Bitcoin and Ethereum Fluctuate Near Key Support, Altcoins Inch Higher
Bitcoin price is facing resistance near USD 42,500.Ethereum tested the USD 3,000 support, XRP is consolidating near USD 0.75.LUNA and AR gained over 6%, MATIC and AVAX are attempting an upside break too.
Bitcoin price extended decline below the USD 43,000 level and even traded close to USD 40,500. BTC is currently (04:28 UTC) trying to recover higher above USD 42,150.
Similarly, most major altcoins are trading above key supports. ETH tested USD 3,000 and moved back near USD 3,200 again. XRP is consolidating near the key USD 0.750 pivot level. ADA is trading below the USD 1.20 resistance zone.
Total market capitalization
After a downside break below USD 43,000, bitcoin price extended decline. BTC even traded below the USD 41,200 level. The bears attempted a move towards the USD 40,000, but the bulls took a stand. A low is formed near USD 40,500 and the price is now attempting an upside correction. On the upside, an initial hurdle is near the USD 42,500 level. The first major resistance is near USD 43,200, above which the price might start a move towards the USD 45,000 level.
On the downside, an initial support is near the USD 41,200 level. The next key support is near USD 40,000, below which the price might dive to USD 38,000.
Ethereum price also extended decline and traded below the USD 3,200 support. ETH tested the USD 3,000 zone and is currently consolidating near USD 3,180. An immediate resistance is near the USD 3,200 level. The next key hurdle is near USD 3,250, above which the price might rise towards the weekly resistance at USD 3,500.
An initial support is near the USD 3,050 level. The next key weekly support is near USD 3,000, below which there is a risk of a move towards USD 2,800.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) tested the USD 1.15 support level. It is now consolidating losses, with an immediate hurdle at USD 1.18. The next major resistance is near USD 1.20, where the bears might remain active in the near term.
Binance coin (BNB) extended drop and tested the USD 425 level. It is now correcting higher and approaching USD 445. The first key resistance is near USD 450, above which the price might start a stronger recovery.
Solana (SOL) is stuck near the USD 140 level. A downside break and close below USD 135 might increase pressure on the bulls. The next major support is at USD 120.
DOGE spiked below the USD 0.155 support level. It is now consolidating losses and facing resistance near USD 0.155. The next major resistance is near the USD 0.165 level. On the downside, the bulls might remain active near USD 0.142.
XRP price traded below the USD 0.742 level before recovering and going back to USD 0.76. An immediate resistance is near the USD 0.78 level. The next major resistance is near the USD 0.80 level.
Other altcoins market today
A few altcoins are up over 4%, including AR, DASH, LUNA, FTT, XDC, CAKE, MATIC, ICP, AVAX, and LINK. Out of these, AR jumped 7% and traded above the USD 52 level, trimming its weekly losses to 14%.
Overall, bitcoin price is consolidating above the key USD 40,000 support. If BTC fails to stay above USD 40,000, there is a risk of another sharp decline in the near term.