Bitcoin’s slide beneath the $56,000 level continued and the altcoin market followed suit. XRP slipped beneath the $0.43 level of support while Cosmos was likely to test the $18 mark once more. BAT was trading above a level of support at $0.734.
Source: CoinStats
At the time of writing the king coin was trading at $56245 with a 24-hour trading volume of $62.4 billion.
XRP
Source: XRP/USD on TradingView
The descending channel that XRP has been trading within saw XRP rejected at the channel’s upper boundary at $0.462 and sellers drove the prices to a level of support at $0.436, which represents a 38.2% retracement level for XRP for its surge from $0.179 to $0.757.
At the time of writing, the most recent trading session had not yet closed but the price was trading beneath the level of support. Over the next few hours, it is likely that XRP sinks lower and retests $0.436 as resistance.
The Awesome Oscillator registered rising bearish momentum and stayed beneath the zero line.
Cosmos [ATOM]
Source: ATOM/USD on TradingView
ATOM has been unable to climb past the $21.3 level of resistance since late February, despite repeated attempts. The sellers have successfully driven prices lower after a test of $21.3. ATOM was headed to the $18 level of support, and a further slide for Bitcoin beneath $57k could drag ATOM beneath this level as well.
Beneath $18, the $16-$16.7 area highlighted is a region of demand that would make for an attractive area to place buy orders for ATOM. The next test of $18 can also be used to enter a long position in a scalp trade with a target of $19.2-$19.4, and stop-loss at $17.76, based on the price action of the past week. This is dependant on BTC bulls defending the $57,500 area.
Basic Attention Token [BAT]
Source: BAT/USD on TradingView
Basic Attention Token had a value of $0.75 at the time of writing, and a level of support at $0.734 lay right beneath where BAT was trading. However, momentum was swinging in favor even on the 4-hour timeframe.
The RSI dipped below neutral 50 while the Stochastic RSI headed toward oversold territory. It is possible that the next few hours see BAT sink beneath $0.734, with the $0.685-$0.7 being the next region of demand for BAT.
