Key points:

Bitcoin price seems poised for a decline as it tests the crucial resistance level around $62,000.
Ethereum price is at risk of a decline after encountering a significant resistance barrier around $2,843.
Ripple price retests the daily level at $0.544; failure to maintain this support could result in a decline.

On Sunday, Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at significant levels and experienced declines. Technical analysis and the prevailing market conditions indicate that these cryptocurrencies may continue their downward trends in the coming days.

Bitcoin faces potential decline 

Bitcoin's price faced multiple rejections at the 61.8% Fibonacci retracement level of $62,066, which is based on the swing high of $70,079 from July 29 and Monday's low of $49,101. On Monday, Bitcoin is trading slightly lower, down by 0.3% at $58,564. Crypto saw some relief towards the end of last week, tracking a rebound in broader financial markets as investors bet that fears of a U.S. recession were overblown.

If the $62,066 level continues to act as resistance, especially given the broken trendline and the 100-day Exponential Moving Average around $63,021, selling pressure could intensify.
Should Bitcoin fail to break above $62,066, it might experience a 19% decline, potentially testing the $49,917 daily support level.

Both the Relative Strength Index (RSI) and Awesome Oscillator (AO) on the daily chart are currently below their neutral thresholds of 50 and zero, respectively, signaling a strong bearish momentum.
 

Ethereum price at risk of decline

Ethereum’s recent price action has been a rollercoaster, especially following the market-wide crash on August 5. ETH initially showed resilience, bouncing back with a 27% rally from its lows.
Ethereum hit a significant resistance at the $2,700 level on August 11. This price point acted as a psychological barrier, and the rally lost momentum.

On-chain data suggests that investor sentiment did not fully align with the regulatory optimism, raising concerns that the rejection at $2,700 could lead to a prolonged corrective phase.

If Ethereum's price does not break through the $2,843 level, it could decline by 25% to test its weekly support at $2,118.

This bearish outlook is reinforced by the daily RSI and Awesome Oscillator (AO), which are both below their neutral levels of 50 and zero, respectively, indicating a prevailing bearish trend.
 

Ripple price could fall deeper

Ripple's price faced rejection at the daily resistance level of $0.643 on August 8, resulting in a 10.35% decline over the next three days. As of Monday, it has found support around $0.544 and is trading slightly higher by 1.45% at $0.560. Ripple's price could not build up on its earlier increase after hitting a supply zone around $0.62 and $0.63. This lack of demand forced a rejection that saw the price drop to $0.56 before a slight uptick.

Furthermore, the Moving Average Convergence Divergence (MACD) is negative. The MACD uses the difference between the 12-day and 26-day exponential moving averages to spot trend-following momentum.

A positive reading of the MACD suggests that buyers are in control, and momentum is bullish. However, for XRP, the momentum is bearish, hinting at a possible price decrease. If this remains the same, the token’s value may drop to the $0.55 underlying resistance.

On the other hand, if Ripple's price closes above the $0.643 daily resistance level, it would alter the market structure by establishing a higher high on the daily chart. This shift could potentially lead to a 12% rise towards the next daily resistance level at $0.724.
 

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