20 May 2022 · 2 min read

Bitcoin and Ethereum Consolidate, SAND and AAVE Accelerate

 

  • Bitcoin price is still holding the key USD 30,000 level.
  • Ethereum remains above USD 2,000, XRP is consolidating above USD 0.40.
  • SAND and AAVE are up around 11%.

Bitcoin price remained well supported above the USD 30,000 level and even tested USD 30,500. It is currently (13:50 UTC) trading near USD 30,300.

Similarly, most major altcoins are also consolidating their gains. ETH tested USD 2,050, while XRP is stuck near USD 0.42. ADA is still facing resistance near the USD 0.55 level.

Total market capitalization

Source: tradingview.com

Bitcoin price

After breaking the USD 30,000 resistance, bitcoin price tested USD 3,500 before moving lower again. It’s up 3% in a day and 4% in a week. On the upside, an initial resistance is near the USD 30,500 zone. The next key resistance is still near the USD 31,200 and USD 31,500 levels.

An immediate support is near the USD 29,850 level. The next major support is near the USD 29,500 level, below which the price could start a fresh decline.

Ethereum price

Ethereum price also followed a similar pattern and kept inching higher above the USD 2,000 level. ETH almost touched USD 2,060 before moving towards USD 2,040 again. The price is up 4% in a day and a week. On the upside, an immediate resistance is near the USD 2,050 level. The key resistance is near USD 2,120, above which the price could start a stronger increase.

An initial support is near the USD 1,950 level. The next major support is near the USD 1,900 level, below which the price might gain bearish momentum.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) remained above the USD 0.50 support and is consolidating near the USD 0.532 level as it is facing a strong resistance near the USD 0.55 level.

BNB remained well bid and was able to move higher above USD 300. The price broke the USD 312 resistance and might test USD 320 in the near term.

Solana (SOL) is still consolidating near the USD 52 level, with a key hurdle near USD 55. A clear move above the USD 55 level might send the price towards the USD 60 level.

DOGE is still trading above the USD 0.0850 level and is facing the main resistance near USD 0.090, above which the price might rise towards USD 0.095.

XRP price managed to stay above USD 0.42 but failed to clear the USD 0.432 level. The key breakout zone is now forming near the USD 0.45 level.

Other altcoins market today

Many altcoins are up over 5%, including AVAX, LRC, XMR, ZIL, UNI, TFUEL, CHZ, ONE, KCS, and KLAY. Meanwhile, SAND jumped around 11%, surpassing USD 1.30 and increasing its weekly gains to 20%. ATOM rallied 12%, broke the USD 12 level, and is now up 24% in a week. 

Overall, bitcoin price is holding gains above the USD 30,000 level. However, BTC must clear USD 30,500 and USD 31,200 resistance levels to continue higher in the near term.

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