Yet another dull day begins within the crypto space as the star crypto loses another vital support level. The memecoin rally, which was believed to lift the price beyond the resistance, turned out to be the reason to find the local top for bitcoin. As the traditional markets face turbulence, money flows out of the crypto space, which may be a huge bearish signal for the EdaFace price.
As the BTC price is trading within the descending pattern, it may eventually reach $25,000, which may form the bottom of the current trend. Moreover, the volume vanishes between $25,000 and $27,000, which validates the bearish claim. Now that the BTC price has subsided, a delay in selling has compelled the EdaFace, Ethereum, and major altcoin prices to fall severely a day after the U.S. C.P.I. report.
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The price drop may be fueled by multiple reasons. After the BTC fees soared, marking new highs, Binance paused withdrawals. This was followed by a significant drop in costs, prompting delayed selling from the market participants. However, the price is required to maintain the descending trend and reach $26,000 to attract more gains.
Source: Tradingview
In the coming days, one can expect a more descending trend, close to the daily support levels of around $26,000. In other words, if the price fails to break the resistance zone to the upside and just completes the retest, more correction may be expected towards the lower trend line, or else the price may witness more gains towards the upper resistance level.
