Bitcoin and Ethereum Struggle To Move Higher, CRO and SAND Rally
- Bitcoin price failed to gain strength above USD 60,500.
- Ethereum faced hurdles near USD 4,350, XRP struggled to settle above USD 1.15.
- CRO and SAND are up over 18%.
Bitcoin price attempted a recovery wave above the USD 60,000 level. However, BTC struggled to clear the USD 60,900 and USD 61,000 levels. It is currently (11:56 UTC) declining, with a risk of more losses below USD 59,500.
Similarly, most major altcoins are struggling to start a fresh increase. ETH topped near USD 4,350 and declined below USD 4,240. XRP also declined below the USD 1.12 support zone. ADA struggled to gain momentum above USD 1.90.
Total market capitalization
After a short-term upside correction, bitcoin price failed to gain momentum above USD 60,500. BTC topped near USD 61,000 and started a fresh decline. There was a break below the USD 60,200 and USD 60,000 levels. An immediate support is near the USD 59,500 level. The next key support is near the USD 58,500 level.
On the upside, the USD 60,500 level is an initial resistance. The next key resistance is now forming near the USD 61,000 level, above which the price could rise towards USD 62,500.
Ethereum price climbed above the USD 4,300 level, but there was no clear move above the USD 4,350 level. As a result, there was a bearish reaction below the USD 4,300 level. The price even traded below USD 4,250 and it might slide further towards the USD 4,120 level.
If there is a fresh increase, the USD 4,300 level is a short-term hurdle. The next major resistance is near the USD 4,350 level, above which the price could rise towards USD 4,450.
ADA, BNB, SHIB, SOL, and XRP price
Cardano (ADA) failed to clear the USD 1.92 resistance and trimmed gains. ADA is now consolidating near USD 1.84 and it might continue to move down. The next major support is near the USD 1.80 level.
Binance coin (BNB) is again moving lower and it is trading below USD 580. If there are additional losses, the price may perhaps test the USD 575 level. The next major support is seen near the USD 565 level.
SHIB declined over 6% after it failed to clear the USD 0.0000500 resistance zone. It is moving lower and approaching the USD 0.0000450 level. Any more losses could send the price towards the USD 0.0000425 level.
Solana (SOL) is moving lower and trading below the USD 210 level. The main support is near the USD 200 level. A close below USD 200 could set the pace for a larger decline. On the upside, the price may perhaps face hurdles near USD 225.
XRP price failed to gain strength above the USD 1.15 level. It is now trading below USD 1.10 and it might continue to move down. The next major support is near USD 1.05, below which the price could decline towards the USD 1.00 level.
Other altcoins market today
Many altcoins are up over 6%, including VGX, SAND, CRO, ALGO, AUDIO, WAXP, KDA, WAVES, MANA, ONE, and EGLD. Out of these, SAND gained over 23% and broke the USD 4 level. Meanwhile, STX, SUSHI, CHZ, FTM, LRC, and AR are down by 6%-10%.
To sum up, bitcoin price is declining and trading below USD 60,000. BTC is showing bearish signs and it could extend losses towards the USD 58,500 level.