Bitcoin and Ethereum Face Key Hurdles, STX Accelerates
- Bitcoin price is struggling to clear USD 58,000.
- Ethereum is facing resistance near USD 4,380, XRP is consolidating below USD 1.00.
- GALA, LEO, KCS, and STX are up over 9%.
Bitcoin price started an upside correction above the USD 56,500 resistance. BTC even cleared USD 57,000, but it is facing hurdles near USD 58,000. It is currently (12:03 PM UTC) consolidating near USD 57,000.
Besides, most major altcoins are facing key hurdles. ETH is consolidating near USD 4,300 and is facing resistance near USD 4,380. XRP is still struggling to surpass the USD 1.00 resistance. ADA needs to gain strength above USD 1.60 for a sustained move.
Total market capitalization
After forming a base, bitcoin price was able to clear the USD 56,500 resistance. BTC even surpassed USD 57,000, but it is facing a couple of important hurdles. The first key resistance is near USD 58,000. The next major resistance is near USD 58,500, above which the bulls may perhaps gain strength for a sustained move higher.
On the downside, an initial support is near the 57,000 level. The next major support is now forming near the USD 56,200 level.
Ethereum price moved above the USD 4,250 and USD 4,300 levels. ETH is now struggling near the USD 4,350 and USD 4,380 levels. A close above USD 4,380 could set the pace for a larger increase in the near term.
If there is a fresh decline, the price might find support near USD 4,250. The next major support is near USD 4,220.
ADA, BNB, SOL, SHIB, and XRP price
Cardano (ADA) settled below the USD 1.60 level. It is attempting an upside correction and facing resistance near USD 1.62. A close above USD 1.60 and USD 1.62 is a must for a steady increase in the near term.
Binance coin (BNB) settled above the USD 600 level. It even surpassed USD 612 and is approaching the USD 620 level. If there is a clear break above USD 620, the price could rise towards the USD 650 level.
Solana (SOL) is consolidating gains above the USD 200 level. An immediate resistance is near USD 212. Any more gains could send the price towards the USD 225 level. If not, it might dip towards the USD 192 support level.
SHIB is still struggling to clear the USD 0.000040 level and is trading below USD 0.000039. A close above USD 0.000040 may perhaps clear the path for more gains. In this case, the price might rise towards the USD 0.0000425 level.
XRP price is consolidating above the USD 0.950 level. It is facing a strong resistance near the USD 1.00 level. A close above the USD 1.00 level may perhaps open the doors for a steady increase. The next major resistance is near USD 1.05, followed by USD 1.12.
Other altcoins market today
Many altcoins are up over 5%, including SAND, GALA, KCS, STX, WAXP, LEO, CHZ, VGX, SOL, CAKE, and ENJ. Out of these, STX gained 22% and is holding gains above the USD 2.2 level. The price is still down by 3% in a week.
To sum up, bitcoin price is struggling to gain pace above the USD 58,000 level. A close above USD 58,000 might set the pace for a move towards the USD 60,000 level.