Bitcoin and Ethereum Fail Again, Altcoins Trim Gains
- Bitcoin price started a fresh decline from USD 52,000.
- Ethereum declined below USD 4,000, XRP broke the USD 0.90 support.
- ICX and SUSHI gained 15% and 26%, respectively.
Bitcoin price tried to gain strength above the USD 51,800 resistance. However, BTC failed to continue higher and formed a short-term top near USD 52,000. It started a fresh decline and is currently (04:50 UTC) trading near USD 49,000.
Similarly, most major altcoins are also moving lower. ETH broke the USD 4,020 and USD 4,000 support levels. XRP traded below the key USD 0.90 support. ADA trimmed gains and traded below USD 1.50.
Total market capitalization
Recently, bitcoin price made another attempt to clear the USD 51,800 resistance. However, BTC faced a strong selling interest and started a fresh decline below USD 51,200. There was a clear move below the USD 50,000 level as the price dropped almost 4% in a day. On the downside, a major support is near USD 48,500, below which the bears could gain strength.
If there is a fresh increase, the price might face resistance near the USD 50,200 level. The next resistance is near the USD 50,500 zone, above which the price could revisit USD 51,500.
Ethereum price also followed a similar pattern after it failed to clear the USD 4,120 resistance and declined 4%. ETH dropped below the USD 4,020 and USD 4,000 support levels, breaking the key support of USD 3,920. Below this level, the price might retest USD 3,850.
On the upside, the price is facing resistance near USD 4,000. The next key resistance is near the USD 4,020 level, above which the price could test USD 4,080.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) spiked higher towards the USD 1.60 level before sellers appeared. It started a fresh decline and traded below USD 1.55. It even traded below USD 1.50 and there could be more downsides.
Binance coin (BNB) climbed higher towards the USD 580 level before there was a fresh decline. It is now consolidating near the USD 550 level. Any more losses might lead the price towards the USD 532 level in the near term.
Solana (SOL) failed to stay above the USD 200 level. It declined 6% and tested USD 188. If the bears remain in action, the price could decline towards the USD 182 level. The next major support is near the USD 172 level.
DOGE faced sellers near the USD 0.192 level. There was a fresh decline below USD 0.188, and the price tested USD 0.180. It seems like there is a risk of a move towards the USD 0.172 level.
XRP price struggled to gain strength above USD 0.95. As a result, there was a fresh bearish reaction, and the price traded below USD 0.90. It is now testing the USD 0.89 zone and might continue to move lower towards the USD 0.85 level.
Other altcoins market today
Many altcoins are down over 8%, including ATOM, CRV, NEAR, FTM, ROSE, LUNA, THETA, ENJ, KDA, MATIC, MANA, and LRC. Out of these, ATOM declined 12% and traded below the USD 29 level. Meanwhile, SUSHI and ICX rallied 15% and 26%, reaching USD 9 and USD 1.9, respectively. SUSHI increased its weekly gains to 66%, while ICX is now up 55% in a week.
Overall, bitcoin price is declining and trading below USD 50,000. If BTC fails to recover above USD 49,500, there could be a move towards the USD 48,000 level.