Bitcoin, Ethereum and Altcoins Correct Lower Again
Bitcoin price could decline further if it fails to stay above USD 32,200. Ethereum could accelerate below USD 2,000, XRP is struggling to stay above USD 0.600. UNI, KCS, STX, and SNX are down over 8%.
Bitcoin price failed to overcome selling pressure and it remained well below USD 35,000. As a result, BTC saw a fresh decline below the USD 33,500 support. It is currently (04:25 UTC) showing a few bearish signs, but the USD 32,200 support holds the key.
Similarly, most major altcoins are slowly gaining bearish momentum. ETH declined below USD 2,100 and it is now struggling to stay above USD 2,000. XRP could decline further if there is a close below USD 0.600.
Total market capitalization
After another failure to clear USD 35,000, bitcoin price started a fresh decline. BTC traded below the USD 33,500 and USD 33,200 support levels. It even tested USD 32,650 and it is now correcting lower. An immediate resistance is near the USD 33,500 level. The first key resistance is near USD 34,000, above which the bulls could make another attempt to clear USD 35,000.
On the downside, an initial support is near the USD 32,600 level. The main support is near USD 32,200, below which the price might decline heavily.
Ethereum price also followed a similar path and it declined below the USD 2,050 support. ETH tested USD 2,000 and it is consolidating losses. An initial resistance is near the USD 2,080 level. The first major resistance is now forming near the USD 2,120 level.
The key breakdown support is near the USD 2,000 level. A close below this level may possibly spark a sharp decline in the coming sessions.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) is down 4% and it even tested the USD 1.30 support. If the bears remain in action, the price could test USD 1.25. Any more losses might prompt for a drop towards the USD 1.20 support zone. On the upside, the USD 1.35 level is a key resistance.
Litecoin (LTC) managed to stay above the USD 130 level. The next major support is still near the USD 125 level. On the upside, the price is facing a strong resistance near USD 140. The main breakout resistance is still near the USD 150 level.
Dogecoin (DOGE) is down 5% and it almost tested USD 0.200. If there is a daily close below USD 0.200, there could be a major decline in the coming sessions. The next major support is near USD 0.180, below which the price may possibly test USD 0.165.
XRP price is moving lower and it even traded below USD 0.620. The main breakdown support is near the USD 0.600 level. A close below USD 0.600 could spark a larger decline and the price might dive towards USD 0.520.
Other altcoins market today
Many altcoins declined over 5%, including STX, SNX, NANO, FLOW, KCS, SUSHI, UNI, GRT, AMP, ICP, DCR, THETA, RUNE, COMP, and TEL. Out of these, STX is down almost 11% and it trades below USD 1.20.
Overall, bitcoin price is back in a negative zone below USD 33,500. If BTC fails to stay above USD 32,200, it could continue to move down towards the USD 30,000 level in the near term.