Bitcoin and Ethereum Hold Crucial Support, Smaller Altcoins Surge
- Bitcoin price is struggling below USD 57,000.
- Ethereum is steady above USD 4,120, XRP nears USD 1.03.
- SAND extended rally by 42%, CRO gained nearly 14%.
Bitcoin price is struggling to clear the USD 57,500 and USD 58,000 resistance levels. BTC is currently (11:30 UTC) consolidating near USD 56,000 support. It could either start a steady increase to USD 60,000 or dive below USD 55,500 in the near term.
Besides, most major altcoins are struggling to start a recovery wave. ETH is trading well below USD 4,250, but it is steady above USD 4,120. XRP is trending lower towards the USD 1.00 level. ADA must stay above USD 1.70 to start an upside correction.
Total market capitalization
Recently, bitcoin price saw bearish moves below the USD 57,500 level. However, BTC stayed above the key USD 55,500 support level. An immediate support is now near USD 55,800. The first major support is near USD 55,500, below which the bears might gain strength. In this case, there is a risk of a move towards USD 52,000.
On the upside, an initial resistance is near USD 57,500. The next major resistance is near the USD 58,500 level, above which the price could start an increase to USD 60,000.
Ethereum price is struggling to start a recovery wave above the USD 4,200 and USD 4,250 resistance levels. ETH is now consolidating above the USD 4,120 support. The next major support is near USD 4,050, below which the price could even struggle to stay above USD 4,000.
If there is a steady increase, the price might face resistance near the USD 4,250 level. A close above USD 4,250 could push the price towards USD 4,350.
ADA, BNB, SOL, SHIB, and XRP price
Cardano (ADA) settled below the USD 1.80 level. The price is trading above the USD 1.75 support, below which it could extend losses. The next major support is at USD 1.60. On the upside, the price might face hurdles near the USD 1.85 level.
Binance coin (BNB) is still above the USD 550 support level. It is rising and approaching the USD 580 level. The next hurdle is near USD 585, above which the price might test USD 600.
Solana (SOL) is struggling to settle above USD 220. It is correcting gains and heading towards USD 210. The next major support is USD 205, followed by USD 200. A bearish reaction below USD 200 may perhaps bring additional losses.
SHIB is down 5% and trading below the USD 0.000045 level. An immediate support is near the USD 0.0000425 level. The next major support is near the USD 0.0000400 level, below which the price could accelerate downsides in the short-term.
XRP price attempted a close above USD 1.05 and USD 1.065, but failed. It is stuck in a range above the USD 1.02 level. The main support is still USD 1.00, below which the bears might gain strength.
Other altcoins market today
A few altcoins are up over 8%, including SAND, AMP, CRO, EGLD, MANA, ENJ, XDC, VGX, QNT, and FTM. Out of these, SAND gained 42% and surpassed the USD 5.50 level. Meanwhile, SNX, FLOW, STX, and MIOTA are down more than 6%.
To sum up, bitcoin price is still above the USD 55,500 support. However, there is still risk of a downside break below USD 55,500 and USD 55,000.