18 Mar 2022 · 2 min read

Bitcoin and Ethereum Consolidate, AAVE and CAKE Jump

 

  • Bitcoin price is struggling to surpass USD 41,550.
  • Ethereum failed to stay above USD 2,800, XRP is failing near USD 0.80.
  • AAVE and CAKE are up 14%-15%.

Bitcoin price made another attempt to clear the USD 41,550 resistance zone. However, BTC failed to gain momentum and corrected lower. It is currently (04:06 UTC) consolidating near USD 40,500 and might correct lower to USD 40,000.

Similarly, most major altcoins are also moving lower. ETH failed to stay above USD 2,800 and might test USD 2,720. XRP spiked above USD 0.80, but faced a strong selling interest. ADA tested the key USD 0.85 resistance.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a failed attempt to clear USD 41,550, bitcoin price corrected lower and is now testing USD 40,500, having dropped by 1% in a day. The next key support is near the USD 40,000 level, below which the price may perhaps revisit the USD 39,000 support zone.

If there is a fresh increase, the price might face resistance near USD 41,000. The next key resistance is near the USD 41,550 level, above which the price could start a steady increase in the coming sessions.

Ethereum price

Ethereum price was able to clear the USD 2,800 resistance level. However, ETH failed to test the USD 2,850 level, corrected lower and is trading near USD 2,770. If there are additional losses, the price may perhaps test the USD 2,720 support level. 

On the upside, an initial resistance is near the USD 2,820 level. The next major hurdle is now forming near the USD 2,850 level. 

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) attempted an upside break above the USD 0.85 resistance but failed. It is now consolidating above the USD 0.820 support. If there is a downside reaction, the price might find support near USD 0.80.

BNB climbed above the USD 388 resistance level. However, there was no upside continuation above USD 392. The price declined to USD 385 and might correct lower towards the USD 380 level.

Solana (SOL) gained pace above the USD 85 resistance. It even traded close to the USD 92 level, but there was no test of the USD 100 level. If there is a downside correction below USD 85, the price may perhaps test the USD 78 level.

DOGE gained pace above the USD 0.118 resistance. It traded close to the key USD 0.120 resistance level, where the bears emerged. The price is trimming gains and is approaching the USD 0.115 support level.

XRP price spiked above the USD 0.80 resistance. It faced a strong selling interest and there was no close above USD 0.80. If the bulls lose control, the price might correct lower and test the USD 0.75 support.

Other altcoins market today

Several altcoins are down over 4%, including DOT, ATOM, LINK, SAND, EGLD, FTM, GALA, BAT, ANC, and LRC. Conversely, AAVE jumped 14%, surpassed USD 150, and increased its weekly gains to 27%. Also, CAKE rallied by 15% and is now trading above USD 6. It’s up almost 4% in a week.

Overall, bitcoin price is moving lower from the USD 41,550 resistance level. BTC might even drop below the USD 40,000 level, but USD 39,000 is the key support level that BTC needs to hold to avoid larger losses.

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