18 May 2022 · 2 min read

Bitcoin and Ethereum Stuck Near Key Levels, Altcoins Struggle

 

  • Bitcoin price is still hovering near the USD 30,000 level.
  • Ethereum moves towards USD 2,000, XRP is consolidating above USD 0.40.
  • Only several altcoins are in green.

Bitcoin price is struggling to gain momentum above USD 30,000 and is currently (11:46 UTC) trading near USD 29,850 while holding the key USD 29,000 support. A downside break below USD 29,000 could start a stronger bearish wave. BTC is down 2% in a day and 3% in a week.

Similarly, most major altcoins are struggling to start a fresh increase. ETH could gain bearish momentum if it trades below USD 1,980. XRP might decline below the USD 0.40 level and ADA might test the USD 0.52 support.

Total market capitalization

Source: tradingview.com

Bitcoin price

In the past few sessions, bitcoin price remained in a broad range above the USD 29,000 zone. BTC is facing a key barrier near the USD 30,500 level. The next key resistance is near the USD 31,200 and USD 31,500 levels, above which the price might gain pace. In this case, the price could rise towards the USD 32,200 resistance zone.

On the downside, an immediate support is near the USD 29,200 level. The next major support is near the USD 29,000 level, below which the price could start a stronger decline. 

Ethereum price

Ethereum price is facing an uphill task above the USD 2,050 level. If there is a bearish reaction, the bulls might try to protect the USD 2,000 and USD 1,980 support levels. A downside break and a close below USD 1,980 might start a sharper decline. ETH is down almost 3% in a day and 13% in a week.

On the upside, an immediate resistance is still near the USD 2,080 level. The main breakout zone for a steady increase is now forming near the USD 2,120 level.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is stuck near the USD 0.550 pivot level. The next major support is near USD 0.52. The main support is near USD 0.50, below which there is a risk of a stronger bearish wave.

BNB is fluctuating around USD 300. If the bears clear the USD 288 support zone, there might be a steady decline. The next major support is near the USD 265 level.

Solana (SOL) is still consolidating near the USD 55 level. If there is a bearish reaction, the price might even trade below the USD 52 support. The next key support is near the USD 50 level.

DOGE is consolidating below the USD 0.0900 resistance zone. The main support is near the USD 0.0850 level. Any more losses may perhaps call for a move towards the USD 0.0820 level.

XRP price is trading well below the USD 0.45 resistance. An immediate support is near the USD 0.42 level. The main support is at USD 0.40, below which the bears could gain momentum.

Other altcoins market today

Many altcoins are showing bearish signs, including DOT, AVAX, SHIB, NEAR, FTT, LINK, ATOM, MANA, ICP, FIL, and MKR. Meanwhile, several altcoins, such as LEO, TRX, ZEC, LTC, and WAVES are up 1%-4%, while CHZ jumped 13% in a day.

To sum up, bitcoin price is struggling to gain strength above the USD 30,500 and USD 31,500 resistance levels. If BTC breaks the USD 29,000 support, it could start a bearish wave.

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