Bitcoin and Ethereum Struggle, LUNA Down 84% while Altcoins Show Signs of Recovery
- Bitcoin price struggled to clear the USD 32,500 resistance.
- Ethereum faced sellers near USD 2,450, XRP is consolidating above USD 0.50.
- LUNA is now down 84% in a week as UST can’t get its peg back.
Bitcoin price started an upside correction above the USD 31,000 level. BTC even climbed above USD 32,000 but struggled near USD 32,500. It is currently (04:03 UTC) trading near USD 31,300 and is up 2% in a day and down 17% in a week.
Similarly, most major altcoins are facing hurdles. ETH is facing resistance near USD 2,400 and USD 2,450. XRP must clear USD 0.55 to start a recovery wave. ADA failed near USD 0.70 and trimmed most of its gains.
Total market capitalization
After a spike below USD 30,000, bitcoin price started an upside correction. BTC recovered above the USD 31,200 and USD 31,500 resistance levels. It even moved above the USD 32,000 level, but the bears defended the USD 32,500 region. It is now trading below USD 31,500, with an immediate support at USD 30,800. The main support is still near the USD 30,000 level.
An immediate resistance is near the USD 32,000 level. The next key resistance is now forming near the USD 32,500 level.
Ethereum price also started an upside correction from the USD 2,200 zone. ETH recovered above USD 2,350 and even broke the USD 2,400 resistance. However, the price faced resistance near the USD 2,450 level. It is now consolidating below USD 2,400, with an initial support at USD 2,320. The next major support is near the USD 2,250 level, below which the price might test USD 2,200. ETH is up over 2% in a day and down 15% in a week.
On the upside, the price may perhaps face resistance near the USD 2,420 level. The key breakout zone is now forming near USD 2,450.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) recovered from the USD 0.58 zone and there was a break above USD 0.65, but the bulls faced resistance near USD 0.70. It trimmed gains and might even retest USD 0.612.
BNB recovered above the USD 320 level before trimming some of its gains. The price is now facing resistance near the USD 332 level. A clear move above the USD 332 level might send the price towards the USD 350 level.
Solana (SOL) is showing positive signs above the USD 65 level. An immediate resistance is near the USD 70 level. The key breakout zone is now forming near the USD 75 level.
DOGE struggled to recover towards the USD 0.120 level. It is now consolidating near the USD 0.100 level. A downside break below USD 0.100 might spark another sharp decline.
XRP price is stuck near the USD 0.52 level. On the upside, the bears might remain active near USD 0.532 and USD 0.550. A close above USD 0.550 might send the price towards USD 0.60.
Other altcoins market today
Many altcoins are in the green zone, including AVAX, DOT, SHIB, CEO, LEO, ATOM, APE, HBAR, FLOW, MKR, XEC, and ZIL. Out of these, FLOW gained over 13% while MKR is up 15%. Meanwhile, LUNA dived by another 45% in a day and is now down 84% in a week, as the UST stablecoin struggles to regain its peg and dropped below USD 0.70 today, before recovering above USD 0.80. (Learn more: Conspiracy Theories Abound as Terra Tries to Save UST)
Overall, bitcoin price is facing hurdles near the USD 32,000 and USD 32,500 levels. A close above USD 32,500 could send BTC higher towards the USD 34,000 resistance. If not, it might revisit USD 30,000.