Bitcoin and Ethereum Try to Recover, ADA Nears USD 2
Bitcoin price corrected lower, but the bulls were active near USD 44,000. Ethereum found a strong support near USD 3,000, XRP is consolidating near USD 1.00. ADA gained 9% and could even move above USD 2.00.
Bitcoin price failed to extend gains above the USD 46,500 resistance. BTC started a downside correction below USD 45,500 and USD 45,000. However, it found support near USD 44,000 and it is currently (04:35 UTC) recovering losses.
Besides, most major altcoins are trimming losses. ETH dived towards the USD 3,000 support, where the bulls emerged. XRP is holding gains and it is consolidating near USD 1.00.
Total market capitalization
After a break below USD 45,500, bitcoin price extended its decline below USD 45,000. It even spiked below USD 44,000, but downsides were limited. The price is now correcting higher and it is back above USD 45,000. The first key resistance is near the USD 45,500 level. The main breakout resistance is still forming near the USD 46,500 level.
On the downside, an initial support is near USD 44,500. The key breakdown support is now forming near the USD 44,000 and USD 43,800 levels.
Ethereum price also followed bitcoin and it traded below the USD 3,110 support. ETH even spiked below USD 3,000 before recovering. It is back above USD 3,100, with a key resistance near USD 3,150. The next major resistance sits near USD 3,200, above which the price might resume its uptrend.
On the downside, an initial support is near the USD 3,050 level. The next major support is near the USD 3,000 level.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) remained elevated and it even broke the USD 1.95 resistance level. It is now approaching the USD 2.00 resistance. A close above the USD 2.00 level could trigger a stronger increase. In this case, the price might hit the USD 2.15 level. If there is a downside correction, the price might find bids near USD 1.88.
Litecoin (LTC) corrected lower below the USD 172 and USD 170 support levels. It is now consolidating above the USD 165 level. If there is a fresh increase above USD 172, the price might rise towards the USD 180 level. Conversely, there is a risk of a move towards the USD 160 level.
Dogecoin (DOGE) spiked above the USD 0.290 level, but it failed to extend gains. There was a minor downside correction below USD 0.272. However, the bulls are now protecting the USD 0.265 and USD 0.250 support levels. On the upside, the USD 0.300 level is a major resistance.
XRP price surpassed the USD 1.0 resistance zone before correcting lower. It traded below USD 0.962, but downsides were limited. It seems like there is a strong support forming near the USD 0.900 and USD 0.885 levels.
Other altcoins market today
Many altcoins declined over 5%, including IOTX, TEL, ICP, ZEN, STX, ALGO, ZRX, THETA, ONT, FIL, QTUM, HBAR, BAT, RUNE, and TRX. Conversely, CHZ, GRT, NANO, SUSHI, and WAVES are up over 5%.
Overall, bitcoin price corrected lower, but downsides were limited below USD 44,000. Having said that, BTC must gain strength above USD 46,000 to avoid a fresh decline in the near term.