Bitcoin and Ethereum Trend Lower, ALGO and NEAR Jump
- Bitcoin price extended decline below USD 47,000.
- Ethereum tested USD 3,580, XRP is approaching the USD 0.80 support.
- ALGO and NEAR are up 6% and 11%, respectively.
Bitcoin price failed to start a recovery wave and gained pace below the USD 48,500 support. BTC extended decline below the USD 47,500 support and is currently (04:22 UTC) showing bearish signs near USD 46,800.
Similarly, most major altcoins are moving lower. ETH traded below the USD 3,880 and USD 3,650 support levels. XRP settled below USD 0.85 and might revisit the USD 0.80 zone. ADA is approaching the USD 1.30 support zone.
Total market capitalization
In the past three sessions, bitcoin price saw a steady decline below the USD 50,000 level. BTC broke a few important supports near USD 48,500 to enter a bearish zone. It even broke the USD 46,500 support zone, before recovering. On the downside, an initial support is near the USD 46,000 level. The next major support is near USD 45,500, below which there is a risk of a move towards USD 42,000.
On the upside, the price might face resistance near the USD 47,500 level. The main breakout resistance is now forming near the USD 48,500 level.
Ethereum price also extended decline below the USD 3,720 level. ETH broke the USD 3,650 support and traded close to USD 3,550. It is now consolidating losses near USD 3,700. The next key resistance is near the USD 3,750 level, above which the price could test USD 3,880.
If there are additional losses, the price might find bids near USD 3,600. The next key support is near the USD 3,550 level, below which the price might dive to USD 3,320.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) declined over 7% and there was a clear move below USD 1.32. The price is now trying to recover, but if there is a downside break, the price could test the USD 1.28 level.
Binance coin (BNB) broke the USD 525 support level and extended decline. It is now trading below USD 520 while the next major support is near the USD 500 handle.
Solana (SOL) declined 4% and there was a clear move below the USD 175 level. The price is now consolidating above the USD 168 support. A downside break below USD 168 might call for more losses.
DOGE traded below the USD 0.172 support zone. The price is now trying to recover and, if it succeeds, there could be a move towards the USD 0.175 level.
XRP price is trading below the USD 0.85 level. If the bears remain in action, the price could dive towards the USD 0.80 support zone.
Other altcoins market today
Many altcoins are down over 8%, including ICX, UNI, FTM, QNT, ONE, RUNE, BAT, KDA, ENJ, VET, and AAVE. Meanwhile, ALGO jumped 6% in a day, reaching USD 1.58 and increasing its weekly gains to almost 16%, while NEAR is up 11% in a day, 38% in a week, and is trading near USD 14.9.
Overall, bitcoin price is struggling and trading below USD 47,500. If BTC trades below USD 45,500, there could be a sharper decline in the coming sessions.