When will Crypto market recover after recent crash or drop will continue?

New Delhi: The cryptocurrency market witnessed a sharp crash on Tuesday as Bitcoin plunged below $60,000 and Etherium to its lowest levels this month. Major altcoins like Binance’s BNB, Solana, Cardano, and Ripple’s XRP also dipped around 7% to 10% of their value.

As per reports, the sudden crypto crash wiped almost $400 billion from the combined crypto market which recently touched a record high of $3 trillion.

The technical indicators were suggesting the continuous strong bull run in the volatile market but this sudden crash has shocked the investors.

But Bulls could not seize the market and all the top coins witnessed a continuous fall.

Bitcoin

Bitcoin on Wednesday saw consolidation in sideways range as the bears managed to break the psychological support level which took BTC on a downward ride towards November low at $58,563.

Later in the day, Buyers tried to bring back the momentum and test the upper price level but it again dropped down to the monthly low zone. As per experts, after some recovery, investors can hope to build strong support at $58,000. With the dominance of bears, sellers can take this price down towards the $55,287 price level.

Etherium

Bears have been successful to break the $4,300 support several times, marking a lowest around the $4,110 mark.

Later in the day, Buyers tried to bring back the momentum and tried to restore the price above the support of $4,300 but the selling pressure intensified. The ETH went on to touch $4,065.

As per experts, bears can retest the psychological support of $4,000 and there is also a chance to see a restest of the $3,800 support level.

Cardano

ADA/Cardano can be termed as the biggest loser among the top cryptos. ADA went on to touch the support at $1.832 and bounced off which indicates that bulls are still in the control. As per experts, selling pressure is high and rising, which symbols that it may break out to lead to a major drop to touch $1.50.