12 May 2022 · 2 min read

Bitcoin Below USD 29K, Ethereum Dives More, LUNA, Altcoins Crash

 

  • Bitcoin price settled below the main USD 30,000 support.
  • Ethereum declined 15%, XRP collapsed 25%.
  • SOL and DOGE are down over 26%.

Bitcoin price started another decline and traded below the key USD 30,000 support. BTC even broke the USD 28,500 support to move further into a bearish zone. It is currently (03:58 UTC) down 8% and is trading near USD 28,700. BTC is also down 28% in a week.

Similarly, most major altcoins are down over 15%. ETH declined below USD 2,200 and tested USD 2,000. XRP declined 25% and tested USD 0.365. ADA is also down 26% and trading below USD 0.50.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a failed attempt near USD 32,000, bitcoin price started a major decline. BTC traded below the USD 30,000 support zone to spark another bearish wave. There was a clear move below the USD 29,500 and USD 28,500 levels. It is now trading below USD 29,000, with an immediate support at USD 28,000. The next major support is near the USD 27,500 level, below which the price could test USD 25,000.

An immediate resistance is near the USD 29,500 level. The next key resistance is now forming near the USD 30,000 level. 

Ethereum price

Ethereum price also started a major decline from the USD 2,450 resistance. ETH declined 15% and broke the USD 2,120 support. It even tested the USD 2,000 level and is still showing bearish signs. The next major support is near the USD 1,880 level, below which the price might test USD 1,750. ETH is down 31% in a week.

On the upside, ETH may perhaps face resistance near the USD 2,120 level. The next major resistance is now forming near USD 2,200.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) accelerated losses below the USD 0.60 support. It declined almost 26% and even broke the USD 0.50 support. If the bears remain in action, the price might dive towards the USD 0.42 support.

BNB declined heavily below the USD 288 and USD 280 support levels. It is now approaching the USD 250 support zone. If there is a downside break, the price might dive towards the USD 200 level.

Solana (SOL) declined 31% and traded below the USD 50 support. If the bears remain in action, the price could even test the USD 40 support. The next major support is near the USD 32 level.

DOGE settled below the main USD 0.100 support level. It is down over 26% and trading near the USD 0.082 level. The next major support is near USD 0.075, below which it could even test USD 0.072.

XRP price gained bearish momentum below the USD 0.50 support. There was a sharp bearish wave below the USD 0.40 level. The price might continue to move down towards the USD 0.32 level.

Other altcoins market today

Many altcoins are down over 15%, including DOT, AVAX, SHIB, MATIC, CRO, LTC, NEAR, BCH, UNI, XLM, ALGO, VET, EGLD, and HBAR. Out of these, SHIB and AVAX are down over 30%. Meanwhile, LUNA is down by another 97% and is trading near USD 0.40.

Overall, bitcoin price is gaining bearish momentum below the USD 30,000 support. If BTC slides below USD 27,500, it could even test the USD 25,000 support zone in the near term.

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