Bitcoin and Ethereum Keep Failing Near Key Hurdles, LRC Rallies
- Bitcoin price failed to clear the key USD 30,500 resistance.
- Ethereum topped near USD 2,080, XRP is struggling below USD 0.45.
- LRC is the best performer today.
Bitcoin price attempted an upside break above the key USD 30,500 resistance zone, but failed to gain strength for a clear move and corrected lower. It is currently (04:03 UTC) down 3% in a day and is trading near USD 29,300. BTC is also down 2% in a week.
Similarly, most major altcoins struggled to clear key hurdles. ETH topped near USD 2,080 and declined below USD 2,000. XRP could decline sharply if it trades below USD 0.40. ADA failed to stay above USD 0.55.
Total market capitalization
After a steady move above USD 30,000, bitcoin price faced hurdles. BTC struggled to clear the USD 30,500 and USD 30,550 resistance levels. As a result, there was a fresh bearish reaction below the USD 30,000 level. It even traded below the USD 29,500 support. An immediate support is near the USD 28,800 level. The next major support is near the USD 28,500 level, below which the price could start a stronger decline.
On the upside, the first key resistance is near USD 30,000. The next key resistance is still near the USD 30,500 level, above which the price could gain bullish momentum.
"As expected, bitcoin managed to retain the support levels it found last week and even attempted range breakouts. However, USD 31,000 - USD 32,000 remain strong resistance levels bitcoin needs to successfully breach before we can look toward more upside. Once again, we are yet to see strong buying action, the kind that is typically indicative of a proper reversal, and have plans for both positive and negative price action from here," Joe DiPasquale, CEO of BitBull Capital, said in an emailed comment.
Ethereum price also followed a similar pattern and failed to gain strength for a move above the USD 2,080 and USD 2,120 resistance levels. ETH trimmed gains and declined below USD 2,000. It is trading near USD 1,990 and is down 2% in a day and a week. An initial support is near the USD 1,950 level. The next key support is near the USD 1,920 level, below which the price might start a stronger decline.
On the upside, an immediate resistance is near the USD 2,020 level. The next major resistance is near USD 2,080, above which the price could attempt to clear USD 2,120.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) spiked above the USD 0.55 resistance level. However, it failed to stay in a positive zone and declined below USD 0.52. The main support is at USD 0.50.
BNB attempted to gain strength above the USD 332 level but failed. It is now trading below USD 330 and might continue to move down towards the USD 320 support level.
Solana (SOL) failed to surpass the USD 55 resistance level. It is down 5% and trading below the USD 50 support. If the bears remain in action, the price could decline towards the USD 45 level.
DOGE is back below the USD 0.0850 level. The next major support is near the USD 0.082 level. Any more losses may perhaps call for a test of the USD 0.080 support.
XRP price is still trading above the USD 0.40 level. A downside break below the USD 0.40 support zone could stage a stronger decline in the coming sessions.
Other altcoins market today
Many altcoins are moving lower, including AVAX, MATIC, LEO, CRO, NEAR, XLM, ALGO, HBAR, MANA, ICP, ICP, and SAND. Conversely, LRC rallied 15% and surpassed USD 0.58, increasing its weekly gains to 24% and becoming the best performer among the top 100 cryptoassets by market capitalization.
To sum up, bitcoin price is losing steam and approaching USD 28,800. If BTC fails to stay above USD 28,500, there could be a stronger decline. Conversely, it could move in its usual range and rise towards USD 30,500.