26 May 2022 · 2 min read

Bitcoin Trends Lower, Ethereum and Altcoins Take Hit

 

  • Bitcoin struggles to stay above USD 29,500.
  • Ethereum declined 7%, XRP traded below USD 0.40.
  • SOL and AVAX are down over 9%-13%.

Bitcoin price declined and settled below USD 30,000. BTC traded below USD 29,200 and is currently (11:45 UTC) showing bearish signs near USD 29,100. BTC is down 1% in a day and is still up more than 1% in a week.

Besides, most major altcoins are gaining bearish momentum. ETH declined below the USD 1,920 and USD 1,880 support levels. XRP settled below the key USD 0.40 support. ADA is down over 4% and is trading below USD 0.50.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a close below USD 30,000, bitcoin price faced increased selling pressure. As BTC traded below the USD 29,200 support level, an immediate support is now near the USD 28,500 level. A close below the USD 28,500 support zone could spark a sharper decline. The next major support is near the USD 27,200 level, below which the price could dive to USD 25,000.

On the upside, the first key resistance is near USD 29,800. The next key resistance is now forming near the USD 30,000 level, above which the price could start a stronger increase.

Ethereum price

Ethereum price gained bearish momentum after it broke the key USD 1,920 range support. ETH dropped below USD 1,850 and might extend its decline to USD 1,780. ETH is down almost 7% in a day and 4% in a week. The next key support is near the USD 1,750 level.

On the upside, an immediate resistance is near the USD 1,880 level. The next major resistance is near USD 1,920 (the recent breakdown zone).

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) also started a stronger decline below the USD 0.50 support. It is down more than 4% and approaching the USD 0.48 support. Any more losses might send the price towards the USD 0.45 support.

BNB broke the key USD 320 support level and there was a clear move below the USD 315 level. If the bears remain in action, the price might test USD 305. The next major support is at USD 300.

Solana (SOL) is down nearly 9% and is trading below the USD 45 level. It seems like there is a risk of a move towards the USD 42 level or even USD 40.

DOGE declined below the USD 0.0820 support zone. The bears even pushed the price below the USD 0.080 support. The next major support is USD 0.0765, below which it could test USD 0.075.

XRP price declined below the USD 0.40 support level. It is now approaching the USD 0.365 support. Any more losses may perhaps set the pace for a move towards the USD 0.35 level.

Other altcoins market today

Many altcoins are down over 5%, including DOT, AVAX, SHIB, MATIC, LTC, CRO, FTT, UNI, XMR, BCH, LINK, ETC, ATOM, and ALGO. Out of these, AVAX is down 13% and trading below USD 25. It’s also down 17% in a week.

To sum up, bitcoin price is showing bearish signs below USD 30,000, increasing the chances of a decline below USD 28,500.

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