05 May 2021 · 2 min read

Bitcoin and Ethereum Rise While DOGE Corrects Lower, BCH and LINK Shine

Bitcoin price is trading in a range below the USD 56,000 resistance. Ethereum is attempting a fresh rally above USD 3,400, XRP gained 8% and cleared USD 1.50. DOGE corrected lower after surging above USD 0.65, BCH and LINK gain momentum.

Bitcoin price is rising and trading above USD 54,000. BTC is currently (13:00 UTC) trading above USD 55,000, with a major hurdle at USD 56,000. A successful close above USD 56,000 could open the doors for a decent increase.

Besides, most major altcoins are trading in a positive zone. ETH is rising again, but it might face resistance near USD 3,400. XRP/USD is gaining momentum and it recently broke the USD 1.50 resistance. LINK gained pace and it cleared the USD 50 level.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

It seems like bitcoin price is forming a support base above the USD 54,000 level. BTC is rising steadily and it is approaching the USD 55,500 resistance zone. The key breakout zone is forming near the USD 56,000 level. A successful close above the USD 56,000 level could open the doors for more gains in the near term.
If there is a fresh decline, an initial support is near the USD 54,200 and USD 54,000 levels. A downside break below USD 54,000 could set the pace for a drop towards the USD 52,000 level.

Ethereum price

Ethereum price remained well bid above the USD 3,250 level. ETH is rising again and it is trading above the USD 3,300 level. An initial resistance is near the USD 3,400 level. If the bulls manage to gain strength above USD 3,400, the price could rally to a new all-time high.
Conversely, there might be another drop below the USD 3,300 level. The first major support is near USD 3,250, below which the price might test USD 3,200.

BNB, LTC, DOGE, and XRP price

Binance Coin (BNB) remained stable above the USD 625 support. BNB is rising and it is approaching the USD 650 resistance. A successful close above the USD 650 level could clear the path for a run towards the USD 680 resistance. The next major resistance on the upside is near the USD 700 level.
Litecoin (LTC) is up over 8% and it is trading above the USD 335 resistance level. LTC might soon attempt an upside break above the USD 345 and USD 350 resistance levels. If it succeeds, the next stop for the bulls may possibly be USD 400.
Dogecoin (DOGE) outperformed bitcoin and ETH, and it traded to a new all-time high near USD 0.700. It is now correcting lower and trading near the USD 0.640 zone. If there are more losses, the price could decline towards the USD 0.600 support zone in the near term.
XRP price remained stable above the USD 1.40 support and it started a fresh rally. The price is up over 8% and it broke the USD 1.50 barrier. It seems like the bulls are aiming for a test of the USD 1.65 level.

Other altcoins market today

Many altcoins climbed over 8%, including ETC, BCH, TEL, XVG, DASH, BTG, LINK, FTM, EOS, ZEC, XTZ, and NANO. Out of these, BCH is up over 15% and it cleared the USD 1,200 level.

To sum up, bitcoin price is stuck below the USD 55,500 and USD 56,000 resistance levels. To start a fresh rally, BTC must settle above the USD 56,000 resistance zone.

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