10 May 2022 · 2 min read

Bitcoin Tests USD 30K, Ethereum Dives, LUNA Halves as UST Loses Peg

 

  • Bitcoin price tested the key USD 30,000 support.
  • Ethereum found support near USD 2,200, XRP tested USD 0.50.
  • LUNA declined over 50% as UST lost peg and dropped to USD 0.70.

Bitcoin price remains in a strong downtrend below the USD 35,000 support level. BTC even dropped below USD 30,000 before recovering. It is currently (04:44 UTC) correcting losses and trading near USD 30,800, but upsides might be limited above USD 32,500. BTC is down almost 9% in a day and 20% in a week.

Similarly, most major altcoins declined sharply. ETH traded below the USD 2,350 and tested the USD 2,200 support. XRP declined below the USD 0.50 support while ADA spiked below USD 0.60 before recovering to USD 0.64.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a close below USD 35,000, bitcoin price extended its losses. It even spiked below USD 30,000 before the bulls appeared. The price is now correcting losses but is struggling to move above USD 31,000. The next immediate resistance is near the USD 32,000 level, followed by the USD 32,500 level.

On the downside, an initial support is near USD 30,500. The main support now is near the USD 30,000 level, where the bulls might take a stand.

Ethereum price

Ethereum price also gained bearish momentum below the USD 2,500 level. ETH declined below the USD 2,350 and USD 2,250 support levels. It tested the USD 2,200 level and is currently trading above USD 2,300 again. ETH is down 6% in a day and 19% in a week. On the upside, the bulls may perhaps face resistance near the USD 2,400 level.

On the downside, an immediate support is near the USD 2,280 level. The next major support is near the USD 2,200 level, below which the price might test USD 2,000.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) declined heavily below the USD 0.70 level. The price even traded below USD 0.62 and spiked below USD 0.60. It tested USD 0.585 before there was a recovery wave that brought the price back above USD 0.62.

BNB declined almost 12% and even spiked below the USD 300 level. It tested the USD 288 support and recovered to USD 310. On the upside, the previous support at USD 320 might act as a resistance.

Solana (SOL) dived below the USD 70 support level. It even tested the USD 60 level. The price is now consolidating near USD 65 and might rise towards the USD 70 level.

DOGE extended its decline below the USD 0.110 level and tested the USD 0.100 support zone. It is now moving higher towards the USD 0.110 level. If there is an upside break, the price might test USD 0.115.

XRP price declined over 11% and even spiked below the 0.50 support. It tested the USD 0.470 level and corrected losses. On the upside, the bears might remain active near USD 0.52 and USD 0.532.

Other altcoins market today

Many altcoins are down over 10%, including AVAX, DOT, SHIB, NEAR, LTC, BCH, UNI, ALGO, LINK, ATOM, XMR, and APE. Out of these, LUNA crashed 53%, diving below USD 29, as the UST stablecoin, which is the third-largest by market capitalization, lost its peg and dropped almost 26%, nearing USD 70. (Learn more: Luna Foundation Loans Out BTC to Defend Bitcoin Peg, Faces Community Backlash)

Overall, bitcoin price declined heavily and tested a major support at USD 30,000. If BTC recovers, the bears might remain active near the USD 32,000 and USD 32,500 levels.

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