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Weekly Cryptocurrency Market Brief

Bitcoin experienced a severe price correction over the past few days, dropping below $43k for the first time since early August, 2021. It even dipped below $40k on the evening of Tuesday, September 21, 2021, before retracing and consolidating in the $40-43k zone the following day. Altcoins also suffered, as reflected by their respective price falls, and the market will now seek to maintain current levels, with the caveat being that Bitcoin remains above $40k.

Celsius (CEL) continued its downward trend, reaching $5 per token on September 21. It needs to maintain this psychological level to avoid dropping towards the next support level at $4.8 per token. Previously, it had failed to break past the $6.5 level, which proved to be a strong resistance level, and the price was not helped by the news that the Celsius network had faced regulatory-linked allegations from U.S. states regarding the sale of unregistered securities.

Cardano (ADA) dropped to prices below $2 per token on September 21, 2021, having fallen from the all-time high of $3.10, which it reached on September 2, 2021. After peaking, it fell heavily on September 7, but held support for several days at $2.4, before breaking and closing below this level on September 17, ahead of another significant drop to the $2 level. Holding support above $2 is necessary to maintain a market structure which would facilitate a price rebound, as a further drop would make it more difficult for the asset to make further gains in the current bull market. (FET) was also adversely affected during the current market correction. It registered 5 red candles in six days on the daily chart, resulting in a drop from $0.95 to $0.60 per token over the past week. Currently sitting on the $0.60 support level, would seek to hold this level before resuming the bull trend it had begun in mid-July, which resulted in a strong rise to its all-time high of $1.19 per token, reached on September 8, 2021.

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