01 Sep 2022 · 2 min read

Bitcoin and Ethereum Struggle to Move Higher, LEO Accelerates

 

  • Bitcoin price is struggling to clear USD 20,500.
  • Ethereum declined below USD 1,560, XRP is consolidating near USD 0.32.
  • LEO is the best performer today. 

Bitcoin price again failed to gain pace for a move above the USD 20,500 resistance and corrected lower. It is currently (03:52 UTC) consolidating near USD 20,100 and is down almost 2% in a day and 6% in a week.

Similarly, most major altcoins are also moving lower. ETH failed above USD 1,600 and corrected lower. XRP is stuck near the USD 0.32 support. ADA corrected lower after it failed to clear the USD 0.465 level.

Total market capitalization

Source: tradingview.com

Bitcoin price

Recently, bitcoin price made another attempt to clear the USD 20,500 resistance zone. However, BTC bears remained active near USD 20,500 and pushed the price toward USD 20,000 again. On the downside, an initial support is near the USD 19,750 level. The next key support is still near the USD 19,500 zone, below which the price could gain bearish momentum.

An immediate resistance is near the USD 20,320 level. The main hurdle is still near the USD 20,500 level, above which the price might rise toward the USD 21,200 resistance.

Ethereum price

Ethereum price attempted a clear move above the USD 1,620 resistance zone. However, ETH failed to continue higher towards the USD 1,650 resistance zone. There was a downside correction, and the price tested the USD 1,550 level. ETH is down 3% in a day and 6% in a week. If there is a fresh increase, the bears may remain active near the USD 1,600 and USD 1,620 levels.

On the downside, an initial support is now near the USD 1,550 level. The next major support is USD 1,500, below which price could test the USD 1,420 support. 

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) failed to test the USD 0.475 resistance. There was a break below the USD 0.45 level. If the bears remain in action, there could be a move towards the USD 0.42 support zone.

BNB is down almost 4%, and there was a move below the USD 280 support zone. The next key support is near the USD 275 level, below which there is a risk of a move towards the USD 262 support.

Solana (SOL) is moving lower below the USD 32 support. The next major support is near the USD 30.50 level, below which the price may decline towards the USD 29.80 level.

DOGE declined below the USD 0.0620 support zone. It seems like the bears aiming for a move toward the USD 0.060 level. Any more losses could spark a sharper decline in the near term.

XRP price is consolidating near the USD 0.32 zone. If there is a downside break below the USD 0.32 support, the price might decline towards the USD 0.30 level.

Other altcoins market today

Many altcoins are moving lower, including DOT, SHIB, TRX, AVAX, UNI, ETC, ATOM, ALGO, VET, ICP, FIL, and APE. Conversely, LEO gained over 7% and surpassed the USD 5.8 level, becoming the best performer among the top 100 coins by market capitalization today. It’s also up 9% in a week.

Overall, bitcoin price is struggling to clear the USD 20,500 resistance zone. If BTC settles below USD 20,000, there could be a move towards the key USD 19,500 support.

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