Bitcoin Bulls Protect USD 50K, XRP Shows Positive Signs
Bitcoin price tested USD 50,500 and is trying to recover. Ethereum is back above USD 1,600, XRP gained 8% and it is showing positive signs above USD 0.520. QTUM extended its rally above USD 9.20, THETA is up around 10%.
Bitcoin price extended its decline below the USD 52,000 support level. BTC even traded close to USD 50,000, where the bulls took a strong stand. It tested USD 50,400 and it is currently (05:30 UTC) recovering above USD 52,000.
Besides, most major altcoins are showing signs of a steady increase. ETH is back above USD 1,600, but it must clear USD 1,650 for a steady increase. XRP/USD jumped back above USD 0.500 and it may soon test USD 0.550.
Total market capitalization
After a drop towards USD 50,000, bitcoin price found support near USD 50,400. BTC started an upside correction and it recovered above the USD 51,500 and USD 52,000 resistance levels. The price is now showing positive signs above USD 52,000, but it must gain momentum above USD 53,200 for a steady increase.
If there is no upside break above USD 53,200, the price could restart its decline. An initial support is near the USD 52,000 level. A daily close below USD 52,000 could possibly call for a move towards the USD 50,000 zone.
Ethereum price remained stable above USD 1,550 and it even recovered above USD 1,600. ETH climbed above the USD 1,620 level, but it is still facing a strong resistance near the USD 1,650 zone. A clear break above USD 1,650 is a must for a sustained upward move.
On the downside, the USD 1,600 level is a short-term support. The main support is now near USD 1,550, below which the price might decline towards the USD 1,500 level.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) tested the key USD 225 support level and started recovering. BNB is now trading above USD 240 and it seems like it could soon make an attempt to clear the USD 250 resistance. If it fails, there are chances of range moves above USD 225 and USD 230.
Cardano (ADA) remained strong above USD 1.050 and it climbed above USD 1.100. ADA is trading above USD 1.120 and it might attempt a break above the USD 1.150 resistance zone.
Litecoin (LTC) traded close to the USD 165 support before correcting higher. LTC broke the USD 172 and USD 175 resistance levels. However, a clear break above USD 180 could set the pace for a move towards the USD 195 and USD 200 resistance levels.
XRP price recovered losses and it rallied above the USD 0.500 resistance. XRP even broke USD 0.520 and it might continue higher towards the USD 0.545 and USD 0.550 resistance levels. On the downside, the price might remain stable above USD 0.500.
Other altcoins market today
A few altcoins gained over 10%, including ANKR, QTUM, THETA, CAKE, RUNE, LUNA, NPXS, COMP, and NEAR. Out of these, ANKR rallied 20% and it cleared the USD 0.125 level.
Overall, bitcoin price held ground above the USD 50,000 support zone. If BTC settles above USD 53,200, there are chances of an increase towards the USD 55,000 and USD 55,500 levels.