Bitcoin and Ethereum at Risk of More Losses, Altcoins May Extend Declines
- Bitcoin price is struggling below USD 29,500.
- Ethereum settled below USD 1,800, XRP is facing resistance near USD 0.40.
- ADA and SOL are showing signs of more losses.
Bitcoin price recovered above the USD 28,500 zone. BTC attempted an upside break but struggled above USD 29,000. It is currently (11:50 UTC) struggling and might continue to move down towards the USD 27,500 level.
Besides, most major altcoins are showing bearish signs. ETH settled below USD 1,800 and might test USD 1,700. XRP could recover if it clears USD 0.40. ADA is consolidating above the USD 0.45 support.
Total market capitalization
Bitcoin price
After a sharp decline, the bitcoin price found support near the USD 27,500 zone. BTC started a recovery wave and climbed above the USD 28,500 level. The price even climbed above USD 28,800, but it struggled to gather pace above USD 29,000. The next key resistance is near USD 29,200 and USD 29,500. A clear move above the USD 29,500 level might start a decent increase.
If not, there are chances of a fresh move below the USD 28,000 level. In the stated case, the price could retest the USD 27,500 support zone.
Ethereum price
The Ethereum price remained in a bearish zone below the USD 1,850 level. ETH settled below the USD 1,800 level and might continue to move down. The next major support is near USD 1,720, below which the price may perhaps decline towards the USD 1,720 level.
On the upside, an immediate resistance is near the USD 1,820 level. The next major resistance is near USD 1,850, above which the price could rise steadily.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) extended decline below the USD 0.465 support. It is now trading around that level but potentially approaching the USD 0.45 support zone. Any more losses could set the pace for a move towards the USD 0.42 level.
BNB traded around the USD 300 support level. If the bears remain in action, the price could decline toward the USD 288 level. The next major support is near the USD 275 level.
Solana (SOL) is gaining pace below the USD 45 level. The first major support is near the USD 40 level, below which the bulls might struggle to protect against heavy losses. On the upside, the bears might remain active near USD 45.
DOGE extended decline and tested the USD 0.075 support level. It is now attempting a recovery wave, with an initial resistance at USD 0.0780. The first key resistance is now forming near the USD 0.080 level.
XRP price settled below the USD 0.40 level. It tested the USD 0.375 level before there was a minor upside correction. To start a steady increase, the price must clear the USD 0.40 resistance.
Other altcoins market today
Many altcoins are in the red zone, including AVAX, SHIB, MATIC, NEAR, UNI, FTT, XMR, FLOW, APE, MANA, and EGLD. Out of these, EGLD is down 15% and trading below USD 70.
To sum up, bitcoin price is in a bearish zone below the USD 30,000 level. If BTC slides below USD 28,500, it could continue to move down towards the USD 27,500 support zone in the near term.
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