On Jun.15, 2020, the top four crypto assets with the current market capitalization of $8.2B and an average daily trading volume of $1.1B extended their decline in 24-hour trading.
The technical support has finally given way, and the week starts with critical falls as bears continue to push the market into the abyss.
ETH Continues Its Downtrend
After a bad weekend that saw the top altcoin drop to $229, Ethereum (ETH) continued trading downwards on June 15th. The low of the day was $218, but we could still see more downside action.
The selling pressure is very strong and could take ETH as low as $200 due to a lack of ample support levels on the way down. As it stands, bears have evidently confirmed a daily downtrend for ETH after losing the last low at $228.9.
ETH is changing hands at $223.87 at press time, down over 5% in the last 24 hours, indicating that the coin is trading within a short-term bearish trend amid high volatility.
IOTA is one of the Worst-performing Coins
IOTA, the 23rd crypto on the CoinMarketCap with a market value of $578M, has dropped by about 7.44% in the last 24 hours, changing hands at $0.212 (at the time of writing).
IOT/USD touched the intraday low at $0.2031 and rebounded above the $0.2050 level, an area that currently serves as local support.
Once this level is out of the way, the sell-off is likely to gain traction with the next focus on the psychological barrier of $0.200. We will then need to see a sustainable move above 0.2220 for IOTA to gain traction.
If the 23rd largest cryptocurrency manages to surpass this level, the uptrend momentum could pick up the pace and drive the price close to the important psychological level at $0.237.
Bitcoin Cash Refreshes $225 Support
Bitcoin Cash (BCH) followed in the footsteps of Bitcoin and other major cryptocurrencies in Monday trading. The price of the 5th ranked cryptocurrency is down by about 4% on the day after opening the day at $237.
BCH hovers around $230.7 at press time while extending the bearish leg below the descending channel. Looking at the technical picture, BCH is geared up to continue with the downtrend in the short term.
For now, the main task is to keep the price above the initial support at $225. If the downward push prevails and BCH extends its bearish spell, more support is anticipated at $220 and then at $215.