05 Nov 2021 · 2 min read

Bitcoin and Ethereum Face Resistance, SHIB Crashes 44% From ATH

  • Bitcoin price is consolidating near the USD 62,000 support.
  • Ethereum is holding gains above USD 4,550, XRP might correct lower to USD 1.15.
  • OMG and KDA are up over 23%, while SHIB is down by another 19%.

Bitcoin price started a minor downside correction below the USD 63,500 support zone. BTC is trading below USD 62,500 and is currently (04:28 UTC) consolidating gains. A downside break below USD 61,200 could spark a larger downside correction.

Besides, most major altcoins are correcting gains. ETH declined below USD 4,600, but it remained stable above USD 4,550. XRP is down over 3% and it is trading near USD 1.20. ADA fluctuates around USD 2.00.

Total market capitalization

Source: tradingview.com

Bitcoin price

Recently, bitcoin price started a downside correction below the USD 62,500 support. BTC declined below USD 62,000, but downsides were limited below USD 61,200. On the downside, an initial support is near the USD 61,500 level. The next key support is near the USD 61,200 level, below which the price might extend losses towards the USD 60,500 support.

If there is a fresh increase, an immediate resistance is near the USD 62,500 level. The next key resistance is near USD 63,200, above which the price might start a steady increase.

Ethereum price

Ethereum price failed to settle above USD 4,600 and started a downside correction. ETH traded below the USD 4,550 and USD 4,500 support levels. It tested USD 4,425 before moving back towards USD 4,550. An initial support is near the USD 4,500 level. The next key support is near USD 4,450 below which the price might test USD 4,400.

On the upside, an immediate hurdle is near the USD 4,600 level. The next key resistance is near the USD 4,650 level, above which the price could start a fresh rally.

ADA, BNB, SOL, SHIB, and XRP price

Cardano (ADA) is struggling to stay above the USD 2.00 level. The first key support is near USD 1.95, below which the price could retest USD 1.92.

Binance coin (BNB) is gaining pace above the USD 550 level. BNB is up over 4% and there was a clear break above USD 565. The price even surpassed USD 580, and it might rise steadily towards USD 600. The next major resistance is USD 620.

Solana (SOL) extended its rally above the USD 232 resistance. SOL tested USD 250 and is consolidating gains. If there is a downside correction, the price could test the USD 232 support. The next key support is USD 225.

SHIB is down 19% and it traded below the USD 0.0000490 level. The next major support is near the USD 0.000048 level, below which it could test the USD 0.000045 level. The price is now down by 44% from its all-time high, reached on October 28. SHIB is still the worst performer among the top 100 cryptoassets by market capitalization in a day and in a week.

XRP price struggles to stay above the USD 1.20 resistance level. It is now consolidating near this level and might continue to move down. The next major support is near the USD 1.18 level.

Other altcoins market today

Many altcoins are up over 5%, including KDA, OMG, AR, CRO, AUDIO, XEC, AMP, THETA, LUNA, FTM, and VET. Out of these, KDA gained over 33% and it broke the USD 11 level.

Overall, bitcoin price is consolidating near the USD 62,000 support level. If BTC extends losses, it could continue to move down towards USD 60,500 or USD 60,000.