Bitcoin and Ethereum Plunge, MANA and SAND Rally
- Bitcoin price is down 7% and is now well below USD 56,500.
- Ethereum traded below the USD 4,000 support, XRP is near USD 1.00.
- MANA and SAND outperformed with a 13%+ move.
Bitcoin price failed to clear the USD 61,200 resistance. As a result, BTC started a fresh decline below the USD 60,000 and USD 58,500 support levels. It is currently (04:17 UTC) down 6.7% and is trading near USD 56,000.
Similarly, most major altcoins are sliding. ETH is down 6.4% and traded below the USD 4,000 support. XRP is now near USD 1.00. ADA dropped 6%, moving below USD 1.80.
Total market capitalization
Bitcoin price
After a short-lived upside correction, bitcoin price failed to stay above USD 60,000. As a result, there was a bearish reaction below USD 60,000. BTC declined below the USD 58,500 support zone. It even traded below the USD 56,500 support. On the downside, an initial support is near the USD 55,500 level. The next key support is near the USD 55,000 level, below which the price might dive to USD 52,000.
On the upside, the price could struggle near the USD 56,500 level. The next major resistance is at USD 58,500 (the recent breakdown zone).
Ethereum price
Ethereum price also followed bitcoin and declined heavily below the USD 4,250 support. ETH even declined below USD 4,120 and USD 4,050. The price spiked below USD 4,000 and is currently trading above this level again. On the downside, an initial support is near USD 3,950. The next support is near USD 3,880, below which the price might test USD 3,750.
If there is a fresh increase, the price could face resistance near USD 4,050. The main resistance is near USD 4,120, above which the price may possibly rise towards USD 4,200.
ADA, BNB, SOL, SHIB, and XRP price
Cardano (ADA) resumed decline below the USD 1.85 and USD 1.80 levels. It even traded below USD 1.75, before moving higher again. The next key support is near the USD 1.50 level.
Binance coin (BNB) is down 9% and it traded below the USD 532 support. It is now approaching the USD 520 support. If there are additional losses, the price could slide towards the main support at USD 500.
Solana (SOL) fell below USD 220 and even broke the USD 200 support, and it is down 11%. The next major support is near USD 185, below which the price may perhaps decline towards the USD 175 level.
SHIB is also down over 11% and is trading below the USD 0.000045 level. An immediate support is near the USD 0.0000420 level. The next major support is near the USD 0.0000400 level, below which the price could accelerate lower towards the USD 0.0000365 level.
XRP price gained bearish momentum below the USD 1.10 level. It even broke the USD 1.05 support and is currently consolidating near USD 1.00. Any more losses may perhaps lead the price towards the USD 0.920 support zone.
Other altcoins market today
Many altcoins are down over 10%, including UMA, KDA, HNT, FTM, CRO, KCS, SUSHI, HBAR, LRC, SCRT, MINA, XEM, and MIOTA. Out of these, KDA declined 17% and broke the USD 20 level. Meanwhile, ALGO, ENJ, SAND, and MANA are up over 6%. MANDA is up 16% and it surpassed the USD 4% level.
Overall, bitcoin price is sliding and trading below USD 56,500. If BTC fails to stay above USD 55,000, there could be additional losses towards USD 53,500 in the coming sessions.
