Bitcoin and Ethereum Consolidate Losses, ALGO Inches Higher

Bitcoin and Ethereum Consolidate Losses, ALGO Inches Higher

 

  • Bitcoin jumped towards USD 47,500.
  • Ethereum is back above USD 3,700, XRP is attempting a move above USD 0.85.
  • ATOM increased 9%, while ALGO gained 14%.

Bitcoin price tested the USD 46,000 zone before it found a support zone. BTC started a recovery wave above USD 47,000. It is currently (14:07 UTC) facing a lot of hurdles below USD 48,000.

Similarly, most major altcoins are also facing resistance. ETH is facing an uphill task near USD 3,780 and USD 3,800. XRP is attempting a recovery wave above the USD 0.85 resistance. ADA dived to USD 1.30 before it recovered above USD 1.35.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a move towards USD 46,000, bitcoin price started a recovery wave. BTC climbed above the USD 47,000 and USD 47,200 levels. On the upside, the price might face resistance near the USD 48,000 level. The next key resistance is now forming near the USD 48,500 level, above which the price might gain momentum.

On the downside, an initial support is near the USD 47,000 level. The next major support is near USD 46,500, below which the price could revisit USD 46,000.

Ethereum price

Ethereum price spiked below USD 3,600 before there was a recovery wave. ETH is back above the USD 3,700 level. The price is now facing resistance near the USD 3,750 level. The next key resistance is near the USD 3,800 level, above which the price could test USD 3,880. 

If there is a fresh decline, the price might find bids near USD 3,650. The next key support is near the USD 3,600 level, below which the price might test USD 3,550. 

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) declined sharply towards the USD 1.30 level, where the bulls appeared. The price is now recovering and trading above USD 1.35. An immediate hurdle is near USD 1.38, above which the price could test USD 1.40.

Binance coin (BNB) spiked towards the USD 510 level. It is recovering and trading above USD 520. To continue higher, the price must clear the USD 532 resistance. The next major resistance is near the USD 550 level.

Solana (SOL) tested the USD 168 level and recovered a few points. The price is back to USD 175, but there is a major hurdle near USD 180. If there is a move above USD 180, the price could rise towards the USD 188 level.

DOGE tested the USD 0.165 level and recently corrected higher. The price is now testing USD 0.175, above which it could rise towards the USD 0.180 level. If not, it could decline towards the USD 0.162 level.

XRP price tested the USD 0.80 level where it found support. The price is now correcting higher and trading above USD 0.85. If the bulls remain in action, the price could rise towards the USD 0.88 level.

Other altcoins market today

Many altcoins are up over 8%, including GNO, ALGO, XDC, ATOM, CELO, MINA, XMR, IMX, CRV, NEAR, and RVN. Out of these, ATOM jumped 9% and neared USD 29.00, while ALGO extended its gains towards USD 1.66.

To sum up, bitcoin price is consolidating losses above USD 47,000. If BTC remains stable above this level, there could be a recovery towards the USD 48,800 level.

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Originally Posted on: https://cryptonews.com/news/bitcoin-ethereum-consolidate-losses-algo-inches-higher.htm
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