Bitcoin price started a steady increase and it cleared the USD 50,000 resistance zone. BTC even climbed above the USD 52,000 level. It is currently (12:30 UTC) showing positive signs and it could accelerate even higher.
Similarly, most major altcoins are gaining bullish momentum. ETH/USD cleared the USD 1,600 resistance and it might continue higher. XRP/USD also surpassed USD 0.450 and it may possibly rise towards the USD 0.480 resistance in the near term.
Total market capitalization
After a successful close above USD 48,000, bitcoin price started a strong increase. BTC broke the key USD 50,000 resistance and it even traded above USD 52,000. The bulls might continue higher towards the USD 53,200 and USD 55,000 levels.
If there is a downside correction, the price could test the USD 50,500 support. The key support is now forming near the USD 50,000 level (the recent breakout zone).
Ethereum price broke the USD 1,550 and USD 1,580 resistance levels. ETH even cleared the USD 1,600 level and it is trading in a bullish zone. An immediate resistance is near the USD 1,620 level, above which the price could test USD 1,650.
On the downside, the USD 1,580 level is a decent support. The main support is now forming near the USD 1,550 level.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) is still struggling to clear the USD 250 and USD 255 resistance levels. A successful close above the USD 255 pivot level could clear the path for a strong increase. The next key resistance for BNB might be USD 265, followed by USD 280.
Cardano (ADA) is gaining bullish momentum above the USD 1.225 resistance level. ADA even cleared the USD 1.232 level and it is now approaching USD 1.250. A close above USD 1.25 might pump the price towards USD 1.350. On the downside, the price might remain stable near USD 1.220.
Litecoin (LTC) is trading above the USD 188 resistance level. LTC is approaching the USD 200 level and it could rise further. The next key resistance is near USD 212, above which the price could test USD 220. On the downside, the USD 185 level may possibly act as a short-term support.
XRP price surpassed the main USD 0.450 resistance level. The price might continue higher towards USD 0.465 and USD 0.480. The main target for the bulls could be USD 0.500 in the near term. If there is a downside correction, the price might remain supported near USD 0.450.
Other altcoins market today
Many altcoins climbed over 10%, including AR, EWT, LUNA, ENJ, BAT, FLOW, RSR, RUNE, XEM, ONT, BNT, and FTM. Out of these, AR is the best-performing coin in the top 100 club today as it rallied by 28%, hitting USD 13.46.
To sum up, bitcoin price is gaining pace above USD 51,000 and it might stay above USD 52,000 also. If there is a close above USD 52,000, the price might test USD 55,000.
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Originally Posted on: https://cryptonews.com/news/bitcoin-rallies-ethereum-and-altcoins-signaling-upside-conti-9416.htm
By: Aayush Jindal