Bitcoin, Ethereum and Altcoins Struggle to Recover
- Bitcoin price could accelerate lower if it breaks the USD 30,000 support.
- Ethereum might revisit USD 1,750, XRP is showing bearish signs below USD 0.60.
- RUNE, HNT, STC, and AXS are down over 11%.
Bitcoin price is struggling to recover above the USD 32,000 and USD 32,200 resistance levels. BTC is moving lower and it may decline below USD 31,000. The current (12:24 UTC) price action suggests chances of more downsides below USD 30,000.
Similarly, most major altcoins are showing bearish signs. ETH might accelerate lower below USD 1,820 and USD 1,800. XRP could continue to move down towards USD 0.550.
Total market capitalization
After a clear break below USD 32,000, bitcoin price struggled to climb back higher. An immediate resistance on the upside is near the USD 32,000 level. The first major resistance is near the USD 32,200 level, above which the bulls might aim for a recovery towards the USD 33,000 level.
If the bears remain in action, the price could decline further below USD 31,000. The main breakdown support is still near the USD 30,000 level, below which the price might decline further.
Ethereum price settled well below the USD 2,000 level. ETH is gaining bearish momentum and it might soon drop below the USD 1,800 support. In this case, the price might revisit the USD 1,750 support. Any more losses could open the doors for a move towards USD 1,500.
If there is an upside correction, the price might face resistance near USD 1,920. The first major resistance is now forming near the USD 1,980 and USD 2,000 levels.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) is moving lower and it is now trading below USD 1.18. If ADA slides further, there is a risk of a move towards the USD 1.15 level. Any more losses might call for a test of USD 1.10. On the upside, the USD 1.20 level is a strong resistance zone.
Litecoin (LTC) is now trading well below the USD 120 pivot level. If LTC breaks the USD 112 support, there is a risk of a drop towards the USD 100 support zone. On the upside, the price might face hurdles near the USD 125 level.
Dogecoin (DOGE) is down over 7% and it is approaching the USD 0.165 support. The next major support is near the USD 0.150, below which the bears might aim for a test of the USD 0.112 level in the near term. On the upside, the bears might remain active near USD 0.200.
XRP price is showing bearish signs below USD 0.600. The price is now approaching the USD 0.565 support. The next major support is near USD 0.550, below which it could even test USD 0.500. On the upside, the USD 0.600 level is a breakout zone.
Other altcoins market today
Many altcoins declined over 5%, including AXS, STX, FLOW, RUNE, SNX, SUSHI, COMP, RVN, SOL, HNT, AAVE, MATIC, CRV, and CEL. Out of these, AXS dropped over 14% and it could revisit USD 15.
To sum up, bitcoin price is signaling a possible downside break below the USD 31,000 support. If BTC settles below USD 31,000, it could even slide below USD 30,000.