Bitcoin Runs Into Resistance, DOGE Surges, Altcoins Gain Momentum
- Bitcoin price rallied 10%, but it failed to clear the USD 34,500 resistance.
- Ethereum struggled again to clear USD 1,375, XRP is up 10%, and trading above USD 0.280.
- DOGE took over the crypto market with a massive 800% rally to move into the top 10 cryp
Bitcoin price started a fresh increase after it broke the USD 32,400 and USD 33,000 levels. BTC even broke the USD 33,500 resistance and spiked above USD 34,000. However, it failed to clear the key USD 34,500 resistance and it is currently (05:00 UTC) correcting gains.
More importantly, DOGE outperformed many major altcoins with a massive 800% rally. Also, there were positive moves in most major altcoins. ETH/USD retested the USD 1,375 resistance before diving back to USD 1,300. XRP/USD is stable above USD 0.265 and it might rise towards USD 0.300 in the near term.
Total market capitalization
After a close above USD 33,200, bitcoin price started a strong increase. BTC gained 10% and it even spiked above the USD 34,000. However, the bulls failed to clear the key USD 34,500 resistance level. As a result, there was a fresh bearish reaction, and the price corrected over USD 1,000. It is testing the USD 33,000 zone, below which it could even drop towards the USD 32,400 support level.
On the upside, an initial resistance is near the USD 33,800 and USD 34,000 levels. The main hurdle is still near USD 34,500, above which the bulls might attempt a crucial bullish break.
Ethereum price also gained pace after it settled above USD 1,300. There was a break above USD 1,350, but the price again failed to clear the USD 1,375 resistance. It corrected lower and retested the USD 1,300 support. The price is now consolidating near USD 1,300 and it seems like it could climb back towards USD 1,350.
On the downside, the USD 1,285 level is a decent support. The key breakdown support is now forming near the USD 1,250 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price remained stable above USD 380 and it climbed above USD 400. However, BCH is facing a strong resistance near USD 415 and USD 420. A clear break above USD 420 may possibly open the doors for a push towards the USD 450 resistance in the near term.
Litecoin (LTC) recovered above the USD 135 level, but there was no upside break above USD 138 and USD 140. LTC is consolidating above USD 130 and it seems like the bulls might make another attempt to push the price towards USD 140. If they succeed, the price could even revisit the USD 150 resistance.
XRP price reclaimed the USD 0.255 and USD 0.265 levels. It even broke USD 0.272 and it seems like the bulls are aiming for a test of USD 0.300. If there is a clear break above USD 0.300, XRP could rally 10%-15%. On the downside, the USD 0.265 and USD 0.255 levels are still important supports.
Other altcoins market today
Many altcoins climbed over 10%, including FTM, XVG, SC, LUNA, VGX, CHSB, QNT, DGB, XLM, NANO, GRT, FTT, RUNE, BTT, and ATOM. Out of these, FTM jumped 100% and cleared the USD 0.175 resistance.
Overall, bitcoin price is showing positive signs above USD 32,400 and USD 33,000. However, the USD 34,500 and USD 35,000 levels are still crucial hurdles for BTC.