A quick 3min read about today's crypto news!
Bitcoin price extended decline below the USD 56,000 level. BTC tested USD 55,500 and is currently (11:54 UTC) consolidating losses near USD 57,000. To start a fresh increase, the price must clear the USD 58,500 resistance zone.
Besides, most major altcoins are also recovering losses. ETH climbed above USD 4,100, but it is facing resistance near USD 4,250. XRP tested the main support at USD 1.00. ADA spiked towards USD 1.70 but corrected higher to USD 1.80.
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After a break below USD 56,500, bitcoin price even declined below USD 56,000. However, BTC found support near USD 55,500. It is now consolidating losses and corrected a few points above the USD 56,000 level. On the upside, the USD 57,500 level is an initial resistance. The next key resistance is now forming near the USD 58,500 level, above which the price could rise towards USD 60,000.
An immediate support is near the USD 56,000 level. The next key support is near the USD 55,500 level, below which there is a risk of a larger decline.
Ethereum price recovered from the USD 3,950 zone. ETH climbed above USD 4,150, but the bears were active near USD 4,250. It is now moving lower, but the bulls might take a stand near the USD 4,120 and USD 4,050 levels.
If there is a fresh increase, the USD 4,200 level is a short-term hurdle. The next major resistance is near the USD 4,250 level, above which the price could start a steady increase.
Cardano (ADA) extended losses below USD 1.75. However, there was no test of USD 1.65 and the price found support near USD 1.70. It is recovering higher, but a clear move above USD 1.85 is a must for more upsides.
Binance coin (BNB) spiked below the USD 525 and USD 520 support levels. It tested USD 515 and is currently rising. It is back above USD 560 and it seems like the bulls are now facing resistance near the USD 565 zone.
SHIB declined towards the USD 0.000040 support zone. It is now correcting higher and trading above the USD 0.0000435 zone. The next key resistance is near the USD 0.000045 level, above which the price might extend gains towards USD 0.000048.
Solana (SOL) found support near USD 185 and started a fresh increase. It is back above USD 200, but it is facing resistance near USD 205. The next major resistance is near USD 220, above which the bulls may perhaps gain strength.
XRP price spiked towards the USD 1.00 level. It found support and moved back above USD 1.02. The price is now consolidating near USD 1.05. Any more gains could send the price towards the USD 1.12 resistance.
A few altcoins are up over 5%, including MANA, SAND, AR, ENJ, BAT, IOTX, LRC, HOT, and ZEC. Out of these, MANA gained almost 7% and broke the USD 4.10 level, before correcting lower. At the same time, NEXO, CRO, and GALA are down more than 9%.
To sum up, bitcoin price is struggling to recover above USD 57,500 and USD 58,500. If BTC breaks USD 55,500, there could be a sharper decline in the near term.