Bitcoin and Ethereum Trend Lower, Altcoins Slide, AXS Moves Higher
- Bitcoin price is testing USD 29,000.
- Ethereum fluctuates near USD 1,900, XRP briefly moved below the USD 0.40 support.
- ADA and SOL are down over 7%, AXS outperforms.
Bitcoin price failed to start another increase, extended decline below USD 29,000, and even tested the USD 28,550 support zone before recovering. It is currently (04:05 UTC) consolidating losses near USD 29,200 and is down 2% in a day and up 1% in a week.
Similarly, most major altcoins are back in the red zone. ETH declined below the USD 1,950 support and tested USD 1,900 before recovering. XRP extended decline and briefly spiked below the USD 0.40 support. ADA tested the USD 0.50 support.
Total market capitalization
After a close below USD 30,000, bitcoin price remained in a bearish zone. BTC extended decline below the USD 29,200 support zone and even tested the USD 28,500 zone. The price is now consolidating above the USD 29,000 level. An immediate support is near the USD 28,550 level. The next major support is near the USD 27,800 level, below which the price could even test USD 27,200.
On the upside, an initial resistance is near the USD 29,500 zone. The next key resistance is now forming near the USD 30,000 and USD 30,500 levels.
Ethereum price also extended decline below the USD 2,000 support zone. There was a clear move below the USD 1,950 and USD 1,920 support levels. It even tested the USD 1,900 support before moving back towards USD 1,950. The next major support is near the USD 1,880 level, below which the price might decline to USD 1,840. ETH is down 4% in a day and 6% in a week.
On the upside, an immediate resistance is near the USD 1,980 level. The key resistance is near USD 2,000, above which the price could start a decent increase.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) declined over 7% and there was a clear move below the USD 0.52 support. The price even spiked below USD 0.50 before recovering. If there is a close below USD 0.50, the price could extend losses.
BNB settled below the USD 300 level. It even tested the USD 288 level before moving back above USD 295 again. A close below USD 288 could open the doors for a move towards the USD 265 level.
Solana (SOL) is down 8% as it briefly traded below the USD 50 level before recovering. The next key support is near the USD 46 level. A downside break below USD 46 might send the price towards the USD 42 level.
DOGE traded below the USD 0.085 support level and even tested the USD 0.0820 level before recovering. The next major support is USD 0.0800, below which there is a risk of a drop towards the USD 0.075 level.
XRP price declined 4% and even spiked below the USD 0.40 level before recovering. A close below the USD 0.40 level could stage a stronger decline. In this case, the price could decline towards the USD 0.35 level.
Other altcoins market today
Many altcoins are down over 5%, including DOT, AVAX, SHIB, MATIC, CRO, LTC, NEAR, BCH, UNI, LINK, XLM, ALGO, ATOM, and FLOW. Meanwhile, AXS is up over 4% as it moved above the USD 21 level and increased its weekly gains to almost 12%.
Overall, bitcoin price is showing bearish signs below the USD 29,550 level. If BTC slides below the USD 28,550 level, there is a risk of a move towards the USD 27,200 level.