Bitcoin and Ethereum Struggle, Altcoins Correct Lower
Bitcoin price extended its decline and tested USD 38,500. Ethereum is struggling to stay above USD 2,500, XRP could revisit USD 0.700. STX rallied by 22%, and RUNE gained 19%.
Bitcoin price settled well below the USD 40,000 pivot level. BTC even broke the USD 39,200 support level and extended its decline. It is currently (04:26 UTC) showing bearish signs and it could continue lower below USD 38,000.
Similarly, most major altcoins are struggling to gain traction. ETH declined below USD 2,550 and it might even trade below USD 2,500. XRP failed to stay above USD 0.750 and it might revisit USD 0.700.
Total market capitalization
After a failure near USD 40,500 yesterday, bitcoin price started a fresh decline. BTC broke the key USD 40,000 support level to move into a bearish zone. It is moving lower and it even broke the USD 39,200 support. An immediate support is near USD 38,500, followed by USD 38,000. Any more losses may possibly lead the price towards the USD 37,000 support.
On the upside, the USD 39,200 level is a short-term resistance. The first key resistance is now near USD 40,000, above which there are chances of a steady increase.
Ethereum price struggled to gain pace above the USD 2,650 level. ETH started a fresh downside correction and it traded below USD 2,600. It even broke USD 2,550 and it is now struggling to stay above USD 2,500. Any more losses might open the doors for a wider correction to USD 2,350.
On the upside, an immediate barrier is near the USD 2,600 level. A close above USD 2,600 could increase the chances of a fresh move towards USD 2,700.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) is down 2% and it broke the USD 1.30 support level. It seems like the price might soon test the USD 1.25 support level. If the bulls fail to protect USD 1.25, the price might move lower towards the USD 1.20 level. If not, it could recover and climb above USD 1.32.
Litecoin (LTC) topped near USD 150 and trimmed most gains. It is now trading just below USD 140 and it might continue to move down. The first key support is near USD 135. A downside break below USD 135 could start a larger decline in the near term.
Dogecoin (DOGE) might accelerate lower below the USD 0.200 support. The next major support sits near USD 0.180. Any more losses may possibly set the pace for a test of USD 0.165. Conversely, the price must clear USD 0.220 for a fresh increase.
XRP price failed to stay above the USD 0.750 level and started a downside correction. It is testing the USD 0.720 support, below which it could test the USD 0.700 support. If the bulls struggle near USD 0.700, there is a risk of a move towards USD 0.650.
Other altcoins market today
A few altcoins gained over 5%, including VGX, RUNE, STX, EGLD, ANKR, LINK, LUNA, GRT, and XTZ. Out of these, STX rallied by 22% and it surpassed the USD 1.50 level.
Overall, bitcoin price is struggling to stay above the USD 38,500 and USD 38,000 support levels. A close below USD 38,000 might start a larger decline in the near term.