Bitcoin and Ethereum Extend Decline, Dogecoin Rises
- Bitcoin price started a downside correction below USD 43,400.
- Ethereum retested USD 3,200, XRP is testing the USD 0.75 support.
- DOGE is up 10% and broke the USD 0.188 level.
Bitcoin price started a downside correction from USD 44,000. BTC traded below the USD 43,200 and USD 43,000 support levels. It is currently (11:30 UTC) trading below USD 42,500 and there is a risk of further downsides.
Similarly, most major altcoins are extending losses. ETH traded below the USD 3,250 support level and tested USD 3,200. XRP is consolidating near the USD 0.750 zone. ADA is down 4% and traded below the USD 1.250 support zone.
Total market capitalization
After a downside break below USD 43,000, bitcoin price struggled to start a fresh increase. BTC extended decline below the USD 42,500 support. It even traded below USD 42,000 and might revisit the USD 41,500 support. The next key support is near USD 41,200, below which the price could decline towards the USD 40,500 level.
On the upside, an immediate resistance is near the USD 42,500 level. The next major resistance is near USD 43,000, above which the price might start a fresh increase in the near term.
Ethereum price traded below the USD 3,250 support level. ETH is now consolidating near the USD 3,200 level. If the bears remain in action, the price might test USD 3,150. The next major support is near USD 3,100, below which the price might test USD 3,000.
On the upside, an immediate resistance is near USD 3,250. The next key resistance is near USD 3,300, above which the price might rise to USD 3,380.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) extended decline below the USD 1.265 support. It is down 4% and there was a break below the USD 1.25 support. If there are more losses, the price might test USD 1.22. On the upside, the USD 1.265 is a key hurdle.
Binance Coin (BNB) spiked above the USD 488 resistance, but it faced sellers near USD 490. The price is now correcting lower and trading below USD 475. The next major support is near USD 465, below which the price could test USD 450.
Solana (SOL) is down 5% and trading below the USD 145 level. An immediate support is near the USD 140 level. The main support is near USD 132, below which the price may perhaps revisit USD 120.
DOGE rallied 10% and there was a move above the USD 0.180 level. The next major resistance is near the USD 0.192 level, above which the price could rise towards the USD 0.200 level.
XRP price is struggling to stay above the USD 0.75 support. If there is a downside break, the price might decline towards the USD 0.732 level. Any more downsides might lead the price to USD 0.72.
Other altcoins market today
Many altcoins are up down over 4%, including LUNA, AVAX, SHIB, MATIC, CRO, LINK, UNI, and ALGO. Out of these, ATOM is gaining pace below the USD 38 support zone.
To sum up, the bitcoin price is accelerating lower below USD 42,500. If BTC settles below USD 42,000, there is a risk of more downsides in the near term.