Bitcoin and Ethereum Struggle to Recover, AAVE Accelerates
- Bitcoin price is showing bearish signs below USD 49,000.
- Ethereum settled below USD 4,000, XRP remains above USD 0.95.
- NEAR is still up 26%, and AAVE gained 15%.
Bitcoin price started a downside correction below USD 49,000. BTC traded below USD 48,500 and is currently (12:12 PM UTC) showing bearish signs. A close below USD 48,000 might spark more downsides.
Similarly, most major altcoins are stuck in a range. ETH is trading below USD 4,000 but well above USD 3,880. XRP is consolidating below the USD 1.00 resistance.
Total market capitalization
Today, bitcoin price saw a downside correction below the USD 49,000 level. BTC even traded below the USD 48,500 pivot level. On the downside, an initial support is near the USD 48,000 level. The next major support is near USD 47,500. A downside break below USD 47,500 might increase selling pressure in the near term.
If there is a fresh increase, the price might face resistance near USD 49,200. The main breakout resistance is now forming near the USD 49,500 level.
Ethereum price declined below the USD 4,000 and USD 3,980 support levels. ETH is now near the USD 3,950 level, with a key support near the USD 3,920 level. A clear move below USD 3,920 might start a stronger decline.
An immediate resistance is near the USD 3,980 level. The next key resistance is near the USD 4,000 level, above which the price could revisit the USD 4,080 level.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) is gaining pace above the USD 1.35 level. On the upside, the price could face resistance near the USD 1.38 level. An upside break above USD 1.38 might call for a test of the USD 1.40 level.
Binance coin (BNB) is trading below the USD 535 pivot level. The first key support is near the USD 520 level, below which there is a risk of a drop towards the USD 500 level. On the upside, the USD 550 level is a major hurdle.
Solana (SOL) is down 4% and trading near the USD 180 level. If there is a downside correction, the price might find support near the USD 172 level. The main support is near the USD 165 level.
DOGE is trying to gain pace above the USD 0.175 level. The first major resistance is near the USD 0.180 level. A successful break and close above USD 0.180 could lead the price higher in the near term.
XRP price is rising and approaching the USD 1.00 level. A clear break above the USD 1.00 level might spark a sharper increase. The next major resistance is near USD 1.05, above which the price could test USD 1.12.
Other altcoins market today
Many altcoins are up over 8%, including NEAR, AAVE, LPT, FTM, 1INCH, UNI, ICX, ATOM, ROSE, CELO, COMP, and FLOW. Out of these, AAVE jumped 15% and cleared the USD 235 level. The price is also up 35% in a week.
To sum up, bitcoin price remains at risk if it stays below USD 49,500. A downside break below USD 47,500 might increase selling pressure and could send BTC to USD 45,500.