Bitcoin and Ethereum Move Lower, QNT Rallies
- Bitcoin price is struggling to recover above USD 37,500.
- Ethereum is stuck below USD 2,700, XRP could extend losses below USD 0.60.
- QNT surged 24% and is showing positive signs.
Bitcoin price started a downside correction below the USD 38,000 level. BTC even traded below the USD 37,000 level. It is currently (11:53 UTC) struggling to rise above the USD 37,500 resistance level.
Similarly, most major altcoins are facing hurdles. ETH could accelerate if there is a clear move above USD 2,720. XRP may perhaps suffer a sharper correction if there is a close below USD 0.60. ADA is consolidating near the USD 1.02 pivot level.
Total market capitalization
After a downside break below USD 37,500, bitcoin price extended decline as the price fell last night along with the US stock market in after hours, following a disappointing Facebook earnings report. BTC even traded below the USD 37,000 level and is now consolidating losses, with an initial support near the USD 36,500 level. The next major support is near USD 36,000. If there are additional losses, the price could decline towards the USD 35,000 level.
On the upside, an initial resistance is near the USD 37,500 level. The next major resistance is near the USD 37,800 level, above which the price could surpass USD 38,000.
Ethereum price settled below the USD 2,700 level. If ETH bears remain in action, there could be a move below the USD 2,600 support. The next major support is near USD 2,550, below which the price may perhaps revisit the USD 2,400 zone.
On the upside, the price may possibly face resistance near USD 2,720. The next key resistance is near the USD 2,750 level, above which the price could retest USD 2,800.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) is consolidating near the USD 1.02 support. The main support is still near USD 1.00. If there is a downside break below USD 1.00, the price could accelerate lower in the near term.
Binance coin (BNB) is struggling to stay above the USD 365 support zone. If there is a downside break below USD 365, the price could test the USD 355 level. The next major support is near USD 350.
Solana (SOL) is down 12% and there was a break below the USD 100 level. The next major support is near the USD 95 level. If the bears remain in action, the price may perhaps slide towards the USD 88 level.
DOGE could start a stronger decline if there is a break below the USD 0.135 support. The next key support is at USD 0.122. If not, there might be a fresh increase towards USD 0.145.
XRP price spiked below the USD 0.60 level. A daily close below the USD 0.60 support may possibly spark additional losses. In this case, the price could even decline below the USD 0.58 support.
Other altcoins market today
Many altcoins are down over 5%, including LUNA, DOT, AVAX, MATIC, ATOM, LTC, LINK, UNI, ALGO, BCH, FTM and XLM. Conversely, QNT saw a major increase above the USD 125 level and is up 24% in a day and 34% in a week.
“The events which unfolded last night could have helped instigate the surge for QNT <...>. This is because Quant aims to deliver a multi-chain solution that allows users to build decentralized apps which are not dependent on a single blockchain. Quant’s goal of connecting blockchains and networks on a global scale is an ambitious one, but if successful it paves the way for incredible upside. The market clearly thinks that Quant is a surer bet to achieve that goal after last night’s hack, as it has experienced a significant uptick in buy volume over the past 24 hours,” Marcus Sotiriou, Analyst at the UK based digital asset broker GlobalBlock, said in an emailed comment.
To sum up, bitcoin price is struggling to recover above USD 37,800. If BTC fails to stay above USD 36,000, the bears could take control and push the price below USD 35,000.