Bitcoin price remained strong and it extended its rally above USD 58,000. BTC even traded to yet another all-time high near USD 58,641 (per Coingecko.com) before it started a downside correction. It is currently (05:00 UTC) trading below USD 57,000, with key supports at USD 55,000 and USD 52,000.
Similarly, there were corrective moves in most major altcoin. ETH/USD failed to continue higher above USD 1,950 and declined to USD 1,850. XRP/USD was trading below USD 0.530 this morning before it rallied above USD 0.615.
Total market capitalization
There were additional gains in bitcoin price above the USD 57,000 level. BTC even cleared the USD 58,000 level and traded to yet another all-time high near USD 58,641. However, it failed to continue higher towards USD 60,000 and recently corrected lower.
There was a break below the USD 57,000 and USD 56,200 support levels. The next major support is near the USD 55,000 support level. If there are more downsides, the bears might test the weekly support at USD 52,000. On the upside, the main hurdle this week could be USD 60,000.
Ethereum price struggled to settle above USD 2,000 and started a fresh decline. ETH broke the USD 1,950 and USD 1,900 support levels. It is now testing the USD 1,850 support. If the bears remain in action, there could be a drop towards the USD 1,760 and USD 1,750 support levels.
On the upside, the USD 1,950 level is a key pivot zone. The main resistance on the upside is still near the USD 2,000 level.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) surged over 100% this past week and it even broke the USD 300 level. BNB flipped USDT to become the third largest crypto. It is now correcting gains and trading below USD 300. An initial support is near the USD 255 level, below which the price might test USD 220.
Cardano (ADA) gained bullish momentum above the USD 0.950 resistance and it even cleared the USD 1.00 resistance. ADA is now consolidating near USD 1.00 and it might correct lower towards the USD 0.950 level (resistance turned support). On the upside, the USD 1.10 level is a strong resistance.
Litecoin (LTC) struggled to clear the USD 240 and USD 250 resistance levels. LTC corrected lower below the USD 225 support level. It is now trading near the USD 220 level and it might test USD 212 or USD 205. On the upside, the bulls must gain strength above USD 232 for a move towards USD 250.
XRP price was trading well below the USD 0.550 resistance before it started a sudden and sharp rally this morning, jumping over 14% in an hour, and moving above the USD 0.615 level.
Other altcoins market today
Many altcoins gained over 10%, including NPXS, IOST, FTM, HOT, KCS, BTT, OKB, FLOW, BTG, ZRX, XEM, KSM, LUNA, and BNT. Out of these, NPXS rallied over 60% and it surpassed the USD 0.0028 level.
Overall, bitcoin price is correcting gains from well above USD 58,000. BTC could test USD 55,000 or even USD 52,000 before it starts a fresh upward move towards the USD 60,000 level.
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Originally Posted on: https://cryptonews.com/news/bitcoin-ethereum-and-altcoins-correct-gains-xrp-rallies-9294.htm
By: Aayush Jindal