Bitcoin and Ethereum Stuck in a Range, Small Altcoins Rally
- Bitcoin price traded to a new weekly low near USD 37,200.
- Ethereum tested the USD 2,440 support, XRP remained above USD 0.70.
- WAVES rallied 23%, ZEC and AR jumped more than 13%.
Bitcoin price struggled to recover above USD 39,000. BTC started another decline and traded to a new weekly low near USD 37,200. It is currently (04:20 UTC) recovering above USD 38,700, but it might face resistance near USD 39,000 and USD 39,250.
Similarly, most major altcoins are attempting an upside correction. ETH tested USD 2,440 and is now trading near USD 2,560. XRP failed to gain pace above USD 0.75 and trimmed gains. ADA is still at risk of a move below USD 0.80.
Total market capitalization
After another bearish wave, bitcoin price found support near USD 37,200. BTC started a fresh increase, climbed above USD 38,500, and is now up 2% in a day. On the upside, the price could face resistance near the USD 38,850 level. The next major resistance is near the USD 39,250 level, above which the price might revisit USD 40,000.
If there is a fresh decline, the price might find support near USD 38,000. The next key support is near the USD 37,200 level, below which the price may perhaps decline to USD 36,000.
Ethereum price also traded below the USD 2,500 support level. ETH tested the USD 2,440 support zone and is currently correcting losses. It’s up almost 1% in a day. An immediate resistance is near the USD 2,580 level. The next major resistance is near the USD 2,650 level, above which the price could gain bullish momentum.
If not, there could be another drop below USD 2,500. The next key support is near the USD 2,440 level, below which the price might drop to USD 2,320.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) retested the USD 0.80 support zone. It is now consolidating losses, with a major hurdle near USD 0.85. To move into a positive zone, the price must settle above USD 0.85.
BNB recovered above the USD 380 level and is now trading near the USD 388 resistance. A clear move above USD 388 may perhaps send the price towards the USD 400 resistance.
Solana (SOL) is still consolidating above the USD 80 support. On the upside, it is facing resistance near the USD 85 level, above which the price might rise towards the USD 92 level.
DOGE now struggling below the USD 0.120 support. If there is a recovery wave soon, there is a risk of a drop towards the USD 0.110 level. Conversely, the price might correct higher and test USD 0.125.
XRP price attempted a strong move above the USD 0.75 level, but failed. It is now stuck in a range, with a major support at USD 0.70. Any more losses may perhaps send the price towards USD 0.665.
Other altcoins market today
Several altcoins are up over 5%, including AVAX, ATOM, THETA, HNT, WAVES, FLOW, AAVE, and GRT. Out of these, WAVES is up over 23% and broke the USD 23 level. Meanwhile, ZEC and AR jumped over 13%, almost trimmed their weekly losses, and hit USD 118 and USD 31, respectively.
Overall, bitcoin price is stuck in a range below USD 40,000. If BTC fails to recover above USD 39,250 and USD 40,000, there might be another decline towards USD 36,000.