Bitcoin Consolidates, Ethereum Gains Bullish Momentum, DOGE Crashes
Bitcoin price is consolidating below the USD 56,500 resistance level. Ethereum gained 10% and it cleared the USD 2,300 resistance, XRP is back above USD 1.385. CELO extended its rally by over 50%, ZEN is up over 40%, while DOGE dropped by 20%.
After a strong rejection near USD 57,500, bitcoin price corrected lower. BTC traded below the USD 56,500 support zone and it is currently (04:30 UTC) trading below USD 56,000. If it fails to stay above USD 55,000, there could be a drop towards USD 53,200.
Conversely, most major altcoins are gaining traction. ETH cleared the key USD 2,300 resistance zone, while XRP/USD is also rising and it cleared the USD 1.385 pivot level.
Total market capitalization
After a bearish reaction, bitcoin price found support above USD 54,500. BTC recovered above USD 55,000 and it is now consolidating in a range. An immediate resistance is near the USD 56,000 level. The first major resistance is near USD 56,500, above which the price may possibly revisit the USD 57,500 resistance.
If there is no upside break above USD 56,500, the price could decline below USD 55,000. The next major support sits at USD 53,200, where the bulls might take a stand.
Ethereum price outpaced bitcoin and it gained pace above the USD 2,250 resistance. ETH is up 10% and it even broke the key USD 2,300 resistance. The current price action suggests chances of more upsides above the USD 2,350 level.
If there is a downside correction, the price might find bids near the USD 2,300 level. The next key support is now forming near the USD 2,260 level.
BNB, ADA, DOGE, and XRP price
Binance Coin (BNB) surged over 15% and it broke many hurdles near USD 525 and USD 550. BNB even cleared the USD 580 level and it seems like it could continue to rise above the USD 600 level. The next major stop for the bulls could possibly be near the USD 620 level.
Cardano (ADA) is back above the USD 1.220 pivot level, but it is still facing resistance near USD 1.250. A clear upside break above the USD 1.250 level could increase the chances of a strong increase. The next major resistance is near USD 1.300. On the downside, the USD 1.220 is a decent support (the recent resistance).
Dogecoin (DOGE) started a downside correction from the USD 0.400 zone. It is down more than 20% and is now trading below the USD 0.335 support. It’s the worst performing cryptoasset among the top 100 coins by market capitalization today. The next major support is near USD 0.300, below which the price might decline towards the USD 0.280 level.
XRP price is up over 10% and it broke a few key hurdles near the USD 1.350 and USD 1.400 levels. If it continues to move higher, the next stop could be USD 1.500. On the downside, the bulls might remain active near USD 1.385.
Other altcoins market today
Many altcoins gained over 15%, including CELO, ZEN, CAKE, ENJ, KCS, HT, MANA, XMR, RSR, DENT, BTG, and WAVES. Out of these, CELO surged above the USD 6 level.
Overall, bitcoin price is now consolidating above USD 55,000, while most altcoins are rising. If BTC breaks the USD 55,000 support, there could be a rise in selling pressure.