Bitcoin and Ethereum Fail Near Crucial Juncture, NEXO Rallies
- Bitcoin price failed to gain strength above USD 40,000 and declined.
- Ethereum trimmed gains from USD 2,980, XRP is down over 4%.
- NEXO jumped 16% in ten minutes.
Bitcoin price spiked above USD 40,000, but there was no upside continuation. It is currently (11:49 UTC) trimming gains and trading below USD 38,900. BTC is down 2% in a day and more than 3% in a week.
Similarly, most major altcoins are trimming gains. ETH declined heavily after it failed to test the USD 3,000 resistance. XRP is down over 4% and approaching the USD 0.60 support. ADA tested the key USD 0.805 support zone.
Total market capitalization
Bitcoin price
After a clear move above USD 39,500, bitcoin price extended increase. The price even climbed above the USD 39,800 resistance. The bulls pushed the price above USD 40,000, but they struggled to retain momentum. A high was formed near USD 40,375 and the price reacted to the downside. There was a sharp decline and the price broke the USD 39,200 support. An immediate support is near the 38,500 level. The next major support is near USD 38,000, below which the price might gain bearish momentum.
On the upside, an initial resistance is near the USD 39,500 level. The main resistance is now forming near the USD 40,000 level.
Ethereum price
Ethereum price gained strength above the USD 2,920 resistance. ETH even moved above the USD 2,950 level, but the bears appeared near USD 2,980. The price is now moving lower and trading below USD 2,900. ETH is down almost 3% in a day and more than 3% in a week. The next major support is near the USD 2,800 level, below which the price might revisit USD 2,760.
If there is another increase, the price might face resistance near USD 2,920. The next major resistance is now forming near USD 2,980 and USD 3,000.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) is gaining bearish momentum below the USD 0.832 level. The price even tested the USD 0.805 support before recovering above USD 0.81. If there are more downsides, the price could slide below USD 0.800.
BNB trimmed gains and traded below the USD 400 support level. The price is now approaching the USD 392 support. The next major support is near the USD 385 level, where the bulls might emerge.
Solana (SOL) is approaching the USD 95 support zone. If there is a downside break, the price could decline towards the USD 92 and USD 90 levels. On the upside, the USD 100 level is a key barrier.
DOGE extended decline below the USD 0.1365 support. The price even tested the USD 0.135 support zone before recovering above USD 0.137. Any more losses could set the pace for a move towards the USD 0.132 level.
XRP price is moving toward the USD 0.600 support zone. The next key support is near the USD 0.580, below which the price could test the USD 0.550 support zone.
Other altcoins market today
Many altcoins are down over 4%, including LUNA, DOT, MATIC, NEAR, ATOM, LINK, UNI, ETC, HBAR, VET, MANA, and EGLD. Conversely, NEXO jumped 16% in ten minutes and is now the best performer among the top 100 coins by market capitalization today. It jumped over 14% in a day and moved above USD 2.5, increasing its weekly gains to 12%.
To sum up, bitcoin price failed to settle above the USD 40,000 resistance. BTC trimmed gains and it might even decline towards the USD 38,000 level in the near term.
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