Bitcoin Price and Ethereum Recover, Altcoins Reverse Most Losses
- Bitcoin price started a recovery wave and climbed above $19,000.
- Ethereum was able to correct higher above $1,350, XRP rallied over 10%.
- HNT, APE, and ALGO surged over 10%.
Bitcoin price traded to a new monthly low near $18,250 before it started an upside correction. BTC is currently (03:10 UTC) trading above $19,200. The price must settle above $19,500 and $19,620 to continue higher.
Similarly, most major altcoins started a decent upside correction. ETH recovered above the $1,350 resistance zone. XRP outperformed with a strong move above the $0.365 resistance. ADA is consolidating near the $0.45 zone.
After a brief spike below $18,500, the bitcoin price found support. BTC formed a base near the $18,250 level and started an upside correction above the 50-hour simple moving average. There was a decent upward move above the $19,000 and $19,200 levels.
The price is now facing a strong resistance near the $19,500 and $19,620 levels. If there are more gains, the price might rise towards the $20,200 resistance zone.
On the downside, an initial support is near the $19,350 level and the 50-hour simple moving average. The next major support is near the $18,870 zone, below which the price could even test the $18,250 support zone.
Ethereum price found support near the $1,275 level. ETH started an upside correction above the $1,300 and $1,320 resistance levels. There was a move above a connecting bearish trend line on the hourly chart at $1,350.
The price is now struggling to settle above the $1,380 level and the 50-hour simple moving average. The next major resistance is now forming near the $1,410 level.
If there is a fresh decline, the price might slide below the $1,355 support. The next major support is $1,320, below which price could revisit $1,275.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) is currently consolidating near the $0.450 zone. If the price settles above $0.450 and $0.455, it could start a decent recovery wave.
BNB remained well bid above the $250 support. The price is now rising and trading above the $265 level. If the bulls remain in action, the price may perhaps test the $275 resistance in the near term.
Solana (SOL) is slowly moving higher above the $31.20 level. It might soon test the $32.50 resistance. Any more gains might open the doors for a move towards the $33.20 level.
Dogecoin (DOGE) traded close to the $0.0550 level. It is now recovering losses and trading above $0.0575. On the upside, the main breakout resistance is now near $0.0600.
Ripple (XRP) price is up over 10% and there was a decent increase above the $0.365 resistance. The price may perhaps attempt a fresh move towards the $0.395 and $0.400 levels.
Other altcoins market today
Many altcoins are up over 6%, including HNT, APE, ALGO, USTC, LDO, CEL, LUNC, COMP, 1INCH, KAVA, and CVX. Out of these, HNT rallied over 15% and cleared the $4.75 level.
Overall, bitcoin price is attempting a recovery wave above the $19,200 level. However, BTC must clear $19,500 and $19,620 to continue higher.