20 May 2022 · 2 min read

Bitcoin and Ethereum Hold Gains, Altcoins Accelerate

 

  • Bitcoin price gained strength for another move above USD 30,000.
  • Ethereum is back above USD 2,000, XRP might struggle above USD 0.432.
  • Multiple altcoins are up over 5%.

Bitcoin price remained well supported above the USD 28,500 level and started a decent increase above the USD 29,500 resistance. It is currently (04:00 UTC) trading near USD 30,200 and is up 3% in a day and 4% in a week.

Similarly, most major altcoins are moving higher. ETH recovered losses and climbed above USD 2,000. XRP moved above USD 0.42 but is struggling to gain momentum. ADA is facing resistance near the USD 0.55 level.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a downside correction, bitcoin price found support near the USD 28,500 level, recovered, and broke the USD 30,000 resistance, moving into a positive zone. On the upside, an initial resistance is near the USD 30,500 zone. The next key resistance is still near the USD 31,200 and USD 31,500 levels.

An immediate support is near the USD 29,850 level. The next major support is near the USD 29,500 level, below which the price could start a fresh decline.

Ethereum price

Ethereum price also followed a similar pattern and recovered above the USD 1,950 level. ETH moved higher and reclaimed the USD 2,000 barrier. ETH is up 3% in a day and a week. On the upside, an immediate resistance is near the USD 2,050 level. The key resistance is near USD 2,120, above which the price could start a stronger increase.

An initial support is near the USD 1,950 level. The next major support is near the USD 1,900 level, below which the price might gain bearish momentum.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) found support around the USD 0.50 level and recovered losses. It climbed above the USD 0.532 level, but it is facing a strong resistance near the USD 0.55 level.

BNB tested the key USD 288 support level. It remained well bid and was able to recover losses above USD 300. The price is now facing resistance near USD 312, above which it could test USD 320.

Solana (SOL) is back above the USD 50 level. It is consolidating near the USD 52 level, with a key hurdle near USD 55. A clear move above the USD 55 level might send the price towards the USD 60 level.

DOGE found support near the USD 0.0820 level. The price is rising and trading above the USD 0.0850 level. The main resistance is near the USD 0.090 level, above which the price might rise towards USD 0.095.

XRP price is forming a base above the USD 0.40 level. It is back above USD 0.42 and facing resistance near the USD 0.432 level. The key breakout zone is now forming near the USD 0.45 level.

Other altcoins market today

Many altcoins are up over 5%, including DOT, AVAX, TRX, ATOM, SHIB, MATIC, LTC, CRO, NEAR, FTT, UNI, BCH, LINK, and XLM. Out of these, ATOM is up almost 12%, surpassing USD 11, and increasing its weekly gains to 16%.

Overall, bitcoin price is back above the USD 30,000 level. However, BTC must clear USD 30,500 and USD 31,200 resistance levels to continue higher in the near term.

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