Bitcoin Price and Ethereum Escape Bearish Breakdown, DCR Surges
- Bitcoin price recovered above the $19,000 level.
- Ethereum stayed above $1,250, XRP is eyeing more gains above $0.425.
- DCR and ALGO rallied over 15%.
Bitcoin price managed to stay above the $18,500 support zone. BTC is currently (11:00 UTC) trading above $19,000. However, the price is still facing a couple of major hurdles near $19,500 and $19,600.
Similarly, most major altcoins are attempting an upside correction. ETH is slowly moving higher towards the $1,325 resistance. XRP is up over 5% and there was a move above the $0.425 resistance. ADA climbed higher above the $0.45 resistance.
After a sharp decline, bitcoin price found support near the $18,250 zone. BTC formed a base and started an upside correction above $18,500. It was able to recover above the $19,000 level and the 50-hour simple moving average. It is now facing resistance near the $19,200 level. The next major resistance is near $19,585, above which the price might rise to $20,000.
On the downside, an initial support is near the $19,000 level and the 50-hour simple moving average. The next major support is near the $18,800 zone, below which the price could revisit $18,250.
Ethereum price also followed a similar path after a strong decline below the $1,300 level and the 50-hour simple moving average. It tested the $1,220 zone and is currently correcting higher. There was a minor increase above the $1,280 level. On the upside, the price is facing resistance near the $1,315 level. The next major resistance is now forming near the $1,350 and $1,360 levels.
On the downside, an initial support is near the $1,260 level. The next major support is $1,220, below which price could accelerate lower.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) managed to stay above the $0.43 level and recently corrected higher. There was an increase above the $0.450 resistance. Any more gains might send the price to $0.465.
BNB is slowly moving higher towards the $270 level. The first major resistance is near the $275 level, above which the price may perhaps rise towards the $288 level in the near term.
Solana (SOL) is recovering and approaching the $32.50 level. The next major resistance is near the $33.20 level. Any more gains might open the doors for a move towards the $35 level.
DOGE stayed well above the $0.0550 support. The price is correcting higher and may soon test the $0.060 level. A close above $0.0600 could set the pace for a decent increase in the near term.
XRP price is gaining momentum above the $0.425 resistance zone. An immediate resistance is near the $0.435 level, above which the price may perhaps rise towards the $0.45 level.
Other altcoins market today
Many altcoins are moving higher, including DCR, ALGO, CEL, CHZ, UNI, COMP, AR, THETA, LEO, ZIL, TON, and AVAX. Out of these, DCR surged nearly 20% and surpassed the $28 level.
To sum up, bitcoin price is attempting a recovery wave above the $19,000 level. However, BTC is still at a risk of more losses unless it climbs above the $20,000 resistance.