Bitcoin and Ethereum Keep Failing Near Key Hurdles, ALGO Rallies on FIFA News
- Bitcoin price is still struggling below USD 39,000.
- Ethereum is facing hurdles near USD 2,900, XRP might test the USD 0.632 resistance.
- ALGO rallied 19% on FIFA partnership news.
Bitcoin price started a consolidation phase above the USD 38,000 level. BTC attempted an upside break, but it faced sellers near USD 39,200. It is currently (04:06 UTC) trading around USD 38,500 and remains at a risk of more downsides. BTC is almost unchanged in a day and down 5% in a week.
Similarly, most major altcoins are facing many hurdles. ETH is facing resistance near USD 2,900 while XRP might struggle near USD 0.632. ADA is attempting to clear the USD 0.80 resistance.
Total market capitalization
After a close above USD 38,000, bitcoin price moved higher and even spiked above USD 39,000. However, the bears were active near the USD 39,200 zone. As a result, the price trimmed gains and declined below USD 38,800. On the downside, an initial support is near the 38,200 level. The next major support is near USD 38,000, below which the price might decline heavily.
An immediate resistance on the upside is near the USD 39,000 level. The main hurdle is now forming near the USD 39,200 level, above which the price might rise towards USD 40,000.
Ethereum price recovered above the USD 2,850 resistance level and spiked above USD 2,880, but there was no upside continuation. The price stayed below the USD 2,900 level and is currently consolidating losses near USD 2,850. ETH is unchanged in a day and down 5% in a week. The main major resistance is still near the USD 2,920 level, above which the price could start a decent increase.
On the downside, an immediate support is near the USD 2,815 level. The next major support is near the USD 2,800 level, below which the price might revisit USD 2,750.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) is moving higher towards the USD 0.80 resistance. A close above this level could send the price to USD 0.820. The next key resistance is near the USD 0.85 level.
BNB is consolidating near the USD 390 level. On the upside, the key breakout zone is near the USD 398 and USD 400 levels. On the downside, the USD 380 level is a major support.
Solana (SOL) settled below the USD 90 level. On the downside, an initial support is near the USD 85 level. The next major support is near the 82 level.
DOGE is consolidating above the USD 0.130 level. It is now facing resistance near the USD 0.133 level. The first major resistance is now forming near the USD 0.135 level.
XRP price is moving higher towards the USD 0.632 resistance. If there is a clear move above USD 0.632, the price could attempt a move above the USD 0.65 level in the near term.
Other altcoins market today
A few altcoins are in the green zone, including LUNA, AVAX, LTC, LEO, ALGO, SAND, HNT, OKB, MINA, and XEM.
Out of these, ALGO rallied 19% and surpassed the USD 0.70 level after FIFA, the world football’s governing body, said it has teamed up with blockchain technology company Algorand to agree a sponsorship and technical partnership deal. Per their announcement, Algorand will become the official blockchain platform of FIFA and provide the official blockchain-supported wallet solution. Also, Algorand will be a FIFA World Cup Qatar 2022™ Regional Supporter in North America and Europe, and a FIFA Women’s World Cup Australia and New Zealand 2023™ Official Sponsor.
Overall, bitcoin price is struggling below the USD 39,000 and USD 39,200 levels. If BTC dives below USD 38,000, there is a risk of a stronger drop in the coming sessions.