Is the cryptocurrency market ready for mid-term growth?

The cryptocurrency market is facing a correction today as most coins are in the red.

Best Coins From CoinMarketCap

Bitcoin / US Dollar

Yesterday, Bitcoin (BTC) price was unable to overcome the 2-hour EMA55 resistance and once again returned to the $46,000 support.

BTCUSD

BTC/USD chart by TradingView

The price tested its December lows tonight but remained above $46,000 by morning.

A consolidation of the downside attack and a breakout of the support may trigger our negative scenario, where Bitcoin could decline to $42,447.

Bitcoin is trading at $46,891 at the time of writing.

ETH / USD

Ethereum (ETH) is the biggest gainer today with a growth of 0.31%.

ETHUSD

ETH/USD chart by TradingView

Ethereum (ETH) has successfully rebounded to the support level at $3,670 on the daily chart. However, despite the continuous growth, the rally is not supported by a high trading volume, which means that the traders may not have gathered enough energy to make a sharp move.

In this case, if the bulls are able to take the lead gained, one might expect a smooth rise in the price to the vital sign of $4000.

Ethereum is trading at $3,851 at press time.

Ada / Dollars

Cardano (ADA) is the biggest loser on the list with a 2% drop in the last 24 hours.

ADAUSD

ADA/USD chart by TradingView

Cardano (ADA) is still falling in a wide channel despite today’s low prices. However, the buying volume is likely to rise, which will be a prerequisite for a possible upward movement. If such a situation occurs, there is a high probability of seeing the ADA around the purple resistance at $1,479 by the end of the week.

ADA is trading at $1,342 at the time of writing.

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