Bitcoin and Ethereum at Make-or-Break Levels, DOGE Outperforms
- Bitcoin price remains at a risk of a sharp decline to USD 18,800.
- Ethereum is trading below USD 1,100, XRP is testing the USD 0.320 support.
- SOL and BNB are accelerating losses, DOGE is in the green.
Bitcoin price followed a bearish path below the USD 21,000 level. BTC extended losses and settled below the USD 20,500 level. It is currently (04:09 UTC) consolidating near USD 20,100 and is down 1% in a day and is almost unchanged in a week.
Similarly, most major altcoins are trading in a bearish zone. ETH traded below the USD 1,120 and USD 1,100 support levels. XRP tested the key USD 0.32 support. ADA also tested the key USD 0.455 support zone.
Total market capitalization
After a close below USD 20,500, bitcoin price extended losses and traded below the USD 20,000 support zone. However, losses were limited and the price is now consolidating above USD 20,000, with an immediate resistance near the USD 20,350 level. The next major resistance is now near USD 20,500, above which the price could rise towards USD 21,000.
On the downside, an initial support is near the USD 19,850 level. The next major support is near the USD 19,450 zone, below which the price could even test USD 18,800.
Ethereum price also followed a bearish path and settled below the USD 1,120 support. ETH traded lower and tested the USD 1,080 zone. It is now struggling to stay above the USD 1,090 level and is down almost 5% in a day and up almost 4% in a week. The next major support is near USD 1,050, below which the price could even test USD 1,000.
On the upside, an immediate resistance is near the USD 1,120 level. The next major resistance is near USD 1,150, above which the price could start a recovery wave.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) settled below the USD 0.48 support level. It extended losses and tested the USD 0.455 support level. If there are more losses, the price may perhaps decline towards the USD 0.42 level.
BNB declined 4% and traded below the USD 220 support zone. The next major support is near the USD 212 level, below which the price may perhaps test the USD 200 support.
Solana (SOL) is down 7% and trading below USD 35. The next major support is near the USD 30 level, below which the price might even test the USD 28 level.
DOGE is holding gains above the USD 0.065 support zone and is up 2% in a day. It’s also the best performer among the top 10 coins today. If there is a fresh increase, the price could face resistance near the USD 0.070 level. The next major resistance is near the USD 0.072 level.
XRP price extended its decline and tested the USD 0.32 support. Any more losses could send the price towards the USD 0.30 support level. On the upside, the USD 0.35 level is now a major hurdle.
Other altcoins market today
Many altcoins are in the red zone, including DOT, TRX, AVAX, MATIC, QNT, FTT, CRO, LINK, ALGO, FLOW, APE, and THETA. Out of these, QNT is down 11% and trading near USD 51, becoming the worst performer among the top 100 coins by market capitalization today.
Overall, bitcoin price is struggling to stay above USD 20,000. If BTC settles below USD 20,000, there is a risk of a sharper decline.