Bitcoin, Ethereum and Altcoins Show Recovery Signs
- Bitcoin price recovered above USD 42,000 and USD 43,500.
- Ethereum settled above USD 3,050, XRP is consolidating near USD 0.950.
- CELO and OMG rallied 26%.
Bitcoin price started a decent recovery from the USD 40,000 support zone. BTC climbed above the USD 42,000 and USD 43,000 levels. It is currently (11:58 UTC) trading above USD 43,500 and it might attempt a break towards USD 44,200.
Similarly, most major altcoins are also recovering losses. ETH traded above the USD 3,000 and USD 3,050 resistance levels. XRP recovered above USD 0.950, but it might face a strong resistance near USD 1.00. ADA surpassed the USD 2.12 resistance and it could test USD 2.20.
Total market capitalization
After a sharp decline towards USD 40,000, bitcoin price found support near USD 40,200. BTC formed a base and recently started a steady upward move above USD 42,000. The bulls pushed the price above the USD 43,000 and USD 43,200 resistance levels. To continue higher, the price must settle above USD 43,500. The next major resistance could be USD 44,200.
On the downside, an immediate support is near USD 43,000. The first major support is now forming near the USD 42,000, below which the price could start a fresh decline.
Ethereum price was able to recover above USD 3,000 and USD 3,020 resistance levels. ETH even cleared USD 3,080 and it might attempt a break above USD 3,120. The main breakout resistance is now forming near the USD 3,150 level.
If the price fails to clear USD 3,120 or USD 3,150, it could start another decline. The key support for a fresh drop is now near USD 3,000.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) remained stable above the USD 2.00 level. As a result, ADA started a recovery wave above the USD 2.05 and USD 2.12 levels. The next major barrier is USD 2.20. A clear break above USD 2.20 could open the doors for a steady increase. In this case, the price could revisit USD 2.35. Conversely, there is a risk of a fresh decline towards USD 2.00.
Litecoin (LTC) is consolidating near the USD 160 level. An immediate resistance is near the USD 165 level. The key resistance for a fresh increase is USD 172. If the price fails to clear USD 172, it could start a fresh decline towards the main USD 150 support zone.
Dogecoin (DOGE) recovered above the USD 0.205 and USD 0.210 levels. If the price continues to gain traction, it could test the USD 2.20 resistance zone. To move into a positive zone, DOGE must settle above the USD 2.20 level in the coming sessions.
XRP price recovered from USD 0.866. It is back above the USD 0.920 and USD 0.950 resistance levels. However, the bears may possibly take a stand near the USD 0.980 and USD 1.00 levels. On the downside, the USD 0.880 level is a decent support.
Other altcoins market today
Many altcoins are still down over 5%, including DCR, HT, MDX, ATOM, ZEN, MANA, NEAR, AR, PERP, EOS, and BTG. Conversely, CELO, OMG, XDC, STX, and QNT are back in a bullish zone.
To sum up, bitcoin price is showing signs of a recovery wave above USD 43,000. However, BTC must settle above USD 43,500 and then surpass USD 44,200 to start a fresh increase.