12 May 2022 · 2 min read

Bitcoin, Ethereum, and Altcoins Try to Trim Losses, LUNA Tests New Lows

 

  • Bitcoin price dropped below USD 27,000 before recovering.
  • Ethereum declined 18%, XRP dived to USD 0.35.
  • LUNA traded below USD 0.04.

Bitcoin price remained in a bearish zone below USD 30,000 support. BTC even broke the USD 27,500 support and spiked below USD 27,000. It is currently (11:47 UTC) correcting higher near USD 28,770 but is still down 9% in a day and 28% in a week.

Similarly, most major altcoins are down in double digits. ETH declined below USD 2,000 and tested USD 1,774. XRP declined 24% and tested USD 0.350. ADA tested USD 0.40 before the bulls emerged.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a close below USD 30,000, bitcoin price gained bearish momentum and dived below USD 27,000. The bulls are now attempting a recovery wave above the USD 28,000 level. If BTC manages to stay above the USD 28,500 level, the next key resistance is now forming near the USD 30,000 level. 

On the downside, the first major support is near USD 25,500. The next major support is near the USD 25,000 level, below which the price could extend losses to USD 22,000. (Learn more: Bitcoin Dominance Rises as ETH/BTC Breaks Down)

Ethereum price

Ethereum price also started a major decline below the USD 2,200 support. ETH settled below the USD 2,000 support zone and extended losses. It declined 18% and there was a sharp move below USD 1,800. The price even tested the USD 1,770 level and is currently correcting higher near USD 1,940. On the upside, ETH may perhaps face resistance near the USD 2,000 level. The next major resistance is now forming near USD 2,050.

If there is no upside break above USD 2,000, the price might decline to USD 1,700. The next major support is near the USD 1,650 level.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) declined below the USD 0.42 support and tested the USD 0.40 level, before moving back above USD 0.44, but the bears might defend gains above USD 0.50.

BNB tumbled 12% and is now trading near USD 270 after testing USD 225 earlier today. BNB is also down 33% in a week.

Solana (SOL) declined 38% in a day and traded below the USD 40 support. It traded close to the USD 38 level before there was a recovery wave. The price is now rising and facing resistance near USD 45.

DOGE spiked below the USD 0.072 support zone, tested USD 0.070, and recovered higher. The price is now trading above USD 0.075, but there is a key hurdle near USD 0.080.

XRP price fell sharply below the USD 0.40 level. It tested the USD 0.35 level and climbed back above USD 0.37. On the upside, the price might face resistance near USD 0.40.

Other altcoins market today

Many altcoins are down over 20%, including DOT, AVAX, SHIB, MATIC, CRO, LTC, NEAR, BCH, UNI, XLM, ALGO, VET, EGLD, FIL, and HBAR. Meanwhile, the worst performer among the top 100 cryptoassets, LUNA is down 97% in a day and is fluctuating around USD 0.1. (Learn more: LUNA Dives Below USD 0.05, UST Trends Lower Despite New Rescue Plans)

To sum up, bitcoin price is attempting a recovery wave above the USD 28,000 level. However, BTC must move back above USD 30,000 to avoid more downsides.

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