Bitcoin and Ethereum Consolidate, ALGOs Rally on Pause

 

  • Bitcoin price is facing resistance near USD 39,000.
  • Ethereum is struggling below USD 2,900, XRP is stuck near USD 0.632.
  • ALGO is the best performer today.

Bitcoin price remained in a range above the USD 38,000 level. BTC is currently (11:57 UTC) trading near USD 38,500 and facing a couple of key hurdles near USD 39,000 and USD 39,200. BTC is unchanged in a day and down 5% in a week. If there is no upside break, the price could dive below USD 38,000.

Similarly, most major altcoins are struggling below hurdles. ETH is still trading below USD 2,900. XRP is facing resistance near USD 0.632 while ADA is consolidating below the USD 0.80 resistance.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a failed attempt to clear USD 39,200, bitcoin price trimmed gains. However, BTC remained above the USD 38,000 level and is now consolidating near USD 38,500. An immediate resistance on the upside is near the USD 39,000 level. The key breakout zone is still near the USD 39,200 level. A close above the USD 39,200 level could send the price toward USD 40,000.

On the downside, an initial support is near the 38,000 level. The main breakdown support is now forming near USD 37,600, below which the price might gain bearish momentum.

Ethereum price

Ethereum price struggled near the USD 2,880 level. ETH moved lower and declined below the USD 2,800 level before recovering to almost USD 2,850. ETH is up almost 2% in a day and down 6% in a week. On the downside, an immediate support is near the USD 2,800 level. The next major support is near the USD 2,750 level, below which the price might decline heavily.

On the upside, the first key resistance is near the USD 2,880 level. The next major resistance is near the USD 2,920 level, above which the price could recover steadily.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is still consolidating below the USD 0.80 resistance. If there is no upside break above USD 0.80, the price might slide below the USD 0.765 support. The next major support is near the USD 0.75 level.

BNB moved lower towards the USD 382 support level before recovering near USD 388. If BNB resumes its decline, the next key support is USD 380, below which the price might dive towards the USD 365 support.

Solana (SOL) is showing bearish signs below the USD 90 level. If the bears remain in action, the price might test the USD 82 support level. Conversely, the price could recover above USD 90 and USD 92.

DOGE is struggling to stay above the USD 0.130 level. If there is a downside break below USD 0.130, the price might even dive to USD 0.125. The next major support is near USD 0.122.

XRP price is struggling to gain pace above the USD 0.620 level. The next major resistance is near USD 0.632. On the downside, the price could decline heavily if there is a move below the USD 0.600 level.

Other altcoins market today

A few altcoins are in the green zone, including LUNA, AVAX, MATIC, NEAR, LEO, ALGO, ATOM, and HNT. ALGO is the best performer among the top 100 cryptoassets by market capitalization today. The price jumped 19% in a day on FIFA news, erasing all its weekly losses. ALGO trades at USD 0.70, correcting lower from USD 0.73 reached earlier today. 

To sum up, bitcoin price is struggling to climb above the USD 39,000 and USD 39,200 resistance levels. It increases the chances of a downside break and BTC could dive to USD 36,500.

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