17 Jan 2022 · 2 min read

Bitcoin and Ethereum Struggle, ADA and AXS Surge

  • Bitcoin price is struggling to settle above USD 43,500.
  • Ethereum is consolidating near USD 3,300, XRP is below USD 0.80.
  • ADA gained over 9%, and AXS is showing positive signs.

Bitcoin price failed to settle above USD 43,500 and started a downside correction. It traded below USD 43,000 and is currently (04:24 UTC) consolidating near USD 42,800. If there is a downside break below USD 42,500, the bears might take control.

Similarly, most major altcoins are stuck in a range. ETH is consolidating near USD 3,300, with a major support at USD 3,250. XRP must clear USD 0.80 for a stronger upward move. Conversely, ADA rallied above the USD 1.45 resistance zone.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a downside break below USD 43,500, bitcoin price extended decline. BTC even broke the USD 43,000 support level. On the downside, an initial support is near the USD 42,500 level. The main weekly support is near USD 42,000, below which the price might start a stronger decline. The next key support is near the USD 40,500 level.

If there is a fresh increase, an immediate resistance is near the USD 43,500 level. The next major resistance is near USD 44,000, above which the price might gain bullish momentum.

Ethereum price

Ethereum price also started a downside correction from USD 3,400. It is now consolidating near USD 3,300. An initial support is near the USD 3,250 level. The next major weekly support is near USD 3,200, below which the price might decline further.

On the upside, an immediate resistance is near USD 3,380. The next key resistance is near USD 3,400, above which the price might test USD 3,500.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) started a strong increase above the USD 1.40 level. It broke the USD 1.45 level to move into a positive zone and increased its weekly gains to 25%. The next major resistance is near USD 1.50, above which there could be additional gains.

Binance coin (BNB) is still consolidating below the USD 500 level. An immediate resistance is near USD 488, above which the price might test USD 500. A close above USD 500 is a must for upside continuation.

Solana (SOL) is struggling to settle above the USD 150 level. If the bulls gain strength, the price could rise towards the USD 165 level. If not, there are chances of a move towards the USD 135 level.

DOGE failed to surpass USD 0.188 and started a downside correction. The price is now trading near the USD 0.172 level. If there are more downsides, the price could test the USD 0.160 level.

XRP price is struggling to move above the USD 0.80 level. An immediate support is near the USD 0.75 level, below which the bears might push the price to USD 0.72. Any more downsides could lead the price towards the USD 0.68 level.

Other altcoins market today

A few altcoins are up over 5%, including MATIC, UNI, ATOM, FTM, MANA, AXS, ONE, BTT, and KCS. Out of these, AXS is up over 6% and there was a move above the USD 81 level, increasing weekly gains to 12%.

Overall, bitcoin price is consolidating near the USD 43,000 level. To start a fresh increase, BTC must break the USD 43,500 and USD 44,000 resistance levels in the near term.

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