Bitcoin and Ethereum Struggle to Clear Obstacles, Altcoins Dip
- Bitcoin price struggled to surpass the USD 23,500 resistance.
- Ethereum dipped below USD 1,620, XRP failed to rise to USD 0.388.
- Among the top 25 coins, only BNB is still in the green.
Bitcoin price attempted an upside break above the USD 23,500 resistance zone. BTC struggled to gain momentum and fell below USD 23,000. It is currently (11:40 UTC) trading near USD 22,900 and is down over 2% on the day and is unchanged in a week.
Likewise, most major altcoins are also moving lower. ETH failed to clear the USD 1680 resistance and corrected lower. XRP is struggling and could fall to USD 0.355. ADA could take a hit if it breaks the $0.50 support.
Total market value
Bitcoin price
After a failed attempt to clear USD 23,500, the bitcoin price reacted to the downside. BTC rejected and traded below the USD 23,000 support. An immediate support is near the USD 22,500 level. The next major support is near the $22,250 zone, below which the price may test $21,500.
On the upside, an initial resistance is near the USD 23,200 level. The key hurdle remains near USD 23,500, above which the price could accelerate.
Ethereum price
Ethereum price made a couple of attempts to clear the USD 1680 resistance zone. However, the bulls struggled and ETH moved below the USD 1620 level. ETH is down almost 3% in a day and 1% in a week. The next major support is near the $1,550 zone, below which the price could fall more strongly.
On the upside, the bears may remain active near USD 1650. The next key resistance is near the USD 1680 level, above which ETH may start a stronger rally.
ADA, BNB, SOL, DOGE and XRP price
Cardano (ADA) is trimming gains and struggling to stay above the $0.50 level. A clear move below $0.50 could initiate a move towards the $0.485 support or even $0.462.
BNB rose above the USD 305 level before the bears appeared. The price is now moving lower and is trading near USD 300. BNB is still up almost 4% in a day. If the bears remain in action, the price may decline towards the support at USD 288.
Solana (SOL) failed to clear the resistance at $40. It is moving lower towards the support at $38. If there are more losses, the price may drop towards the support at $36.20.
DOGE failed to gain strength and remained below the USD 0.0680 resistance zone. It is now moving lower towards the USD 0.065 support zone, below which the price may gain bearish momentum.
The XRP price failed to hold above the USD 0.372 level. The next major support is near USD 0.362, below which the price could test USD 0.355. The main support is USD 0.35.
Other altcoins market today
A few altcoins are showing bearish signs, including MATIC, UNI, ETC, CRO, ICP, FLOW, MKR, CRV, SNX and NEXO. Meanwhile, LDO is the best performer among the top 100 coins as it jumped 8% in a day to pass $2.55, increasing its weekly gain to 31%.
To sum up, bitcoin price failed to clear the USD 23,500 resistance zone. If BTC fails to hold above USD 22,500, another round of selling may occur.
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