Bitcoin, Ethereum and Major Altcoins Stuck Below Resistance
- Bitcoin price is facing resistance near USD 47,000 and USD 47,200.
- Ethereum is struggling to stay above USD 3,500, XRP failed to surpass USD 1.15
- MINA, IOST, and ALGO are up by 36%-53%.
Bitcoin price started a recovery wave above the USD 45,000 resistance. BTC even climbed above USD 46,000, but it struggled to clear the USD 47,200 resistance. It is currently (04:23 UTC) moving lower and there is a risk of a further drop.
Similarly, most major altcoins are facing resistance. ETH failed to clear USD 3,550 and it is now trading below USD 3,500. XRP made an attempt to settle above USD 1.12, but failed. ADA is facing resistance near USD 2.50 and USD 2.55.
Total market capitalization
After a close above USD 46,000, bitcoin price attempted a break above USD 47,000. However, BTC failed to gain momentum above USD 46,800. It is moving lower and trading below USD 46,500. An immediate resistance is near the USD 46,500. The first major resistance is near the USD 47,000 level. The main hurdle is still near USD 47,200, above which the price could test USD 48,500.
If there is no upside break above USD 47,200, the price could start another decline. The main support sits near USD 45,500, below which the price could drop to USD 44,000.
Ethereum price recovered above the USD 3,500 resistance level, but the bulls faced a strong resistance near USD 3,550. ETH failed to test USD 3,600 and it moved down. There was a break below USD 3,500. If the price fails to stay above the USD 3,400 level, there is a risk of a drop to USD 3,250.
On the upside, an initial resistance is near the USD 3,500 level. The next major resistance is now forming near USD 3,550.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) made an attempt to settle above the USD 2.50 level. It spiked to USD 2.55, where it faced sellers. The price started a fresh decline and settled below USD 2.50. An initial support is near the USD 2.35 level. If there is a downside break below USD 2.35, the price could test the USD 2.20 level.
Litecoin (LTC) climbed above the USD 185 resistance, but it failed to surpass the main USD 188 resistance. As a result, there was a fresh decline below USD 185. The price is now consolidating near USD 180 and it might move down towards USD 175. The next key support is near USD 172.
Dogecoin (DOGE) tested the USD 0.265 resistance, where it faced sellers. The price is now trading near USD 0.250, below which the bears might gain strength. The next major support is USD 0.235, below which DOGE could revisit the USD 0.220 support in the near term.
XRP price made an attempt to settle above the USD 1.12 resistance, but struggled. It traded below USD 1.10 and is now consolidating near USD 1.08. The first key support is near USD 1.05, followed by USD 1.00. Any more losses could put a lot of pressure on the bulls.
Other altcoins market today
Many altcoins have recovered over 10%, including ALGO, IOTS, NEAR, MINA, HBAR, AR, SOL, SHIB, EGLD, FTT, OMG, and FTM. Out of these, ALGO rallied over 50% and it broke the USD 2.10 level.
Overall, bitcoin price is consolidating below the USD 47,000 and USD 47,200 resistance levels. If BTC drops below USD 45,500, it could accelerate lower.