Bitcoin and Ethereum Consolidate, DOGE Rallies on Musk’s Twitter Deal
- Bitcoin price is struggling to clear the USD 47,000 resistance.
- Ethereum is still below USD 3,500, XRP is hovering near USD 0.85.
- DOGE rallied 9% and cleared USD 0.150.
Bitcoin price moved lower below USD 46,200 and even traded below USD 46,000, but the bulls were active above USD 45,500. It is currently (11:45 UTC) consolidating and struggling to gain bullish momentum. The price is unchanged in a day.
Similarly, most major altcoins are struggling to rise steadily. ETH failed to stay above USD 3,500 and tested USD 3,450, and is also unchanged in a day. XRP is consolidating above USD 0.82. ADA is showing positive signs above the USD 1.20 pivot level.
Total market capitalization
After struggling below USD 46,500, bitcoin price extended its decline below USD 46,000. However, BTC was stable above the USD 45,500 level. The next major support is near USD 45,000, below which the price might accelerate losses. In this case, the price may perhaps decline towards the USD 44,200 level.
On the upside, the price might face resistance near the USD 46,800 level. The next key resistance is near the USD 47,000 level, above which the price could retest the main USD 47,500 resistance.
Ethereum price struggled to stay above the USD 3,500 level. ETH extended decline and tested the USD 3,450 support. The next major support is near the USD 3,420 level, below which the price could even trade below the USD 3,350 level.
On the upside, the price might face sellers near USD 3,500. The next key resistance might be near the USD 3,550 level, above which the price may perhaps start a steady increase.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) is back above the USD 1.20 pivot level. An immediate resistance is near the USD 1.22 level. The next key resistance is near USD 1.245, where the bears might take a stand.
BNB is consolidating below the USD 450 resistance zone. A close above the USD 450 level may possibly start a stronger increase. The next key resistance is near USD 465, above which the price could rise to USD 480.
Solana (SOL) is stuck below the USD 140 level. If there is a downside correction, the price might decline below USD 132. The next major support is near USD 125, where the bulls might emerge.
DOGE started a strong increase above the USD 0.150 resistance. It gained over 9% and even tested the USD 0.155 level before correcting lower. The price jumped after it was announced that DOGE fan Elon Musk has become the largest shareholder of social media giant Twitter, by acquiring a 9.2% stake in the company. The stake is worth about USD 2.89bn, based on Friday’s market close, per Bloomberg data.
XRP price is trading near the USD 0.82 support. To start a steady increase, the price must clear the USD 0.85 resistance zone. In this case, it could even rise above the USD 0.90 level.
Other altcoins market today
A few altcoins are down over 4%, including AVAX, DOT, NEAR, ATOM, WAVES, THETA, APE, FLOW, ZEC, and XEC. Out of these, WAVES declined over 15% and traded below the USD 45 level. Meanwhile, CELO and CAKE are up 7%-9%.
To sum up, bitcoin price is struggling to gain pace above the USD 46,500 level. If BTC fails to stay above USD 45,500, there could be an increase in selling pressure.