The crypto market took a sharp hit over the past 24 hours, falling 3.77% and extending its weekly loss to 3.3%. The total market capitalization dropped below $3.83 trillion, putting pressure on major cryptocurrencies. At the time of writing, Bitcoin has slid around 2.6%, Ethereum (ETH) is down roughly 6.4%, and many altcoins are facing double-digit losses.
The downturn comes as initial optimism following the Fed’s recent rate cut fades. Liquidations from overleveraged positions continue to weigh heavily on market sentiment. According to Bloomberg, over $1.5 billion in long positions were liquidated today, with smaller tokens feeling the brunt of the sell-off.
XRP
Ripple experienced a sharp sell-off today, plunging nearly 9% intraday from an opening price of $2.97 to a low of $2.70. The drop broke below the 0.382 Fibonacci retracement level and the 7-day EMA, pushing XRP to retest a critical horizontal demand zone between $2.70 and $2.85.
Buyers stepped in to defend this area, which has acted as a strong support base since July. However, if this zone fails to hold, the next key level to watch is the 0.618 Fibonacci retracement near $2.60. The RSI currently sits at 38, indicating the token has yet to reach oversold territory, leaving room for potential further downside.
BNB
Binance Coin extended its uptrend this week, hitting a new all-time high of $1,083 yesterday. However, the rally showed early signs of cooling today, with BNB dipping to an intraday low of $993 and briefly falling below the 7-day EMA. The coin has since bounced back and is currently trading above the moving average at $1,030.
Today’s pullback is the first notable pause after a near-vertical rise from the previous retest of the rising trendline support. If the 7-day EMA fails to hold, BNB could face a deeper correction toward the ascending trendline, which aligns closely with the 0.382 Fibonacci retracement near $896. This trendline has been intact since June, repeatedly serving as a springboard for bullish continuation, making it a key level to monitor in case of further downside.
TON
Toncoin experienced one of the steepest declines in the crypto market today, plunging nearly 16% from an opening price of $3.064 to an intraday low of $2.575 on strong volume. The sharp drop broke cleanly below the descending channel that had contained TON’s price action since late July.
The sell-off also pushed TON well below its 7-day EMA, which now sits overhead at $3.07, while the coin currently trades around $2.82. This moving average may act as resistance during any relief bounce, as TON recovers from oversold territory—the RSI is currently at 26. Unless TON can quickly reclaim the lower boundary of the broken channel and stabilize within the structure, further downside toward $2.70 is possible, with the former trendline support potentially turning into resistance.
WLFI
After a steady climb over the past week, World Liberty Financial followed the broader crypto market in a sharp pullback today, dropping 11% from an opening price of $0.24 to an intraday low of $0.21, wiping out most of its recent gains. The decline came shortly after WLFI briefly broke above the 0.786 Fibonacci level at $0.23, suggesting a potential breakout that failed to gain traction. The rejection above this level appears to have triggered profit-taking, quickly shifting momentum to the downside.
The RSI on both the daily and 4-hour charts reflects this bearish turn, falling below 50 to 45 and 42, respectively. This leaves room for further downside, potentially toward previous support at $0.18, if bulls cannot defend the critical $0.20 level.
