Bitcoin’s and Ethereum’s Downtrend on Pause, LUNA and HBAR Rally
- Bitcoin price is struggling to recover above USD 38,000.
- Ethereum is facing resistance near USD 2,650, XRP is consolidating near USD 0.70.
- LUNA and HBAR are up over 14%.
Bitcoin price started an upside correction above the USD 37,000 level. BTC even climbed above the USD 38,300 level, but it failed to gain strength and is currently (04:14 UTC) trimming gains near USD 37,900. In either case, it’s up 3% in a day.
Similarly, most major altcoins are facing important hurdles. ETH recovered above USD 2,600 but faces hurdles near USD 2,650. XRP is struggling to clear the USD 0.72 resistance. ADA is facing an uphill task near the USD 0.90 and USD 0.92 levels.
Total market capitalization
After a short-term upside correction, bitcoin price faced sellers near the USD 38,300 level. BTC failed to extend gains and started a fresh decline below USD 38,000. The price is now consolidating near the USD 37,900 level. The next key support is near the USD 36,000 level, below which the price might start a fresh decline and could test USD 35,000.
On the upside, the price might continue to struggle above the USD 38,000 level. The next key resistance is near the USD 38,500 level, above which the price might rise to USD 39,500.
Ethereum price started an upside correction from the USD 2,500 support zone and is now up 4% in a day. ETH climbed above the USD 2,600 and USD 2,620 levels. However, it is now facing resistance near the USD 2,650 level. If there is no upside break, the price might decline to USD 2,550. The next key support is near the USD 2,500 zone.
If there is an upside break above USD 2,650, the price might rise to USD 2,750. The next key resistance is near the USD 2,880 zone, above which the price may perhaps test USD 2,950.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) started a strong upward move above the USD 0.85 resistance. It gained almost 9% and even spiked above the USD 0.90 resistance. The bears are now protecting more upsides and the price might correct lower.
BNB remained well bid above the USD 350 level. It is now up 5% and trading above the USD 365 resistance. If the bulls push the price above USD 375, there may possibly be a move towards USD 388.
Solana (SOL) stayed above the USD 80 level. It is recovering losses and trading above USD 85. The first key resistance is near USD 88, above which the price might revisit the USD 95 resistance.
DOGE is also recovering losses and trading above USD 0.130. However, the bears might remain active near the USD 0.135 resistance. The main support on the downside is at USD 0.122.
XRP price tested the USD 0.665 support zone, where the bulls took a stand. It is now back above USD 0.70, but faces a key hurdle near USD 0.72. The next major resistance is near the USD 0.75 level.
Other altcoins market today
Many altcoins are up over 5%, including LUNA, AVAX, SHIB, TRX, LEO, NEAR, MANA, HBAR, SAND, HNT, AXS, and FLOW. Out of these, LUNA gained 14% and surpassed the USD 55 level, almost erasing its weekly losses. Meanwhile, HBAR jumped 15% and is trading near USD 0.229. It’s still down 12% in a week.
Overall, bitcoin price is facing a key hurdle above the USD 38,000 level. If BTC fails to continue higher, there might be a fresh decline to USD 36,500 or USD 36,000.