Bitcoin and Ethereum Try to Recover, LUNA and STX Accelerate
- Bitcoin is moving higher above USD 42,000 again.
- Ethereum moved back above USD 3,100, XRP moves towards USD 0.75.
- LUNA and STX gained over 4% in one hour.
Bitcoin price remained in a bearish zone below the USD 42,500 pivot level and even traded below the USD 41,500 level before moving higher. It is currently (11:57 UTC) testing the USD 42,000 level again.
Similarly, most major altcoins are also trying to recover. ETH traded below USD 3,050 and is now approaching USD 3,120 again. XRP trimmed its losses and is now eying USD 0.750. ADA traded below the USD 1.40 support zone before recovering.
Total market capitalization
After a minor correction, bitcoin price started another decline below USD 42,200. BTC even broke the USD 42,000 support level. There was a clear move below USD 41,500, but the bulls protected a move below USD 41,000 and pushed the price back above USD 42,000.
On the upside, the next major resistance is near USD 42,500, above which the price might start a steady increase.
Ethereum price also followed a similar pattern and declined below USD 3,120 before recovering from the USD 3,050 level. The price is now nearing USD 3,120 while the next key resistance is near USD 3,200, above which the price may perhaps start a steady increase.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) started a strong decline after it settled below USD 1.50. It is still down over 4% despite recovering from the USD 1.40 level. Any more losses could send the price towards USD 1.32.
Binance coin (BNB) was moving lower towards the USD 450 support, but the bulls protected this level and the price is now nearing USD 465 again.
Solana (SOL) declined below the USD 140 support zone, even targeting the USD 132 support before moving higher again. On the upside, the bears might remain active near USD 145.
DOGE declined below the USD 0.165 support. The next key support is near USD 0.160. A downside break below USD 0.160 may possibly send the price towards the USD 0.150 level. However, DOGE is also trying to recover and is nearing the USD 0.165 level again.
XRP price is trying to recover and trading near USD 0.75. The next major support is near the USD 0.720 level. If the bears remain in action, the price could even test the USD 0.700 level.
Other altcoins market today
Several altcoins are still down over 6%, including QNT, ICP, ONE, KDA, and UNI. Meanwhile, LUNA jumped 5%, reaching the USD 80 level and increasing its weekly gains to 9%. At the same time, STX rallied around 12%, surpassing the USD 2.20 level and increasing its weekly gains to almost 6%.
To sum up, bitcoin price is trying to recover above the USD 42,000 level. If BTC fails to strengthen again and moves below USD 40,000, there could be a stronger decline.