencies signals the risk of further downside.
Bitcoin could extend losses if it closes below key support
Bitcoin price broke below its daily support level at $116,000 on Friday and declined slightly over the weekend. At the time of writing on Monday, it continues its correction, nearing its key support at the 50-day Exponential Moving Average (EMA) at $114,002.
If BTC closes below the 50-day EMA at $114,002 on a daily basis, it could extend the decline toward its next daily support at $107,245.
The Relative Strength Index (RSI) on the daily chart is slipping below its neutral level of 50, indicating early bearish momentum. The Moving Average Convergence Divergence (MACD) is also converging and is about to flip to a bearish crossover, further supporting the bearish view.
BTC/USDT daily chart
However, if BTC finds support around the 50-day EMA at $114,002, it could extend the recovery toward its daily resistance at $116,000.
Ethereum indicators lean bearish amid weak momentum
Ethereum price closed below its daily support level at $4,488 on Friday and declined slightly by Sunday. At the time of writing on Monday, it continues its decline, down 3.43% to trade around $4,293.
If ETH continues its correction and closes below its daily support at $4,232, it could extend the decline toward its next support at $3,593.
The RSI on the daily chart reads 43, which is below its neutral level of 50, indicating strong bearish momentum. The MACD also showed a bearish crossover on Friday, giving sell signals and indicating a bearish momentum ahead.
ETH/USDT daily chart
On the other hand, if ETH finds support around the daily level at $4,232 and recovers, it could extend the rally toward its daily resistance at $4,488.
XRP corrects as it closes below its 50-day EMA
Ripple's XRP price failed to maintain its upward momentum and declined by nearly 2% in the previous week. At the start of this week, on Monday, it continued its pullback, closing below the 50-day EMA and trading around $2.90.
If XRP continues its correction, it could extend the decline toward its next daily support at $2.72.
Like Ethereum, XRP’s RSI and MACD also support a bearish view.
XRP/USDT daily chart
However, if XRP recovers, it could extend the recovery toward its daily resistance at $3.40.
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