16 Jun 2022 · 2 min read

Bitcoin and Ethereum Try to Recover, ADA, SOL, and DOGE Rally

 

  • Bitcoin price is attempting a recovery wave above USD 22,000.
  • Ethereum tested the USD 1,250 resistance, XRP is up over 7%.
  • ADA, DOGE, and SOL are up over 12%.

Bitcoin price traded close to the USD 20,000 support zone before the bulls appeared. BTC formed a base and started a recovery wave above the USD 22,000 level. It is currently (04:02 UTC) consolidating near USD 22,300 and facing resistance near USD 23,000. BTC is up almost 4% in a day and down 26% in a week.

Similarly, most major altcoins are attempting a fresh recovery wave. ETH is facing resistance near USD 1,220 and USD 1,250. XRP cleared the USD 0.32 resistance. ADA surged above the USD 0.50 resistance zone.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a downside extension, bitcoin price found support near the key USD 20,000 zone. BTC formed a base and started an upside correction above the USD 21,200 level. There was a move above the USD 22,500 resistance. However, the bulls struggled to push the price above the USD 23,000 level and BTC moved towards USD 22,200 again. The next major resistance is near the USD 23,200 level.

On the downside, an initial support is near the USD 22,000 level. The next major support is near the USD 21,200 zone, below which the price could resume its decline.

Ethereum price

Ethereum price also found support near the USD 1,000 zone. ETH started an upside correction above the USD 1,150 level. There was a clear move above the USD 1,200 level. It is now facing resistance near the USD 1,250 level, above which there could be a strong upward move. ETH is up 4% in a day and down 32% in a week.

If there is no upside break above USD 1,250, the price could start a fresh decline. An initial support is near the USD 1,150 level. The next major support is near USD 1,120. 

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) started a strong increase above the USD 0.50 resistance. The price even spiked above the USD 0.535 level, but it failed to surpass the USD 0.55 resistance level. ADA is still up 12% in a day and down 19% in a week.

BNB remained stable above the USD 200 support zone. It started another increase above the USD 220 and USD 225 levels. The price is now consolidating near USD 230, with resistance at USD 235.

Solana (SOL) rallied above the USD 30 level. It is up over 18% and there was a move above the USD 34 level. The price is now struggling to clear the USD 35 level. SOL also trimmed its weekly losses to 12%.

DOGE found a strong support near the USD 0.050 level. The price started a steady increase and climbed above the USD 0.060 resistance. The next major resistance is now near the USD 0.0635 level. DOGE increased over 13% and trimmed its weekly gains to 24%.

XRP price started a strong increase above the USD 0.312 resistance. The price cleared the USD 0.335 resistance and might attempt a move above the USD 0.35 resistance zone.

Other altcoins market today

Several altcoins are up over 10%, including DOT, TRX, AVAX, LTC, UNI, ALGO, ATOM, MANA, HNT, THETA, EGLD, and AXS. Meanwhile, HNT, EGLD, and BAT are up 21%-23% in a day and are the best performers among the top 100 cryptoassets by market capitalization.

Overall, bitcoin price is attempting a recovery wave above USD 22,000. However, BTC could face resistance near USD 23,000 and USD 23,200.

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