Post-Fed Bitcoin and Ethereum Rally Pauses, SOL Accelerates

Post-Fed Bitcoin and Ethereum Rally Pauses, SOL Accelerates

  • Bitcoin price started a recovery wave above USD 48,500.
  • Ethereum surged above USD 4,000, XRP surpassed USD 0.82.
  • SOL gained 10% and broke the USD 175 level.

Bitcoin price formed a base above the USD 47,200 zone. BTC started a steady recovery wave and climbed above the USD 48,500 zone on the news from the US Federal Reserve. BTC is currently (04:30 UTC) facing a strong resistance near the USD 49,500 zone as the bulls might aim for a break above USD 50,000.

Similarly, most major altcoins are also moving higher. ETH jumped almost 4% and there was a clear move above the USD 4,000 level. XRP managed to climb above the USD 0.820 resistance. ADA gained 3% and there was a move above USD 1.30.

Total market capitalization
 

Source: tradingview.com

Bitcoin price

After forming a base above USD 47,200, bitcoin price started a steady increase. BTC was able to clear the USD 48,500 and USD 49,000 levels. It is now facing resistance near the USD 49,500 zone. The main resistance could be near the USD 50,000 zone. A close above USD 50,000 might spark a fresh increase in the near term.

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

Ethereum price

Ethereum price started a steady increase above the USD 3,880 resistance. ETH gained over 3% and there was a move above the USD 4,000 resistance. To continue higher, the bulls need to push the price above the USD 4,120 resistance level. The next key resistance is near the USD 4,200 level.

If there is another downside correction, the price could test USD 3,950. The next key support is near the USD 3,880 level, below which the bears might test USD 3,650.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) gained pace above the USD 1.25 resistance level. It is up 3% and there was a break above the USD 1.30 resistance. The next key resistance is near USD 1.32, above which the price could rise towards the USD 1.35 level.

Binance coin (BNB) is moving higher and trading above the USD 525 level. The first key resistance is near USD 542, above which it may perhaps test USD 550. Any more gains could lead the price towards the USD 565 level.

Solana (SOL) is up 10% and there was a clear break above the USD 172 resistance. It is now approaching the USD 180 level, but the main hurdle is near USD 188. If there is a downside correction, the price could test USD 165.

DOGE is consolidating gains near the USD 0.180 level. An immediate resistance is near the USD 0.188 level, above which it could revisit USD 0.20. If not, there could be a drop towards the USD 0.165 support.

XRP price was able to clear the USD 0.820 resistance zone. It is now heading towards USD 0.835, above which it could test USD 0.85. Any more upsides may possibly lead the price towards the USD 0.92 resistance.

Other altcoins market today

Many altcoins are up over 10%, including BORA, XDC, EGLD, AVAX, FTM, KDA, ONE, STX, AR, HBAR, CRV, MINA, SAND, and HNT. Out of these, EGLD gained 18% and surpassed the USD 310 level.

Overall, bitcoin price is recovering above USD 48,500 level. To continue higher, the price must clear the USD 49,500 and USD 50,000 resistance levels in the near term.

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Originally Posted on: https://cryptonews.com/news/post-fed-bitcoin-ethereum-rally-pauses-sol-accelerates.htm
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