Bitcoin and Ethereum Decline, MATIC and LUNA Rally

Bitcoin and Ethereum Decline, MATIC and LUNA Rally

  • Bitcoin price extended decline below USD 56,000 before recovering.
  • Ethereum trimmed gains and declined 5%, XRP tested the USD 0.95 support.
  • MATIC and LUNA rallied around 12%.

After touching USD 59,000, bitcoin price failed to continue higher and dived below USD 56,000. It is currently (04:19 UTC) trying to recover towards USD 56,500.

Besides, most major altcoins are also trying to recover losses. ETH is down 5% and there was a break below the USD 4,550 support zone. XRP is now trading below the USD 1.00 pivot level. ADA is trading below USD 1.55. 

Total market capitalization

Source: tradingview.com

Bitcoin price

After a downside break below USD 57,500, bitcoin price extended decline. BTC traded below the USD 56,500 and USD 55,500 support levels. The price is now recovering and trading above USD 56,400. If there are additional losses, the price could move towards the USD 53,500 level. The next major support is near the USD 52,000 level.

On the upside, the price is facing resistance near the USD 56,500 level. The first major resistance is near the USD 57,200 level, above which the price could retest USD 58,000.

Ethereum price

Ethereum price failed to clear the USD 4,800 resistance level and started a fresh decline. ETH is down 5% and it broke the USD 4,550 support. Any more losses may possibly lead the price towards the USD 4,350 support zone.

If there is a fresh increase, the price might test the USD 4,550 level. The first key resistance is now forming near the USD 4,620 level.

ADA, BNB, SOL, SHIB, and XRP price

Cardano (ADA) is moving lower from the USD 1.60 resistance. It traded below the USD 1.52 level before moving higher again. A downside break below USD 1.50 might spark a move towards the USD 1.45 level.

Binance coin (BNB) trimmed gains and is now trading near USD 615. If there is a break below USD 600, the price may perhaps decline towards the USD 580 support zone.

Solana (SOL) is still up over 4% and is trading above the USD 220 level. An immediate resistance is near USD 225, above which the price could rise towards the USD 240 level. Any more gains may possibly push the price towards the USD 250 level.

SHIB extended decline below the USD 0.000042 level and is now down almost 7% in a day. It even tested the USD 0.000040 level. If there is a downside break below the USD 0.000040 level, the price could decline towards the USD 0.000035 support level.

XRP price is declining and trading below the USD 1.00 level. An immediate support is near the USD 0.950 level, below which the price might test the USD 0.92 level. On the upside, the USD 1.00 level is a major hurdle for the bulls.

Other altcoins market today

Many altcoins are down over 6%, including STX, ZEN, SHIB, QTUM, BAT, RUNE, CRV, SAND, AAVE, CAKE, WAXP, and LRC. Out of these, STX declined 12% and traded below the USD 2.70 level. Meanwhile, MATIC surpassed the USD 2.10 level after rallying by almost 12%, while LUNA is up by almost 13% and is nearing the USD 65 level.

Overall, bitcoin price is trying to recover losses, but if the bulls fail to protect USD 55,500, the price could decline towards the USD 52,000 support.

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Originally Posted on: https://cryptonews.com/news/bitcoin-and-ethereum-decline-matic-and-luna-rally.htm
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