Bitcoin and Ethereum Remain Supported, Altcoins Could Gain Traction
Bitcoin price traded above USD 35,000 before correcting lower. Ethereum extended its rise above USD 2,300, XRP is still struggling to clear USD 0.700. COMP, XDC, GRT, and SNX are up 8% - 18%.
Bitcoin price started a fresh increase above the USD 34,000 resistance. BTC surpassed USD 35,000, but it failed to continue higher above USD 36,000. It is currently (05:49 UTC) correcting lower, but the bulls might remain active above USD 33,500.
Besides, most major altcoins are showing positive signs. ETH surged above USD 2,350 before it corrected lower. XRP settled above USD 0.650, but it is facing hurdles near USD 0.700.
Total market capitalization
After forming a base above USD 34,000, bitcoin price started a decent increase. It surpassed USD 35,000, but the bears defended the USD 36,000 resistance zone. It corrected gains below USD 35,000 and it is now consolidating near USD 34,000. If there are more losses, the bulls might protect USD 33,500. The main weekly support is now near the USD 32,200 level.
An initial resistance is near the USD 35,000 zone. The main weekly barrier is now forming near USD 36,000, above which the price could test USD 38,000.
Ethereum price gained pace after it broke the USD 2,250 level. ETH cleared the USD 2,300 level and it even spiked above USD 2,350 before correcting lower. It is now consolidating near USD 2,250, with a strong support near the USD 2,200 level.
If there is a fresh increase, the price might face resistance near USD 2,320. The next major resistance is near the USD 2,380 and USD 2,400 levels.
BNB, LTC, DOGE, and XRP price
Binance coin (BNB) is stuck near the USD 300 level. If BNB climbs above the USD 300 and USD 310 levels, it could gain momentum. In this case, the price might rise towards the USD 350 level. If not, there is a risk of a drop towards the USD 265 level.
Litecoin (LTC) made another attempt to surpass the USD 150 resistance. However, the bulls failed to gain strength and the price topped near USD 148. It is now consolidating and it could rise again. If there is a clear break above USD 150, the price could surge further in the near term. On the downside, the main support sits near the USD 125 level.
Dogecoin (DOGE) is still struggling to settle above the USD 0.250 and USD 0.265 levels. If the price gains pace above USD 0.265, it could rise to test USD 0.300. Conversely, there is a risk of a drop towards the USD 0.200 level.
XRP price spiked above the USD 0.700 level, but it failed to stay in this zone. It is now consolidating gains above USD 0.65. If there is a close above USD 0.700, the price might rally towards USD 0.800.
Other altcoins market today
A few altcoins gained over 5%, including SNX, GRT, COMP, XDC, ATOM, AVAX, AAVE, LEO, and UNI. Out of these, SNX rallied over 18% and it cleared the USD 8.70 level.
Overall, bitcoin price is trading in a positive zone above USD 33,500 and USD 34,000. As long as the price remains above USD 32,200, it could start a fresh increase in the near term.