Bitcoin and Ethereum Hold Key Uptrend Support, THETA Trims Gains
- Bitcoin price is holding the key USD 42,500 support zone.
- Ethereum remains above USD 3,000, XRP hovers near USD 0.80.
- THETA extended rally above USD 4.20 before correcting lower.
Bitcoin price started a downside correction below the USD 44,000 level. BTC even declined below USD 43,000, but the bulls appeared near USD 42,500. It is currently (11:02 UTC) consolidating near USD 43,500, with a key hurdle near USD 44,500.
Similarly, most major altcoins are above important uptrend support lines. ETH spiked below USD 3,050, but the bulls were active near USD 3,000. XRP spiked below USD 0.80 before recovering.
Total market capitalization
After a close below USD 44,000, bitcoin price extended decline. BTC broke the USD 43,500 support and also spiked below USD 43,000. However, the bulls protected the USD 42,500 support zone and the price returned to the USD 43,500 level. The next key support is near the USD 41,200 level, below which the price might test USD 40,000.
On the upside, an initial resistance is near USD 44,000. The next major resistance is near the USD 44,500 level, above which the price might gain bullish momentum.
Ethereum price also declined below the USD 3,120 support zone. ETH dived below USD 3,050, but the bears failed to push it below USD 3,000. The next major support is USD 2,950, below which the price could test USD 2,840.
If the price attempts a recovery wave, it could face resistance near the USD 3,150 level. The main resistance is still near the USD 3,250 zone.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) declined below the USD 1.15 support level and tested the USD 1.12 support zone before recovering. If the bears remain in action, it could slide below USD 1.10 and test the USD 1.05 support.
Binance coin (BNB) is trying to stay above USD 410. If there is a close below USD 400, the price might decline stronger. Conversely, there could be a recovery wave towards the USD 432 level.
Solana (SOL) is struggling to stay above the key USD 100 support. If the bears gain strength below USD 100, the price might decline towards the USD 85 support. On the upside, the USD 120 level is a major resistance.
DOGE trades above USD 0.15, but it might continue to move down towards USD 0.132. Any more losses could send it towards the USD 0.120 level. To start a fresh increase, the price must clear the USD 0.165 level. The next major resistance is near the USD 0.180 level.
XRP price declined 8% and there was a move below USD 0.820. The price even spiked below the USD 0.800 level before recovering. If there is a daily close below USD 0.80, the price might continue to move down towards the USD 0.750 level.
Other altcoins market today
Many altcoins are down over 5%, including LUNA, DOT, SHIB, MATIC, ATOM, LINK, NEAR, UNI, ALGO, FTT, LEO, GALA, STX, KDA, and FTM. Conversely, THETA jumped 12% in a day and is the best performer among the top 100 coins by market capitalization today. It’s also up 50% in a week. The price hit USD 4.35 earlier today before correcting near USD 4.10 again.
To sum up, bitcoin price must stay above USD 42,750 to avoid a sharper downturn. If not, BTC could decline towards the USD 40,000 support zone in the near term. Conversely, it could revisit USD 45,500.