01 Feb 2022 · 2 min read

Bitcoin and Ethereum Gain Bullish Momentum, SOL and LUNA Rally

 

  • Bitcoin price is showing positive signs above the USD 38,000 resistance.
  • Ethereum surged 10%, XRP surpassed USD 0.62.
  • SOL and LUNA are up over 18%.

Bitcoin price remained well bid above the USD 36,500 zone. As a result, BTC started a fresh increase and broke the USD 38,000 resistance. It is currently (04:16 UTC) trading above USD 38,600 and is eyeing an upside break above USD 38,800.

Similarly, most major altcoins are showing positive signs. ETH gained pace for a move above the USD 2,750 resistance zone. XRP is back above USD 0.60. ADA is attempting an upside break above the USD 1.05 resistance.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a downside correction, bitcoin price found support near USD 36,500. BTC started a fresh increase and climbed above the USD 38,000 resistance. It is now up 4% in a day and is attempting an upside break above the USD 38,800 level. If the bulls succeed, the price could accelerate higher towards the USD 40,000 hurdle in the short term.

An immediate support is near the USD 38,000 level. The next major support is near USD 37,500, below which the price could revisit the USD 36,500 support zone.

Ethereum price

Ethereum price started a strong increase above the USD 2,600 level. ETH is up 10% and is now testing the USD 2,750 resistance, above which the price could accelerate towards the USD 2,800 level.

On the downside, an initial support is near the USD 2,680 level. The next major support is near USD 2,650, below which the price may perhaps struggle to stay above USD 2,600.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) remained strong above the USD 1.00 support zone. There was a steady recovery wave above the USD 1.04 level. To continue higher, the price must clear the USD 1.05 resistance.

Binance coin (BNB) is rising and trading above USD 380. The first key resistance is near the USD 388 level. A proper break above the USD 388 level might push the price towards the main USD 400 resistance.

Solana (SOL) started a strong increase above the USD 85 resistance. It gained almost 19% and there was a move above the USD 105 resistance, above which the price could test USD 112.

DOGE is moving higher towards the USD 0.145 resistance. The next key resistance is near the USD 0.150 level. If there is a bearish reaction, the price might find bids near the USD 0.135 level.

XRP price was able to settle above the USD 0.60 pivot level. The price is now trading above USD 0.62 and may perhaps continue to rise. The next major resistance for the bulls may possibly be USD 0.65.

Other altcoins market today

Many altcoins are up over 5%, including LUNA, DOT, AVAX, MATIC, CRO, ATOM, UNI, NEAR, FTT, MANA, and HBAR. Out of these, LUNA surged 22% and cleared the USD 50 level, trimming its weekly losses to less than 19%.

Overall, bitcoin price is showing positive signs above the USD 38,000 level. If BTC clears the USD 38,800 resistance, there could be a move towards the USD 40,000 level. If not, it could correct lower to USD 37,500.

_____ 

Find the best price to buy/sell cryptocurrency: