31 May 2022 · 2 min read

Bitcoin and Ethereum Consolidate Gains, ADA Outperforms

 

  • Bitcoin price is consolidating below USD 32,000.
  • Ethereum is facing resistance near USD 2,000, XRP is trading in a range above USD 0.40.
  • ADA and AXS surged around 25%, WAVES still dominates.

Bitcoin price surged above the USD 31,200 resistance level and tested the USD 32,000 level before the bears emerged. It is currently (11:50 UTC) consolidating gains near USD 31,800 and is up almost 4% in a day and 9% in a week.

Similarly, most major altcoins remain in a positive zone. ETH is facing a major hurdle near USD 2,000. XRP is still below the USD 0.45 resistance. ADA rallied and even spiked above the USD 0.65 resistance.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a clear move above the USD 31,200 resistance, bitcoin price struggled to settle above USD 32,000. BTC started a minor downside correction towards USD 31,800. The price is now consolidating gains, with an immediate support at USD 31,200. The next major support is near the USD 30,500 zone, below which the bears might try to take control.

On the upside, the first major resistance is near the USD 32,000 level. The next key resistance is near USD 32,500, above which the price might rise steadily towards the USD 33,200 level.

Ethereum price

Ethereum price spiked above the USD 2,000 resistance zone but failed to continue higher and dipped toward USD 1,980. ETH is still up 4% in a day and is unchanged in a week while it is holding gains above the USD 1,920 support level. The next major support is near the USD 1,850 level, below which there is a risk of a sharper bearish wave.

On the upside, the USD 2,000 and USD 2,010 levels are acting as hurdles. The next major resistance is near USD 2,085, above which the price could rise towards the USD 2,150 resistance zone. 

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) rallied significantly above the USD 0.55 resistance. It gained 25% and even broke the USD 0.65 resistance zone. The next major resistance for the bulls may perhaps be USD 0.688. ADA also jumped 29% in a week and trimmed its monthly losses to less than 14%.

BNB is struggling to gain momentum above the USD 320 level. An immediate resistance is near the USD 325 level. If there is a close above USD 320 and USD 325, the price could rise towards the USD 340 level.

Solana (SOL) struggled to surpass the USD 48 resistance zone and moved lower towards the USD 45 support. If there is a downside break, the price could test the USD 42 support.

DOGE is facing resistance near the USD 0.0880 zone. The next major barrier for the bulls may perhaps be near the USD 0.092 resistance zone, above which the price could rise to USD 0.10.

XRP price spiked above the USD 0.425 resistance. However, there was no upside continuation and the price declined to USD 0.420 again. On the downside, the price might find bids near USD 0.400.

Other altcoins market today

Many altcoins are up over 5%, including MATIC, NEAR, UNI, BCH, XLM, XMR, FLOW, ICP, SAND, AXS, THETA, and HNT. Out of these, AXS gained over 25% and cleared the USD 25 resistance zone, while WAVES still dominates among the top 100 cryptoassets by market capitalization, as it’s now up 58% in a day. (Learn more: WAVES Skyrockets as Details of DeFi Revival Plan Unveiled, Still Down 85% from ATH)

To sum up, bitcoin price is holding gains above the USD 30,500 pivot level. If BTC settles above USD 32,000, it could increase the chances of further gains in the near term.

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