14 Oct 2021 · 2 min read

Bitcoin Remains Supported, Ethereum Inches Higher, DOT Rallies

  • Bitcoin price corrected lower from USD 58,500, but it remains supported.
  • Ethereum surpassed USD 3,700, XRP nears USD 1.15.
  • DOT rallied 19% and it moved above the USD 40 level.

Bitcoin price gained pace above the USD 57,500 level. BTC even surpassed USD 58,000, but it faced hurdles near USD 58,500. There was a minor downside correction and the price is currently (12:04 PM UTC) attempting a fresh increase.

Besides, most major altcoins are showing positive signs. ETH is up 7% and settled above the USD 3,600 level. XRP is still trading well below the USD 1.20 resistance. ADA nears USD 2.20.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a close above the USD 57,500 level, bitcoin price extended its increase. BTC broke the USD 58,000 before the bears appeared near USD 58,500. Recently, there was a minor downside correction, but the price remained well bid above USD 57,000. On the upside, an initial resistance is near the USD 58,200 level. The next key resistance is near USD 58,500, above which the price might accelerate towards USD 59,500.

If there is an extended downside correction, the price might find bids near the USD 57,000 level. The next major support is near USD 56,500, below which the price could test USD 55,500.

Ethereum price

Ethereum price remained elevated and settled above the USD 3,600 level. It also accelerated above the USD 3,700 level and is now eyeing the USD 3,750 and USD 3,800 levels.

A support on the downside is near the USD 3,580 level. The main support is now forming near the USD 3,550 level.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) remained well bid and it cleared the USD 2.15 hurdle. The main hurdle is still near USD 2.20, above which the price could accelerate higher. The next stop for the bulls could be near the USD 2.32 level. On the downside, the bulls might remain active near the USD 2.10 level.

Litecoin (LTC) managed to move above USD 180. If there is a close above USD 180 and USD 182, there could be an attempt to clear the USD 188 resistance. If the bulls succeed, the price might rise towards the USD 200 level.

Dogecoin (DOGE) is attempting a steady increase above the USD 0.232 level. The next major resistance is near the USD 0.250 level. A proper close above the USD 0.250 level may possibly increase the chances of a move towards the USD 0.280 level in the near term.

XRP price is still trading below the USD 1.15 level. To start a stronger increase, the price must clear the USD 1.20 level. If not, there could be a move towards the USD 1.05 level. The main breakdown support is forming near the USD 1.00 level.

Other altcoins market today

Many altcoins are up over 6%, including TEL, DOT, KSM, VET, LINK, CRV, ATOM, CELO, FIL, HBAR, LUNA, REN, THETA, and ZIL. Out of these, DOT rallied 19%, increasing its weekly gains to 28%, on parachain news.

To sum up, bitcoin price is showing positive signs above USD 56,500. There might be range moves in BTC, but the overall price action suggests a possible increase towards the USD 60,000 level.


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