Bitcoin and Ethereum Consolidate, BAT and ALGO Rally

Bitcoin and Ethereum Consolidate, BAT and ALGO Rally

 

  • Bitcoin price is consolidating near USD 50,000.
  • Ethereum is consolidating above USD 4,000, XRP is struggling to stay above USD 0.80.
  • ADA settled below USD 1.40, and SOL broke the USD 200 support.

On Saturday, bitcoin price started a major decline from well above USD 52,000. BTC dived over USD 10,000 before recovering losses. It is currently (04:41 UTC) consolidating losses, with a major hurdle near USD 50,000.

Besides, most major altcoins traded below important supports. ETH dived below USD 3,550 before recovering above USD 4,000. XRP settled below the USD 0.850 support zone. ADA is still below USD 1.40 and is unchanged in a day.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a clear break below USD 52,000, bitcoin price declined heavily. It dived below USD 50,000 and USD 45,000. It even traded close to USD 40,000 before the bulls took a stand. There was a strong recovery wave above the USD 45,000 and USD 48,000 levels. On the upside, the price is facing resistance near the USD 49,200 level. The first major resistance is near the USD 50,000 level, above which the price could start a steady increase.

If there is another decline, the price might find support near USD 47,000. The next major support is near the USD 45,500 level, below which the bears could test USD 40,000.

Ethereum price

Ethereum price also followed a similar pattern when it broke the USD 4,050 and USD 4,000 support levels. ETH tested the USD 3,550 support zone before recovering losses. It is now consolidating well above USD 4,000 and it is now facing resistance near USD 4,250. The first key resistance is now forming near the USD 4,320 level.

On the downside, the price could remain well bid above USD 4,050. The main breakdown support is now forming near the USD 4,000 level.

ADA, BNB, SOL, SHIB, and XRP price

Cardano (ADA) declined heavily below USD 1.55 and USD 1.50. It is now trading below USD 1.40, and it might continue to move down towards the USD 1.32 level. The next major support is near USD 1.25.

Binance coin (BNB) declined sharply below the USD 585 support level. It even broke the USD 550 support, and it seems like the bears might aim for more downsides. The next key support is near USD 532.

Solana (SOL) settled below the USD 200 support level. It even spiked below the USD 185 support. SOL is now consolidating and could attempt a fresh increase above the USD 200 resistance zone.

SHIB is struggling to stay above the USD 0.000035 level. If there is a downside break below the USD 0.000035 level, the price could start another major decline. In this case, the price could decline towards the USD 0.000032 support level.

XRP price declined below the USD 0.850 and USD 0.800 support levels. It is now consolidating near USD 0.800, and it might continue to move down. The next major support could be USD 0.745.

Other altcoins market today

Many altcoins are down over 8%, including HNT, IMX, ATOM, FTM, QTUM, SAND, FLOW, LUNA, CELO, IOTX, MANA, and ENJ. Out of these, HNT declined 14% and traded below the USD 31 level. Meanwhile, CAKE, BAT, and ALGO are up 7%-10%. ALGO hit USD 1.80 and is now also up almost 6% in a week. While BAT is trading near USD 1.20, but it is down 26% in a week.

Overall, bitcoin price is struggling to recover above the USD 50,000 level. If BTC continues to struggle, it could start a fresh decline below the USD 48,000 level.

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Originally Posted on: https://cryptonews.com/news/bitcoin-and-ethereum-consolidate-bat-and-algo-rally.htm
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