Bitcoin and Ethereum Try to Recover, SAND Doubles in a Week
- Bitcoin price seems to be forming a base above the USD 55,500 support.
- Ethereum settled above USD 4,250, XRP still below USD 1.05.
- SAND and GALA are up over 22%.
Bitcoin price is trading well above the USD 55,500 support level. BTC is rising and is currently (04:41 UTC) trading near USD 57,500. A close above USD 58,000 could open the doors for a steady recovery wave in the near term.
Besides, most major altcoins are showing positive signs. ETH is back above USD 4,250 and it might clear the USD 4,350 resistance. XRP must settle above USD 1.05 to start a steady increase. ADA is trading below the USD 1.72 pivot level.
Total market capitalization
After a minor decline, bitcoin price found support near the USD 56,000 level. BTC started a fresh increase and climbed above USD 57,000. It even cleared the USD 57,500 level and is currently facing resistance near USD 58,000. The next major resistance is near USD 58,500, above which the price could start a steady increase.
On the downside, an initial support is near USD 57,000. The next major support is near USD 56,500, below which the price could decline towards the key USD 55,500 support.
Ethereum price is trading above the USD 4,250 pivot level. ETH even climbed above USD 4,300, but it is facing resistance near USD 4,350. A clear break above the USD 4,350 resistance zone could open the doors for a fresh increase.
If there is another decline, the price might find support near USD 4,250. The next major support is near USD 4,050, below which the price could decline further.
ADA, BNB, SOL, SHIB, and XRP price
Cardano (ADA) gained bearish momentum below the USD 1.75 and USD 1.72 levels. It is now consolidating losses, with an immediate support at USD 1.62. The next major support is USD 1.60, below which the price may perhaps test USD 1.50.
Binance coin (BNB) is up 4% and it broke the USD 585 level. The price even cleared USD 600, and it is showing positive signs. Any more gains could lead the price towards the USD 620 level.
Solana (SOL) is still consolidating below the USD 220 and USD 225 resistance levels. The main support on the downside is near the USD 200 level, below which the bears might gain strength.
SHIB dropped towards the USD 0.000035 level before it started a fresh increase. It climbed back above the USD 0.000040 level and is showing positive signs. A close above the USD 0.000042 level could start an increase towards the USD 0.000045 level.
XRP price is consolidating above USD 1.00 support zone. A key hurdle is forming near the USD 1.05 level. A close above USD 1.05 might push the price towards the USD 1.12 level. The next key resistance is near the USD 1.15 level.
Other altcoins market today
Many altcoins are up over 10%, including BORA, GALA, CHZ, WAXP, CRV, MINA, FTM, SAND, LRC, MANA, BCH, and QTUM. Out of these, SAND extended its rally by jumping by another 22% in a day and increasing its weekly gains to 106%. It now trades at around USD 7.60.
Overall, bitcoin price is rising towards the USD 58,500 level. If BTC gains pace above USD 58,500, it could accelerate higher in the near term.