12 Apr 2022 · 2 min read

Bitcoin and Ethereum Rebound After Dipping Below Key Support, NEAR and XMR Rally

 

  • Bitcoin price returned above USD 40,000.
  • Ethereum is back above USD 3,000, XRP is consolidating near USD 0.70.
  • NEAR and XMR gained over 8%.

Bitcoin price traded below USD 39,500, but the bulls were active near USD 39,200. BTC is currently (11:45 UTC) correcting losses near USD 40,400, with many hurdles near USD 41,000. The price is still down 2% in a day.

Similarly, most major altcoins are attempting an upside correction. ETH tested USD 2,950 and recovered above USD 3,000. XRP might struggle to recover above the USD 0.72 level. ADA could recover and test the USD 1.0 resistance zone.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a clear move below the USD 40,000 level, bitcoin price extended its decline. BTC even traded below the USD 39,500 support. However, the price found support near USD 39,150. As a result, there was an upside correction above the USD 40,000 level. The first key resistance is near the USD 40,500 level, above which the price might test USD 41,000.

On the downside, an initial support is near the USD 39,500 level. The next major support is near USD 39,150, below which the price might increase its losses. 

Ethereum price

Ethereum price declined further after it broke the USD 3,000 support. ETH tested the USD 2,950 zone, where the bulls appeared. The price is now recovering above USD 3,000 and is down less than 1% in a day. The next key resistance might be near the USD 3,050 level, above which ETH could recover to USD 3,120.

If not, there is a risk of another move below USD 3,000. The next major support is near the USD 2,950 and USD 2,940 levels, below which the bears might aim for USD 2,820.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) spiked below the USD 0.920 support zone. It is now recovering and trading above USD 0.945. A clear move above the USD 0.950 level may perhaps open the doors for a move to USD 1.0.

BNB traded close to the USD 388 support zone. It is now attempting an upside correction above USD 400. To continue higher, the price must clear the USD 412 resistance zone in the near term.

Solana (SOL) recovered and settled above the USD 100 level. It is now facing resistance near the USD 105 level. If there is a clear move above USD 105, the price could rise to USD 112.

DOGE declined below the USD 0.135 level and tested USD 0.132. It is currently recovering and testing a major resistance near the USD 0.142 level.

XRP price found support near the USD 0.68 zone. The price is back above the USD 0.70 level. If the bulls push the price above USD 0.72, the price may perhaps rise to USD 0.75.

Other altcoins market today

A few altcoins are in the green zone, including AVAX, NEAR, XMR, AXS, XTZ, WAVES, AAVE, and HOT. Out of these, NEAR gained 8% and traded above the USD 16.50 level, trimming its weekly losses to 2%. Meanwhile, XMR is the best performer among the top 100 coins by market capitalization today, as it jumped 9% in a day, hit USD 240, and increased its weekly gains to almost 12%. 

To sum up, bitcoin price is trying to recover losses and trading above USD 40,000. However, BTC must surpass USD 40,500 and USD 41,200 to stage a stronger recovery wave.

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