28 Oct 2021 · 2 min read

Bitcoin and Ethereum Stage Fresh Increase, SHIB Surges

  • Bitcoin price is back above the USD 60,000 pivot zone.
  • Ethereum settled above USD 4,100, XRP could revisit the USD 1.12 resistance.
  • SHIB rallied over 40%, and SCRT is up 25%.

Bitcoin price remained stable above the USD 58,000 level. As a result, BTC staged a steady recovery wave above the USD 60,000 resistance. It is currently (12:00 PM UTC) trading above USD 61,000 and it might attempt an upside break above USD 62,000.

Besides, most major altcoins are recovering losses. ETH gained pace above the USD 4,050 and USD 4,100 levels. XRP is back above USD 1.05, but it could face resistance near USD 1.12. ADA managed to climb above USD 2.00.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a downside break, bitcoin price found support near USD 58,000. BTC formed a base and started a steady recovery wave above USD 60,000. The price was able to climb above USD 60,500 and USD 61,000. It is showing positive signs, with an immediate hurdle near USD 61,500. The next major resistance is near USD 62,000, above which the price could gain bullish momentum.

An initial support on the downside is near the USD 60,200 level. The main breakdown support is now forming near the USD 60,000 level.

Ethereum price

Ethereum price also followed bitcoin and recovered above the USD 4,000 level. ETH gained pace above the USD 4,050 level and climbed above USD 4,100. The current price action suggests the bears might remain active near the USD 4,200 level. 

If there is a fresh decline, the price might find bids near the USD 4,050 level. The next major support is at USD 4,000, below which the price might decline towards USD 3,880.

ADA, BNB, SHIB, SOL, and XRP price

Cardano (ADA) is recovering above the USD 1.95 and USD 2.00 levels. An immediate resistance is near the USD 2.05 level. Any more gains could send the price towards the USD 2.12 level. The main resistance is still near the USD 2.20 level.

Binance Coin (BNB) is up over 5% and is back above the USD 475 level. To continue higher, the price must break the USD 485 level. The next major resistance is near USD 500. On the downside, the bulls might remain active near USD 465.

SHIB is up over 40% and it broke the USD 0.000077 level. If the bulls remain in action, the price could rise above the USD 0.000080 level. If not, there could be a correction towards 0.0000700.

Solana (SOL) was able to recover above the USD 190 level. It is now trading above USD 195 and it might attempt an upside break above the USD 200 level. Conversely, the price may perhaps drop again towards the USD 180 level.

XRP price settled above the USD 1.00 level. It is showing positive signs above USD 1.05, but there are many hurdles on the upside. The main breakout level is still USD 1.12. On the downside, the price might remain stable near USD 1.00.

Other altcoins market today

Many altcoins are up over 10%, including SCRT, DOGE, FTM, CRV, ONE, WAVES, NEXO, MATIC, ENJ, and KCS. Out of these, SCRT gained 25% and broke the USD 10.00 level.

To sum up, bitcoin price is recovering losses and trading above USD 60,000. If BTC clears USD 62,000, there could be a steady increase towards USD 64,000 in the near term.

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