Bitcoin price fell below the Ichimoku Cloud over the weekend and extended its losses to sub $40,000 for the first time since early February. However, Tuesday’s price action recovered nearly all of Monday’s losses. Buyers have extended the rally from yesterday, but near-term resistance threatens to terminate that bullish momentum.
The overall crypto market capitalization dropped significantly, from $2 trillion to $1.7 trillion amidst rising geopolitical tension. Cardano holders have maintained their wallet balance above $10.12 billion ADA despite the price drop, fueling a bullish outlook.
XRP price collapsed below three crucial Ichimoku support levels on Monday: the Tenkan-Sen, Kijun-Sen, and top of the Ichimoku Cloud (Senkou Span B). The most significant of these drops was the move below the most substantial level of the Ichimoku system, Senkou Span B. Bulls kept XRP price above Senkou Span A despite the intense selling pressure and are now positioned to test those former Ichimoku support zones as resistance.