Bitcoin, Ethereum and Altcoins Start Recovering
- Bitcoin price started a decent increase above the USD 45,500 resistance.
- Ethereum is back above USD 3,300, XRP is still facing resistance near USD 1.12.
- SNX, SAFEMOON, and MINA are up over 20%.
Bitcoin price formed a base above the USD 45,000 level. BTC started a fresh increase and it broke the USD 45,500 resistance. It is currently (12:03 PM UTC) showing positive signs, but a close above USD 46,000 is needed for a stronger increase in the near term.
Similarly, most major altcoins are also recovering higher. ETH climbed above USD 3,300 and it might attempt a break above USD 3,400. XRP is still facing a major resistance near USD 1.10 and USD 1.12. ADA is stuck near USD 2.40, with a decent support near USD 2.32.
Total market capitalization
After a close above USD 45,000, bitcoin price started a steady recovery wave. BTC broke the USD 45,500 resistance level and it even spiked above USD 46,000. If there is a close above USD 46,000, the price could continue to rise. The next major resistance is near the USD 47,000 level.
If there is a fresh decline, an initial support is near the USD 45,200 level. The next major support could be USD 45,000, below which the price could resume its decline towards the USD 43,200 support zone.
Ethereum price gained pace for a move above the USD 3,300 level. ETH even climbed above USD 3,350, but it is still facing a major resistance near USD 3,400. In order to move into a positive zone, the price must settle above the USD 3,400 level. The next major resistance for the bulls is near the USD 3,450 level.
On the downside, the price might find support near the USD 3,280 level. The next major support is near USD 3,220, below which there is a risk of a larger decline.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) is struggling to move higher and it is still trading well below USD 2.50. If there is a break above USD 2.50, the price might face resistance near USD 2.55. Any more gains could open the doors for a steady increase. On the downside, the bulls might remain active near the USD 2.32 and USD 2.30 levels.
Litecoin (LTC) is back above the USD 178 level and it is attempting a move above the USD 180 level. The next major resistance is near USD 185 and USD 188. A close above USD 188 may possibly set the pace for a move towards the USD 200 barrier.
Dogecoin (DOGE) is consolidating above the USD 0.220 and USD 0.225 support levels. On the upside, the price is facing resistance near USD 0.250. The next major resistance is near the USD 0.265 level, above which the bulls might gain strength.
XRP price is consolidating near the USD 1.05 support level. It seems like the price is preparing for an upward move above the USD 1.10 level. A clear break above USD 1.12 could open the doors for a move towards the USD 1.20 level.
Other altcoins market today
Many altcoins are up over 10%, including MINA, SNX, PERP, ICX, XEC, HBAR, CELO, ATOM, IOST, TEL, CRV, TRX, MIOTA, and QNT. Out of these, MINA rallied over 30% and it broke the USD 6.35 level.
To sum up, bitcoin price is showing positive signs above the USD 45,000 level. If BTC settles above USD 46,000, there could be a steady move towards the USD 47,000 level.