The cryptocurrency market entered a risk-off phase on Friday as Bitcoin (BTC) slipped below $103,000, briefly touching $102,664 amid escalating geopolitical tensions. This downturn followed Israel’s confirmed strike on nuclear facilities in Iran, sparking a broad wave of profit-taking across digital assets. As the flagship cryptocurrency faltered, major altcoins including Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) dropped nearly 10% over the past 24 hours, while XRP saw a 6% decline.
The ripple effect hit meme and DeFi tokens especially hard. FARTCOIN, Ethena (ENA), and Lido DAO (LDO) each suffered double-digit losses, with declines nearing 20%. The sell-off reflects growing investor caution in the face of macro uncertainty and technical weakness in key assets.
Bitcoin Tests Support at 50-Day EMA
At the time of reporting, Bitcoin was trading in the red, struggling to reclaim the $103,000 level. A third consecutive bearish candle erased earlier weekly gains, leaving BTC down nearly 2% on the week. Despite the drop, price found temporary support above a high-demand zone around $102,000 and just below the 50-day Exponential Moving Average (EMA) at $104,458.
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This support zone could serve as a springboard for a short-term bounce. A small lower wick on the daily candle hints at buying interest emerging at current levels, suggesting potential for recovery if momentum shifts.
However, technical indicators remain cautious. The Moving Average Convergence Divergence (MACD) failed to deliver a bullish reversal, turning downward after approaching the signal line. With the histogram turning increasingly bearish, the indicator confirms that downward momentum is accelerating.
Meanwhile, the Relative Strength Index (RSI) dipped below 45—below the neutral 50 mark—indicating weakening bullish strength. As RSI trends toward oversold territory, it signals growing downside pressure.
A daily close below the 50-day EMA at $104,458 could invalidate support above $102,000. In that scenario, traders may watch for a test of the 30-day low near $100,372 as the next immediate support level.
On the upside, if Bitcoin stabilizes above the EMA, consolidation could precede a renewed attempt to challenge its all-time high of $111,980.
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FARTCOIN Faces Critical $1 Support Test
FARTCOIN extended its losing streak with a third straight bearish day, reversing sharply from Wednesday’s high of $1.53. The memecoin broke below its 50-day EMA at $1.13 and dropped over 10% to $1.09 during Friday’s session.
Momentum indicators point to increasing bearish pressure. The RSI fell below 45 and continues to trend lower, while MACD shows signs of a potential bearish crossover as it nears its signal line.
Immediate support lies at $0.92—the low recorded on May 7. A break below the psychologically significant $1 level could accelerate selling and open the door to further downside.
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A reversal above $1.36 would be required to invalidate the current downtrend and potentially reignite momentum toward retesting the $1.53 resistance.
ENA Extends Downward Trajectory: $0.25 in Sight?
Ethena (ENA) continued its descent after failing to hold gains from Wednesday’s peak of $0.37. Over the past three days, ENA has shed more than 20%, testing support at $0.28—the low from last Thursday.
On the daily chart, momentum aligns with broader market pessimism. MACD has dipped below its signal line, confirming bearish momentum, while RSI hovers around 41, nearing oversold conditions.
If selling pressure persists and price closes below $0.28, the next target could be the 30-day low at $0.25.
A reversal above $0.30 might pause the decline and lead to a period of consolidation. However, without strong buying volume, any recovery may be short-lived.
LDO Rebounds Fail: Bearish Reversal After $1 Rejection
Lido DAO (LDO) showed brief signs of strength earlier in the week after breaking above a long-standing resistance trendline. However, it failed to close above the key psychological level of $1 and instead settled below both that level and its 50-day EMA.
This bearish rejection led to a retest of the previously broken trendline—now acting as resistance—adding further weight to the downside outlook.
Technical indicators confirm weakening momentum. MACD generated a bearish crossover as the histogram turns red, while RSI has dropped below 44, signaling a sudden loss of bullish energy.
If the downtrend continues, LDO could fall toward $0.74—the low recorded on May 6.
Conversely, a sustained breakout above $1 could restore bullish sentiment and attract renewed buying interest.
Frequently Asked Questions (FAQ)
Q: Why did Bitcoin drop below $103,000?
A: The drop was triggered by geopolitical tensions following Israel’s confirmed strike on Iranian nuclear facilities. This sparked risk-averse behavior in financial markets, leading to profit-taking in high-beta assets like cryptocurrencies.
Q: What are the key support levels for Bitcoin?
A: Immediate support lies between $102,000 and $100,372. A daily close below the 50-day EMA at $104,458 increases the risk of testing the latter level.
Q: Is FARTCOIN likely to fall below $1?
A: Yes—given its current momentum and break below key moving averages, a drop below $1 is possible if selling pressure continues. Support at $0.92 may offer temporary relief.
Q: Can ENA recover from current lows?
A: Recovery is possible if price holds above $0.25 and breaks back above $0.30 with volume. Until then, the trend remains bearish.
Q: What does LDO’s failure to hold above $1 mean?
A: It suggests weak buying conviction. Despite technical improvements earlier in the week, lack of follow-through indicates sellers remain in control.
Q: How can I monitor these altcoins in real time?
A: Use platforms offering live price charts, volume analysis, and on-chain metrics to stay updated on short-term movements and sentiment shifts.
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As volatility returns to the crypto market, investors should remain vigilant. While dips can present strategic entry points, they also highlight the importance of risk management—especially during periods of global uncertainty. Monitoring technical levels, momentum indicators, and macro developments will be crucial in navigating this evolving landscape.