01 Jun 2022 · 2 min read

Bitcoin and Ethereum Hold Key Support, Altcoins Consolidate, TRX Jumps

 

  • Bitcoin price is trimming gains above USD 31,200.
  • Ethereum found bids near the USD 1,920 support, XRP is struggling below USD 0.425.
  • TRX is the best performer today.

Bitcoin price is moving lower below the USD 32,200 zone. BTC dropped below USD 31,500, but the bulls were active near USD 31,200, and it is currently (11:49 UTC) consolidating near USD 31,500 again. BTC is down almost 1% in a day and up 7% in a week.

Similarly, most major altcoins are consolidating in a range. ETH tested the USD 1,920 support zone. XRP might accelerate if it clears the USD 0.425 resistance. ADA is consolidating near the USD 0.60 pivot level.

Total market capitalization

Source: tradingview.com

Bitcoin price

Recently, bitcoin price saw a downside correction from USD 32,400. BTC dipped below the USD 31,500 level, but the bulls protected the USD 31,200 support. The next major support is still near the USD 30,500 zone. A downside break below the USD 30,500 support could push the price lower.

On the upside, the price is facing resistance near USD 32,000. The next key resistance is near USD 32,200, above which the price might start another steady increase in the near term.

Ethereum price

Ethereum price remained below the USD 2,000 resistance. ETH corrected lower and traded below the USD 1,950 level. However, the bears struggled near USD 1,920 and the price started a consolidation phase. ETH is now down over 2% in a day and almost 2% in a week. The next major support is near USD 1,900, below which the price may perhaps slide towards the USD 1,850 support.

On the upside, an initial resistance is near the USD 1,980 level. The main breakout resistance is now forming near USD 2,000, above which the price could accelerate.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) corrected lower from the USD 0.688 resistance zone. It declined below USD 0.625 and is currently trading in a range near USD 0.60. Any more losses might call for a test of the USD 0.58 level.

BNB is struggling to settle above the USD 320 level. The next major resistance is near the USD 325 level. A close above USD 325 might send the price towards the USD 340 level.

Solana (SOL) moved below the USD 45 level. The next major support is near USD 42. If the bears remain in action, the price may perhaps dive towards the USD 40 support zone.

DOGE is moving higher above the USD 0.0850 level. It even tested the USD 0.0880 resistance level. It seems like the bulls are aiming for a move above the USD 0.0900 and USD 0.0920 resistance levels.

XRP price is still struggling to clear the USD 0.425 resistance. A close above USD 0.425 might start a steady increase towards the USD 0.45 resistance. 

Other altcoins market today

A few altcoins are showing positive signs, including TRX, LINK, KCS, HNT, GRT, CHZ, LRC, and KSM. Out of these, TRX gained 11% and surpassed the USD 0.088 resistance, becoming the best performer among the top 100 cryptoassets by market capitalization today. It’s also up 10% in a week. Meanwhile, AXS is the worst performer, as it dropped 10%, moving below USD 23.

To sum up, bitcoin must surpass USD 32,000 and USD 32,200 for upside continuation. If not, BTC might slide and revisit the USD 30,500 support zone in the coming sessions.

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