Bitcoin and Ethereum Try to Recover, Smaller Altcoins Rally
- Bitcoin price is testing USD 40,000 again.
- Ethereum surpassed USD 2,650, XRP nears USD 0.75.
- ZEC, RUNE, KDA, and STX are up by 14%-30%.
Bitcoin price tested the USD 38,250 level, but the bulls protected additional losses and the price moved above the USD 39,000 level again and is now (11:56 UTC) testing the USD 40,000 level.
Similarly, major altcoins are also trying to recover losses. ETH declined to USD 2,525 before correcting higher. XRP must clear USD 0.75 to start a steady increase. ADA might attempt a correction above USD 0.82.
Total market capitalization
After a move towards USD 38,000, bitcoin price found support. BTC tested USD 38,250 and started a recovery wave and reached USD 40,000, where where the bears might take a stand.
On the downside, the USD 38,250 and USD 38,000 levels are important supports. If there is a downside break, the price might revisit the USD 37,200 support or even USD 36,600.
Ethereum price traded close to the USD 2,500 support zone. A low was formed near USD 2,525 and the price started an upside correction. It climbed above USD 2,650 and is facing a major resistance near USD 2,720.
If there is a fresh decline, the price could test USD 2,525. The next key support is near the USD 2,500 level, below which the price could test USD 2,420.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) managed to stay above the USD 0.78 support level. It is now consolidating near USD 0.80. An immediate resistance is near the USD 0.82 level, above which the price could test USD 0.85.
BNB is attempting a fresh increase from the USD 365 support and it might face resistance near USD 378. If there is no upside break, the price could resume its decline towards USD 355 or USD 350.
Solana (SOL) is still consolidating near the USD 80 level. If there is a downside break below USD 80, the price may perhaps slide to USD 72. The next major support is near the USD 65 level.
DOGE is trading above the USD 0.115 support level. However, the price might struggle to recover above the USD 0.188 level. The main resistance is now forming near the USD 0.120 level.
XRP price is consolidating near the USD 0.75 pivot zone. If there is a successful break above USD 0.75, the price might gain bullish momentum. The next major stop for the bulls could be USD 0.80 or even USD 0.825.
Other altcoins market today
A few altcoins are up over 5%, including DOT, EGLD, ZEC, RUNE, STX, KDA, CHZ, DASH, and TFUEL. Out of these, KDA rallied over 25% and tested the USD 7.80 level. Meanwhile, STX, the best performer among the top 100 coins today, trimmed its gains, dropping from USD 1.72 to the USD 1.40 level, but it’s still up 31% in a day. ZEC and RUNE jumped 15% and 19%, respectively.
To sum up, bitcoin is trying to recover towards USD 40,000 again, but the bears could remain active near USD 40,000 in the short-term.