Bitcoin, Ethereum and Altcoins Trim Gains
Bitcoin price extended its downside correction below USD 48,000. Ethereum traded below USD 3,200, XRP declined below the key 1.20 support. AVAX and QNT are up over 8%.
Bitcoin price failed to stay above the USD 48,000 support and extended its decline. BTC tested the USD 47,600 region and stayed above the USD 47,500 support. It is currently (04:00 UTC) consolidating near USD 48,000, with a major resistance near USD 48,800.
Similarly, most major altcoins extended their decline. ETH traded below the USD 3,250 and USD 3,200 support levels. XRP broke the USD 1.20 support and it even tested USD 1.12. ADA topped near USD 2.92 and corrected lower to USD 2.60.
Total market capitalization
After trading below USD 49,000, bitcoin price extended its downside correction. BTC traded below the USD 48,200 and USD 48,000 levels. It traded close to the USD 47,500 support and it is now attempting a recovery. It is back above USD 48,000, with a key resistance near USD 48,800. The next key resistance is USD 49,000, above which the price might retest USD 50,000.
If there is a fresh decline below USD 48,000, the price may possibly test the USD 47,500 support. Any more losses could lead the price towards the USD 46,400 level.
Ethereum price started a steady decline below the USD 3,300 pivot level. ETH traded below the USD 3,250 and USD 3,200 support levels. It tested the USD 3,150 level. The current price action suggests that the price could continue to move down towards the USD 3,120 support.
On the upside, an immediate resistance for the bulls is near the USD 3,220 level. The first major resistance is near the USD 3,250 level, above which the price might test USD 3,300.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) failed to test the USD 3.00 resistance and formed a high near USD 2.92. ADA started a downside correction below the USD 2.80 support. It even spiked below USD 2.60 before it recovered. To start a fresh increase, the price must clear the USD 2.80 resistance.
Litecoin (LTC) extended its downside correction below the USD 180 support level. The price broke the USD 175 level and tested USD 172. Any more losses might lead it to USD 165. On the upside, the bears are likely to remain active near USD 180 and USD 185.
Dogecoin (DOGE) is down over 7% and it broke the USD 0.300 support zone. It even tested the USD 0.275 level and it showing a few bearish signs. If the bears remain in action, the price could even drop towards the USD 0.250 support. To move back into a bullish zone, the bulls need to clear the USD 0.300 hurdle.
XRP price is also down over 7% and it broke the key USD 1.20 support level. The bears pushed the price below USD 1.15 and the price tested USD 1.12. The next major support is near USD 1.05, below which the bulls might appear near the USD 1.00 handle.
Other altcoins market today
Many altcoins are down 5%, including CHSB, TEL, ONT, XDC, HNT, THETA, ENJ, SOL, KCS, SUSHI, ICX, QTUM, ICP, COMP, and MIOTA. Out of these, CHSB is down 12% and it traded below 1.0.
Overall, the bitcoin price managed to stay above USD 47,500. If BTC extends its decline below USD 47,500, it could even test USD 46,400 in the short-term.