10 May 2022 · 2 min read

Ethereum Outperforms Bitcoin, LUNA Struggles, MKR Rallies

 

  • Bitcoin price is correcting higher from USD 30,000.
  • Ethereum erased its daily losses, XRP is consolidating near USD 0.52.
  • LUNA is still down 45%, while MKR is the best performer today.

Bitcoin price declined heavily and tested the USD 30,000 support. BTC is currently (11:48 UTC) correcting losses near USD 31,700, but the bears are active near the USD 32,000 zone. A close above USD 32,000 and USD 32,500 might start a stronger increase. BTC is down almost 4% in a day and 18% in a week.

Similarly, most major altcoins are correcting losses. ETH tested the USD 2,200 level and recovered to USD 2,400. XRP is facing resistance near USD 0.525 and USD 0.532. ADA is eyeing an upside break above the USD 0.70 level. (Learn more: Bitcoin & Crypto Selloff: Liquidations, Extreme Fear, Eyes on MicroStrategy, and Possible Support Levels)

Total market capitalization

Source: tradingview.com


Bitcoin price

After a sharp decline, bitcoin price found support near the USD 30,000 level. BTC started an upside correction and traded above the USD 31,200 level. However, the price is struggling to settle above the USD 32,000 level. The next key resistance is now forming near the USD 32,500 level, above which the price might rise steadily.

On the downside, an initial support is near USD 31,000. The main support is near the USD 30,000 level, below which there is a risk of more downsides.

Ethereum price

Ethereum price also dived and tested the USD 2,200 support zone. ETH started a recovery wave above the USD 2,300 and USD 2,320 levels. However, the bears are defending the USD 2,400 level. A close above USD 2,400 could set the pace for a move towards the USD 2,500 level. In either case, ETH erased all its daily losses but is still down 17% in a week.

On the downside, an immediate support is near the USD 2,300 level. The next major support is near the USD 2,250 level, below which the price might retest USD 2,200.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) started a steady increase and climbed above the USD 0.65 level. It even surpassed the USD 0.670 level and seems like the bulls are aiming a move above the USD 0.70 level. ADA is up almost 2% in a day.

BNB tested the USD 288 support before starting an upside correction. The price is back above the USD 300 level and might rise towards the USD 332 level.

Solana (SOL) tested the USD 60 support level. It is now correcting higher and is testing the USD 70 level. A close above USD 70 level might start a steady increase in the near term.

DOGE is back above the USD 0.110 level and is testing the USD 0.115 resistance zone. If there is an upside break above USD 0.115, the price may perhaps rise towards the USD 0.120 level.

XRP price started a consolidation phase after it spiked below the USD 0.50 level. An immediate resistance is near the USD 0.525 level, above which it could rise towards the USD 0.532 level or even USD 0.55.

Other altcoins market today

A few altcoins are in the green zone, including MATIC, FTT, EGLD, SAND, MKR, AR, QTUM, and XYM. Out of these, MKR gained 11% and surpassed the USD 1,235 level, becoming the best performer among the top 100 cryptoassets by market capitalization today. Meanwhile, LUNA moved from USD 25 to USD 32, but is still down 45% in a day and 62% in a week. (Learn more: Conspiracy Theories Abound as Terra Tries to Save UST)

To sum up, bitcoin price is struggling to clear the USD 32,500 resistance zone. If there is no close above USD 32,500, BTC could slide towards the USD 30,000 support zone in the coming sessions.

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