Bitcoin and Ethereum Struggle Near Resistance Zone, XRP Rallies
Bitcoin price is still struggling to overcome the $ 50,000 resistance. Ethereum faces sellers around 4,400, XRP is up over 11% and cleared from $ 0.90. LUNA gained more than 7% and exceeded the level of USD 71.
Bitcoin price tried to break up above the $ 50,000 resistance but failed. BTC is currently trading at around $ 49,200 (11:57 UTC). If the bulls lose control, there is a risk of a sharp decline towards the support of $ 47,500.
Most of the major altcoins are trading in positive territory. ETH struggled to break through the $ 4,400 resistance and corrected lower, but was still up 1% on the day. XRP is up more than 11% and there was a break above the $ 0.90 resistance. The ADA could accelerate if it crosses the $ 1.365 rate.
Total market capitalization
Source: tradingview.com Bitcoin Price
After a dip of about $ 50,000, the bitcoin price corrected downward. BTC fell below the support level of $ 49,500. There was a movement below the $ 49,200 level. The next important support is near the $ 48,500 level, below which the price could test $ 47,500. Further losses could possibly push the price towards the $ 46,500 level.
On the other hand, the $ 50,000 level is a serious obstacle for the bulls. The closing price above $ 50,000 could possibly start a steady rise.
Ethereum price was unable to overcome the resistance levels of $ 4400 and $ 4420. ETH is cutting gains and trading below $ 4350. The next key support is found around the $ 4,250 level, below which there is also a downside risk of a move below the $ 4,200 level.
On the other hand, the price is meeting resistance around the $ 4400 level. If the closing price is above $ 4400, the price may rise to $ 4550.
ADA, BNB, SOL, SHIB and XRP price
Cardano (ADA) is consolidating around the $ 1.35 level. Immediate resistance is at $ 1.365. A move above $ 1.365 could push the price up towards the $ 1.38 resistance. The next major resistance is at the $ 1.40 level.
Binance coin (BNB) is trading above the $ 600 level. It even rallied above $ 612, but there was no further advance and the price corrected below $ 600 again. If there is a break below $ 585, the price could drop to $ 565.
Solana (SOL) is trading well above the $ 180 level and is climbing to the $ 192 level. Major resistance is at around $ 200. A close above $ 200 could possibly send the price higher.
SHIB is consolidating above the level of USD 0.0000355. Initial resistance is around the $ 0.0000370 level. The next major resistance is near the $ 0.000038 zone, above which the price could return to the $ 0.000040 level.
XRP price rose more than 11% and even broke the $ 0.880 resistance zone. It even surpassed the $ 0.90 level and it looks like a move towards the $ 0.950 level may occur. The next key resistance is around the $ 1.00 level.
Other altcoins market today
Many altcoins are up over 8% including WAXP, NEAR, GALA, IOTX, CELO, HT, LUNA, AUDIO, KDA and LRC. Of these, NEAR and GALA shares rose by about 18%. Meanwhile, BTT continues to cut its profits and is now down nearly 11% on the day, but is still up 10% on the week.
To summarize, the price of bitcoin is facing a daunting challenge, close to the $ 50,000 level. A close above $ 50,000 could start a stronger rally in future sessions.