Bitcoin and Ethereum Consolidate Losses, DOT, LUNA, and AVAX Gain Momentum

Bitcoin and Ethereum Consolidate Losses, DOT, LUNA, and AVAX Gain Momentum

  • Bitcoin price is consolidating below the USD 50,000 resistance.
  • Ethereum is stuck near USD 4,000, XRP is trading below USD 0.85.
  • DOT, LUNA, and AVAX gained over 4%.

Bitcoin price attempted a recovery wave above USD 50,800 zone but failed to continue. It is currently (04:27 UTC) trading near USD 48,800, with a key support at USD 48,500.

Similarly, most major altcoins are struggling to recover. ETH could extend losses if there is a close below USD 3,880. XRP is trading below USD 0.850 and might test USD 0.800. ADA is consolidating near the USD 1.30 level.

Total market capitalization
 

Source: tradingview.com

Bitcoin price

After a downside break, bitcoin price tried to recover from the USD 47,200 support. There was a clear move above the USD 48,500 level. However, the price is facing a key hurdle near USD 50,000. A close above USD 50,000 and USD 50,500 might open the doors for more upsides. The next major resistance is near the USD 52,000 level.

An immediate support on the downside is near USD 48,500. The next major support is near the USD 47,200 level, below which the price could decline further.

Ethereum price

Ethereum price found support near the USD 3,950 level. ETH is now consolidating near the USD 4,000 level. On the downside, an initial support is near the USD 3,950 level. The next key support is near the USD 3,880 level, below which the bears might gain strength.

If there is a fresh increase, the price could face resistance near USD 4,120. The main weekly resistance is now forming near the USD 4,250 level.

ADA, BNB, SOL, SHIB, and XRP price

Cardano (ADA) is down 4% and there was a break below the USD 1.325 support. The next key support is near the USD 1.30 level. A clear move below USD 1.30 may perhaps push the price towards the USD 1.20 level.

Binance coin (BNB) is consolidating above the USD 550 level. An immediate resistance is near the USD 575 level. The main weekly resistance is near the USD 600 level, above which it could start a steady increase.

Solana (SOL) broke the USD 175 pivot level. An initial support is near the USD 165 level. The next key support is near USD 150. Any more losses may perhaps lead the price towards the USD 132 level.

SHIB is stuck near the USD 0.0000350 level. A downside break might push the price towards the USD 0.0000320 level. If there is an upside correction, the price could face resistance near the USD 0.0000365 zone. The next major resistance is near the USD 0.000038 level.

XRP price is trading well below the USD 0.850 level. An initial support is near the USD 0.820 level. If the bulls fail to protect USD 0.82 and USD 0.80, there could be a drop towards the USD 0.75 level.

Other altcoins market today

Many altcoins are down over 5%, including QNT, NEAR, EOS, DCR, GALA, BTT, IOTX, MATIC, WAXP, and FLOW. Conversely, DOT, LUNA, and AVAX are up 4%, reaching USD 61, USD 29, and USD 88, respectively. Out of these, DOT and AVAX are now up at least 2% in a week, while LUNA trimmed its weekly losses to 10%.

Overall, bitcoin price is consolidating below the USD 50,000 level. If BTC remains below USD 50,000, there is a risk of a move towards the USD 45,000 support.

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Originally Posted on: https://cryptonews.com/news/bitcoin-ethereum-consolidate-losses-dot-luna-avax-gain-momentum.htm
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