Cryptocurrency Prices Today: Altcoins Under Selling Pressure Tumbles Ethereum, XRP, and MATIC by 2-3%

The global crypto market has recently seen a turbulent phase, with a majority of leading altcoins experiencing intensified selling pressure, reinforcing the existing bearish trend. Several tokens have now fallen below vital support levels, hinting at the potential for further decline. 

As of 6:08 a.m. on Monday, the total crypto market capitalization stands at $1.03T, marking a decrease of 1.12%. In contrast, the total crypto market volume over the past 24 hours has surged by 46.59%, reaching $22.18B.

Also Read: Crucial Week For Crypto Market To Confirm Bullish Or Bearish Trend For The Year

ETH Price Analysis: Support Trendline Breakdown Hints a Drop to $1450

Source- Tradingview

For over three weeks, the Ethereum price maintained its foothold above the $1,600 benchmark, with the ascending support trendlines acting as dynamic springboard buyers. Each dip towards this level was promptly countered with renewed buying vigor, highlighting the market’s bullish sentiment. 

However, a ripple effect from the recent major altcoin sell-off sent ETH price reeling down by 1.1% on September 10th, causing it to breach its long-held support trendline. As the day progressed, a further intraday loss of 1.98% emerged, with sellers intensifying their pressure. 

This bearish momentum suggests Ethereum could potentially face a further decline of 8.5%, setting its sights on the $1,450 mark.

XRP Price Analysis: Bearish Pennant Could Push $XRP to $0.45

Source- Tradingview

Over the past three weeks, XRP price movement has been encapsulated within a narrowing range, delineated by converging trend lines – a formation traders identify as a ‘bearish pennant’. While this pattern usually suggests a bearish trajectory, the XRP coin felt the aftershocks of an altcoins market downturn, plummeting by 3.45% today. 

This decline pushed the price below the pennant’s lower boundary as a signal of downtrend continuation. Should the price maintain its position below this breach, a descent to $0.45 might be on the horizon, marking a potential 8% decline.

MATIC Price Analysis: $0.5 Breakdown May Plunge the MATIC Price by 17.5%

Source- Tradingview

On the daily chart, Polygon coin price trajectory shows a decline for five straight days, plunging from a high of $0.56 to $0.51, translating to a 10% setback. Currently, the coin teeters above the crucial $0.5 support level, which has served as a steadfast barrier over several months. 

However, amidst escalating selling pressures in the broader market, should MATIC coin’s daily candle close below this support, the selling momentum could intensify, potentially driving the price down by 17.5% to a target of $0.42.