Bitcoin and Ethereum Consolidate Near Uptrend Support, Altcoins in Red
- Bitcoin price is holding the key USD 22,500 support.
- Ethereum is below USD 1,500, XRP is consolidating near USD 0.35.
- SOL and ADA are trading near key support zones.
Bitcoin price started a downside correction from the USD 24,200 zone and spiked below USD 23,000. It is currently (11:20 UTC) trading near USD 22,600 and is down almost 5% in a day and up 12% in a week.
Similarly, most major altcoins are trading above key support zones. ETH stayed above the USD 1,450 support. XRP is consolidating near the resistance turned support at USD 0.35. ADA must stay above USD 0.48 to climb once again.
Total market capitalization
After a downside break below USD 23,500, bitcoin price extended losses. However, the bulls defended the USD 22,500 level. The price is now trading in a range and still might rise above USD 23,000. An immediate resistance is near the USD 23,200 level. The next major resistance could be USD 23,500, above which the price could start a fresh increase.
If not, the price could drop further and trade below the USD 22,500 support. The next major support is near the USD 22,000 zone, below which the price could revisit USD 21,200.
Ethereum price extended losses below the USD 1,500 support. ETH even spiked below USD 1,460 but remained above USD 1,450 and moved towards USD 1,490. ETH is down 7% in a day and up 34% in a week. On the upside, the price could face sellers near USD 1,520. The next major resistance is at USD 1,550, above which the price may perhaps revisit USD 1,600.
On the downside, the USD 1,450 level is a key support. A downside break below USD 1,450 could push the price towards USD 1,320.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) declined and settled below USD 0.50. It is now consolidating near USD 0.48, below which the price could test USD 0.465. The next major support is near USD 0.45.
BNB declined and tested the USD 250 support. It might start a fresh increase towards USD 265 if it stays above USD 250. Conversely, there could be a drop toward USD 235.
Solana (SOL) tested the USD 40 support level. If there is a drop below the USD 40 support, the price might decline towards the USD 38 support zone. However, it could still rise and revisit USD 45.
DOGE declined below the USD 0.0700 support. It is now consolidating near USD 0.0680, below which the price might drop towards the USD 0.065 support. On the upside, USD 0.070 is a breakout zone.
XRP price is now consolidating near the USD 0.35 level. A downside break might send it towards USD 0.332. If not, there could be a fresh move towards USD 0.388.
Other altcoins market today
Many altcoins are in the red zone, including DOT, MATIC, AVAX, SHIB, TRX, UNI, CRO, LINK, ETC, XLM, NEAR, FLOW, and APE. Out of these, APE declined over 10% and traded below USD 5.8.
To sum up, bitcoin price is consolidating above the key USD 22,500 support. If BTC fails to stay above USD 22,500, there is a risk of a sharper decline.