Bitcoin and Ethereum Struggle to Recover Higher, DOGE Dives, APE Gains
- Bitcoin price must clear USD 39,200 and USD 39,500 to climb higher.
- Ethereum is facing resistance near USD 2,920, XRP is consolidating near USD 0.65.
- DOGE is the worst performer today, while APE is the best one.
Bitcoin price formed a base above the USD 38,000 level and recovered above the USD 38,700 level. It is currently (12:03 PM UTC) trading around USD 39,000 and is facing a strong resistance near USD 39,200. BTC is down almost 4% in a day and 6% in a week.
Similarly, most major altcoins are facing hurdles. ETH recovered above USD 2,850 but is struggling near USD 2,920. XRP is consolidating losses near the USD 0.65 support. ADA is hovering below USD 0.85.
Total market capitalization
After a sharp decline, bitcoin price managed to settle above the USD 38,000 level. BTC started an upside correction and moved above the USD 38,700 resistance. It is now facing resistance near the USD 39,200 level. The next major resistance might be USD 39,500, above which the price may perhaps start a steady increase. In this case, the bears might attempt a move above the USD 40,000 level.
On the downside, an initial support is near the 38,200 level. The next major support is near USD 38,000, below which the price might face an increase in selling pressure.
Ethereum price is moving higher above the USD 2,850 resistance but is still down 4% in a day and almost 7% in a week. An immediate resistance is seen near the USD 2,920 level. The next major resistance is near the USD 2,950 level, above which the price may perhaps revisit USD 3,000.
On the downside, an initial support is near the USD 2,840 level. The next major support is near the USD 2,800 level, below which the price could drop to USD 2,720.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) spiked below the USD 0.820 support zone. However, there was no test of the USD 0.805 support. The price is recovering and might climb above USD 0.865. The next key resistance is near USD 0.880.
BNB found support near the USD 380 level and is now correcting losses above USD 390. However, the bears may possibly remain active near the USD 395 and USD 400 levels.
Solana (SOL) tested an important support near the USD 95 level. It is recovering and attempting an upside break above USD 100. If the bulls succeed, the price might rise towards the USD 105 level.
DOGE declined heavily below the USD 0.150 support and is the worst performer among the top 100 cryptoassets by market capitalization today. The price is down over 13% and there was a test of USD 0.140. Any more losses might call for a test of the USD 0.135 support zone. DOGE also erased all its weekly gains and is now down 1% in a week.
XRP price is consolidating near the USD 0.65 level. If there is an upside correction, the price might struggle near the USD 0.665 level. The next major resistance is forming near USD 0.680.
Other altcoins market today
Many altcoins are down over 5%, including LUNA, DOT, NEAR, LINK, UNI, FTT, ALGO, ETC, XMR, VET, EGLD, SAND, and THETA. Meanwhile, APE is the best performer today in the top 100 club as it jumped 7% and surpassed USD 19.
To sum up, bitcoin price is attempting an upside correction above USD 38,700. To start a steady increase, BTC must clear the USD 39,200 and USD 39,500 resistance levels.