Bitcoin and Ethereum Test New Lows, DOGE Outperforms, APE in Rollercoaster Mode
- Bitcoin price extended losses below USD 38,800.
- Ethereum tested the USD 2,800 zone, XRP accelerated lower also.
- DOGE is inching higher, while APE is riding a volatility wave.
Bitcoin price remained in a bearish zone below the USD 40,000 level and extended its decline below USD USD 38,800 and tested USD 38,400. It is currently (11:49 UTC) trading near USD 38,800 again and is down 2% in a day and 3% in a week.
Similarly, most major altcoins are accelerating losses. ETH declined below the USD 2,850 support zone before recovering and is now down 3% in a day and almost 6% in a week. XRP could slide below USD 0.65 and test USD 0.620. ADA declined almost 4% and might test the USD 0.82 support zone.
Total market capitalization
After a close below USD 40,000, bitcoin price struggled to start a recovery wave. BTC traded below the USD 39,200 support zone and even broke the USD 38,800 support zone. It is showing bearish signs below the USD 39,200 level. The next major support is near USD 38,000, below which the price might decline stronger.
If there is a recovery wave, the price might face resistance near USD 39,200. The first major resistance is now forming near the USD 39,550 level.
Ethereum price declined 3% and there was a sharp move below the USD 2,900 level. ETH even traded below the USD 2,850 level and tested the USD 2,800 level before recovering. The next major support is near the USD 2,780 level, below which the price could test USD 2,700.
On the upside, the USD 2,880 level is an initial hurdle. The first major resistance might be near the USD 2,920 level, above which the price may perhaps rise towards the USD 3,000 level.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) gained bearish momentum below the USD 0.88 support zone. It even broke the USD 0.85 level. If the bears remain in action, there is a risk of a move towards the USD 0.82 level.
BNB is moving lower and there was a brief spike below the USD 385 support before the price moved back to the USD 390 level. The next major support is near the USD 382 level, below which the price might decline toward the USD 365 level.
Solana (SOL) declined over 4% and there was a clear move below the USD 98 support. The next major support is near the USD 95 level. Any more losses may perhaps call for a test of USD 88.
DOGE moved below the USD 0.1265 support before recovering above USD 0.137 following the news that talks between Twitter representatives and Elon Musk were reportedly held on Sunday to discuss the Twitter’s sale to Musk. DOGE is now up 3% in a day and is the best performer among the top 30 cryptoassets by market capitalization. The price is still down 10% in a week.
XRP price is facing an increase in selling pressure below USD 0.68. It is down 6% and there was a move below the USD 0.665 support. The next major support is near USD 0.65, below which the price could decline to USD 0.62.
Other altcoins market today
Many altcoins are down over 5%, including LUNA, AVAX, DOT, SHIB, CRO, NEAR, ATOM, LINK, UNI, XLM, ALGO, ETC, HBAR, and MANA. Out of these, ZIL is the worst performer today among the top 100 cryptoassets as it dropped 11% and traded below USD 0.099. At the same time, APE is still the best performer despite strong volatility today. The price dropped around 8% in several hours before jumping by around 9% and surpassing USD 17.20. It’s up almost 6% in a day.
To sum up, bitcoin price is gaining bearish momentum below USD 39,200. If BTC slides below USD 38,000, there is a risk of a larger decline.