Bitcoin and Ethereum Fluctuate, LUNA Down 94%, MKR Rallies
- Bitcoin price is still facing resistance near USD 32,500.
- Ethereum might surge above USD 2,450, XRP is struggling to stay above USD 0.50.
- MKR is the best performer today.
Bitcoin price settled above the USD 31,500 level. However, BTC is still facing a strong resistance above USD 32,000 and near USD 32,500. It is currently (11:48 UTC) consolidating near USD 31,600 and is almost unchanged in a day and down 16% in a week.
Similarly, most major altcoins are looking for direction. ETH is eyeing an upside break above USD 2,450. XRP failed to stay above USD 0.50. ADA struggles to reach USD 0.65.
Total market capitalization
After struggling to stay above USD 32,000, bitcoin price corrected lower and is now consolidating above the USD 31,500 level. To accelerate higher, it must settle above the USD 32,000 level. The key breakout zone is still near the USD 32,500 level, above which the price might gain bullish momentum.
On the downside, an immediate support is at USD 31,000. The next key support is near USD 30,500, below which the price could revisit USD 30,000.
Ethereum price is moving higher above the USD 2,350 level. ETH even surpassed USD 2,400 and is currently eyeing a clear move above the USD 2,450 level. If the bulls succeed, the price could rise towards the USD 2,550 level. ETH is up almost 1% in a day and down 13% in a week.
If there is a downside correction, the price might find support near USD 2,350. The next major support is near the USD 2,300 level, below which the price might resume its decline.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) remained well bid above the USD 0.60 level but is struggling to reach USD 0.65. The next key resistance for the bulls would be near the USD 0.665 level.
BNB struggled to stay above the USD 320 level. It is moving lower towards the USD 305 level. The key breakdown support is near USD 300, below which the price might slide towards USD 288.
Solana (SOL) is down 13% and is stuck near the USD 62 level. Any more losses might send the price towards the USD 60 support. On the upside, the USD 70 level presents resistance.
DOGE is struggling to stay above the USD 0.100 level. A downside break below USD 0.100 might put a lot of pressure on the bulls. On the upside, the bears might be active near the USD 0.112 and USD 0.115 levels.
XRP price is facing an increase in selling and the bulls are struggling to keep the price above USD 0.50. If the bears succeed, the price might decline towards the USD 0.48 support or even USD 0.45.
Other altcoins market today
Many altcoins are back in the red zone, including DOT, AVAX, UST, SHIB, TRX, MATIC, NEAR, ALGO, ATOM, and APE. Meanwhile, the worst performer among the top 100 cryptoassets by market capitalization today, LUNA, is down 94% in a day. (Learn more: Terra's Do Kwon Floats Ideas to Save UST as LUNA's Collapse Continues) At the same time, MKR is the best performer as it jumped 26% in a day and surpassed the USD 1,545 level, increasing its weekly gains to 14%.
To sum up, bitcoin price must settle above USD 32,500 to start a stronger recovery wave. If not, BTC might slide and test the USD 30,000 support zone in the near term again.