16 Apr 2021 · 2 min read

Bitcoin, Ethereum Correct Lower While DOGE Keeps Rallying

Bitcoin price is correcting lower and it even broke the USD 61,200 support. Ethereum trimmed gains and traded below USD 2,400, XRP is down 10% to USD 1.50. DOGE surged over 130% and it even broke the USD 0.30 level.

Bitcoin price failed to stay above the USD 63,000 level and it extended its downside correction. BTC traded below the USD 62,000 and USD 61,200 support levels. It is currently (12:00 PM UTC) trading well below USD 61,000 and the bears might attempt a break below USD 60,000.

Similarly, most major altcoins are correcting gains. ETH is down over 2% and it traded below the USD 2,400 level. XRP/USD is also moving lower and it is trading near the USD 1.50 support zone.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a failed attempt to clear USD 63,500, bitcoin price resumed its decline. BTC broke the USD 62,000 support and it even traded below the key USD 61,200 support. It revisited the USD 60,000 level and is consolidating losses. On the upside, an initial resistance is near the USD 61,200 level.
The main resistance is now forming near USD 62,000. Conversely, the price could decline sharply if there is a clear break below USD 60,000.

Ethereum price

Ethereum price broke the USD 2,420 and USD 2,400 levels to move into a short-term bearish zone. ETH is trading above USD 2,350, below which there is a risk of a move towards the USD 2,300 level. Any more losses could possibly lead the price towards USD 2,250.
On the upside, the USD 2,420 is an immediate resistance. The key breakout resistance is now forming near the USD 2,450 level.

BNB, ADA, litecoin, and XRP price

Binance Coin (BNB) extended its decline below the USD 530 and USD 525 levels. BNB may now test the USD 505 and USD 500 support levels. Any more losses might trigger a move towards the USD 450 support level. If there is a fresh increase, the previous support at USD 550 might act as a hurdle for the bulls.
Cardano (ADA) broke the USD 1.420 level and it even declined below the USD 1.400 support level. The next major support is near the USD 1.365 and USD 1.355 levels. On the upside, the price could face resistance near the USD 1.420 and USD 1.432 levels.
Litecoin (LTC) failed to clear the USD 298 and USD 300 resistance levels. As a result, there was a bearish reaction and LTC declined below the USD 280 support. It is now approaching the USD 270 support, where the bulls might take a stand.
XRP price is down over 10% and it broke the USD 1.60 and USD 1.58 support levels. The price even spiked below USD 1.50, but it is now recovering losses. The previous support near USD 1.60 may possibly act as a resistance in the near term.

Other altcoins market today

A few altcoins gained over 8%, including ETC, CRV, ZEN, NEO, CHZ, MKR, RSR, BCH, THETA, COMP, XTZ, and DASH. Meanwhile, DOGE seems unstoppable and it even broke the USD 0.30 level.

To sum up, bitcoin price is holding the USD 60,000 support zone. As long as there is no close below USD 60,000, BTC might start a fresh increase above USD 62,000.
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