Bitcoin and Ethereum Try to Recover, SAND and LINK Accelerate
- Bitcoin price is inching higher toward USD 20,000.
- Ethereum might test the USD 1,600 resistance, XRP is consolidating near USD 0.335.
- SAND and LINK jumped almost 5%.
Bitcoin is consolidating above the key USD 19,500 support zone and is facing a strong resistance near the USD 20,500 zone. BTC is currently (03:50 UTC) trading near USD 19,900 and is up around 1% in a day and a week.
Similarly, most major altcoins are facing important hurdles. ETH is struggling to gain pace above USD 1,600 and USD 1,620. XRP is facing resistance near USD 0.335. ADA gained pace and is now attempting a move above the USD 0.50 resistance.
Total market capitalization
In the past few days, bitcoin price saw a few rejections near the USD 20,500 resistance zone. BTC failed to gain strength and traded in a range above the USD 19,500 support. It is now trading below the USD 20,000 resistance zone. The next resistance is near the USD 20,200 level. The main hurdle is still near the USD 20,500 level, above which the price might start a stronger increase.
On the downside, an initial support is near the USD 19,650 level. The main weekly support is still near the USD 19,500 zone, below which the price could gain bearish momentum.
Ethereum price is also struggling to clear the USD 1,600 and USD 1,620 resistance levels. It is now consolidating above the USD 1,550 level and is up almost 2% in a day and 10% in a week. To start a strong increase, it must settle above USD 1,600 and USD 1,620. In this case, the price could rise towards the USD 1,700 resistance.
On the downside, an initial support is now near the USD 1,550 level. The main weekly support is USD 1,500, below which price could drop to USD 1,420.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) managed to recover and climbed back above USD 0.48. It is now facing resistance near the USD 0.50 level. ADA is also one of the best performers in the past week as it jumped over 15%.
BNB failed to clear the USD 288 resistance. It is now trading below the USD 280 level. If there is a fresh decline, the price may perhaps revisit the USD 272 support zone.
Solana (SOL) is back above the USD 32 level. An immediate resistance is near the USD 32.50 level. The first major resistance is near USD 33.20, above which the price could rise towards the USD 35 level.
DOGE is trading above the USD 0.062 level. On the upside, the price is facing resistance near USD 0.0635 and USD 0.065. A close above USD 0.065 might send DOGE towards USD 0.070.
XRP price is struggling to gain pace above the USD 0.335 resistance zone. The main resistance is near USD 0.35, above which XRP might start a strong increase.
Other altcoins market today
A few altcoins are also rising, including DOT, MATIC, SHIB, LEO, UNI, ATOM, LINK, NEAR, SAND, CAKE, HOT, and RVN. SAND and LINK gained almost 5%, becoming one of the best performers today. SAND moved above USD 0.97, increasing its weekly gains to more than 3%, while LINK reached USD 7.20 and is also up 14% in a week.
Overall, bitcoin price is still struggling to clear the USD 20,500 resistance zone. A close above USD 20,500 could start a stronger increase. If not, it might dive below USD 19,500.