Bitcoin and Ethereum Target Additional Gains
- Bitcoin price could rally further if it clears the USD 57,200 resistance.
- Ethereum is facing resistance near USD 3,650, XRP is consolidating below USD 1.20.
- SHIB and OHM are up over 13%.
Bitcoin price started a fresh increase after a minor downside correction below USD 55,500. BTC is back above the USD 56,000 level. It is currently (11:59 UTC) showing positive signs and it could rally further above USD 57,200.
Besides, most major altcoins are trading in a range. ETH is also rising, but it is facing resistance near the USD 3,650 level. XRP could gain pace if it settles above the USD 1.20 level. ADA is facing a major hurdle near USD 2.30 and USD 2.32.
Total market capitalization
After a minor decline, bitcoin price started a fresh increase above the USD 55,500 pivot level. BTC even broke the USD 56,000 level to move into a positive zone. An immediate resistance is near the USD 57,000 level. The next key resistance is near USD 57,200. A close above the USD 57,200 level could accelerate gains and the price might even surge above USD 58,000.
On the downside, an immediate support is near the USD 56,000 level. The first major support is near the USD 55,500 level. Any more losses may possibly spark a larger correction towards the USD 54,000 level.
Ethereum price remained stable above the USD 3,500 level. ETH started a fresh increase and cleared the USD 3,550 resistance. It is now facing resistance near the USD 3,620 level. The next key resistance is now near USD 3,650, above which the price might test USD 3,720.
On the downside, an initial support is near the USD 3,500 level. The main breakdown support is now forming near the USD 3,400 and USD 3,350 levels.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) is consolidating above the USD 2.20 level. An immediate resistance is near the USD 2.25 level. The first key resistance is near the USD 2.30 level. The breakout zone is USD 2.32, above which the price might accelerate higher in the near term.
Litecoin (LTC) is consolidating near the USD 180 level. It seems like the bulls are preparing for an upside break above the USD 188 resistance. If they succeed, the price could rally towards the USD 200 level in the near term.
Dogecoin (DOGE) is correcting lower from the USD 0.250 resistance. If there is a downside break below the USD 0.232 support, the price might decline further. The next major support is near the USD 0.200 level. On the upside, the USD 0.250 level is a major barrier for the bulls.
XRP price is also correcting gains, but it is stable near the USD 1.15 level. If there is a fresh increase, the bulls might face resistance near the USD 1.20 level. A close above USD 1.20 might start a steady increase in the near term.
Other altcoins market today
A few altcoins are up over 5%, including MDX, SHIB, DYDX, AR, PERP, DCR, and OHM. Out of these, OHM rallied by 18% and surpassed the USD 1,135 level.
To sum up, bitcoin price is now gaining pace above the USD 56,000 level. If BTC breaks USD 57,200, it could target additional gains towards the USD 58,500 and USD 59,500 levels.