Bitcoin and Ethereum Hold Downtrend Support, TRX and DCR Trim Gains
- Bitcoin price is consolidating above the USD 40,000 support.
- Ethereum stayed above the USD 2,950 support, XRP tested the USD 0.72 support.
- The two best performers today – TRX and DCR – trimmed their gains.
Bitcoin price started a fresh decline below the USD 41,200 support zone and spiked below the USD 40,000 support before recovering. It is currently (11:49 UTC) consolidating near the USD 40,500 level. BTC is down almost 5% in a day, trimming its weekly gains to 1%.
Similarly, most major altcoins are holding downtrend support. ETH managed to stay above the USD 2,950 support zone. XRP tested USD 0.72 while ADA is consolidating above the USD 0.90 support.
Total market capitalization
Bitcoin price
After a rejection near USD 43,000, bitcoin price started a fresh decline. BTC even declined below USD 40,000, but the price recovered soon after. An immediate resistance on the upside is near the USD 41,000 level. The next key resistance could be USD 41,200, above which the price may perhaps gain bullish momentum.
If not, there is a risk of a move below the USD 40,000 support. The next major support is near USD 39,500, below which the price might start a stronger decline.
Ethereum price
Ethereum price started a sharp decline from the USD 3,180 level. ETH declined below the USD 3,050 and USD 3,000 support levels. However, the bulls protected the USD 2,950 support. It is now consolidating and facing resistance near USD 3,050. ETH is down almost 5% in a day and 1% in a week. The next key resistance might be near the USD 3,120 level.
On the downside, the main support is near the USD 2,950 level, below which there is a risk of a larger decline.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) gained bearish momentum below the USD 0.92 level. It even spiked below USD 0.90, but losses were contained. The price is now consolidating and facing resistance near the USD 0.932 level.
BNB extended decline towards the USD 400 support and is now consolidating near USD 410. If there is a downside break below USD 400, the price could accelerate lower towards the USD 385 level.
Solana (SOL) declined below USD 102 and even tested the USD 100 support level. It is now struggling to stay above USD 100. If there is a clear move below USD 100, the bears might gain strength.
DOGE tested the USD 0.135 support. Any more losses might lead the price towards the USD 0.132 support. Conversely, the price could attempt a recovery wave towards USD 0.140.
XRP price traded below the USD 0.750 support and tested the USD 0.72 support zone. If the bears remain in action, the price might test USD 0.70. On the upside, the USD 0.75 could act as a resistance.
Other altcoins market today
Many altcoins are down over 4%, including AVAX, DOT, WBTC, NEAR, ATOM, FTT, ALGO, ETC, APE, MANA, HBAR, and ICP. Meanwhile, both TRX and DCR trimmed some of their gains today but they still remain the best performers among the top 100 cryptoassets by market capitalization. TRX is still up 6% in a day and is trading above USD 0.068, correcting from more than USD 0.073, while DCR is now up 10% in a day, standing near USD 67 after it reached USD 73 earlier today.
To sum up, bitcoin price is consolidating above the USD 40,000 support. If BTC slides below USD 39,500, there could be stronger bearish moves in the coming sessions. On the upside, the USD 41,200 level presents resistance.
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