01 Jun 2022 · 2 min read

Bitcoin and Ethereum Consolidate Gains, AXS and WAVES Dive

 

  • Bitcoin price is struggling to gain pace above USD 32,000.
  • Ethereum retested the USD 1,920 support, XRP is still above USD 0.40.
  • AXS and WAVES are the worst performers today.

Bitcoin price made another attempt to clear the USD 32,200 resistance zone and spiked to USD 32,400 where the bears emerged. It is currently (04:09 UTC) trading near USD 31,600 and is almost unchanged in a day and up 7% in a week.

Similarly, most major altcoins are also moving lower. ETH corrected below USD 1,950 and tested USD 1,920. XRP is still trading above the USD 0.40 support zone. ADA trimmed gains and neared USD 0.60.

Total market capitalization

Source: tradingview.com

Bitcoin price

After another move above USD 32,000, bitcoin price faced sellers and failed to surpass the USD 32,400 level. It formed a short-term top and started a downside correction below USD 32,000. On the downside, an immediate support at USD 31,200. The next major support is still near the USD 30,500 zone, below which the price could start a stronger decline.

On the upside, the price is facing resistance near USD 32,200. The next key resistance is near USD 32,400. A clear move above the USD 32,400 level might start a steady increase in the near term.

Ethereum price

Ethereum price struggled to surpass the USD 2,000 resistance. ETH corrected lower below the USD 1,950 support level and tested the USD 1,920 support. The price is down more than 3% in a day and almost 3% in a week. If there are more downsides, the price may perhaps slide towards the USD 1,850 support.

On the upside, an initial resistance is near the USD 1,980 level. The next major resistance is near USD 2,000, above which ETH could rise towards the USD 2,085 resistance zone.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) extended its rally above the USD 0.65 resistance. However, it faced sellers near the USD 0.688 zone. As a result, there was a downside correction and the price is now testing the USD 0.60 zone.

BNB spiked towards the USD 330 level before it corrected lower. It is trading below the USD 320 level. The next major support is USD 312, below which there is a risk of a move towards USD 300.

Solana (SOL) is down 6% and is trading below the USD 45 level. The next major support is near USD 42. Any more losses might send the price towards the USD 40 support zone.

DOGE is consolidating near the USD 0.0850 level. If there is a bearish reaction, the price might test the USD 0.0820 support zone. Conversely, it could revisit the USD 0.0880 resistance level.

XRP price is facing hurdles near the USD 0.425 resistance. A clear move above USD 0.425 might send the price towards the USD 0.45 resistance. If not, it could struggle to stay above USD 0.40.

Other altcoins market today

Many altcoins are down over 5%, including DOT, AVAX, SHIB, NEAR, ETC, ATOM, MANA, EGLD, SAND, AXS, WAVES, ZEC, and RUNE. Out of these, AXS and WAVES are down around 18% and are the worst performers among the top 100 cryptoassets by market capitalization today. WAVES is trading near USD 7.90 and is still up 46% in a week, while AXS trimmed its weekly gains to 6% and moved below USD 22.50. Meanwhile, TFUEL jumped 15%, reaching USD 0.073.

Overall, bitcoin price is consolidating gains below USD 32,000. However, BTC might remain supported near the USD 31,200 level or USD 30,500 in the coming sessions.

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