Bitcoin and Ethereum Try to recover, SAND and LINK accelerate
- Bitcoin price increases towards USD 20,000.
- Ethereum may test USD 1600 resistance, XRP consolidates near USD 0.335.
- SAND and LINK jumped almost 5%.
Bitcoin is consolidating above the key support zone at USD 19,500 and is facing strong resistance near the USD 20,500 zone. BTC is currently (03:50 UTC) trading near USD 19,900 and is up around 1% in a day and a week.
Similarly, most major altcoins face important obstacles. ETH struggles to gain momentum above USD 1600 and USD 1620. XRP faces resistance near USD 0.335. ADA gained momentum and is now trying to break above the USD 0.50 resistance.
Total market value
Bitcoin price
Over the past few days, bitcoin price saw a few rejections near the USD 20,500 resistance zone. BTC failed to gain strength and was trading in an area above the USD 19,500 support. It is now trading below the USD 20,000 resistance zone. The next resistance is near the USD 20,200 level. The main obstacle remains near the USD 20,500 level, above which the price could start a stronger rally.
On the downside, an initial support is near the USD 19,650 level. The key weekly support remains near the USD 19,500 zone, below which the price may gain bearish momentum.
Ethereum price
Ethereum price is also struggling to clear the resistance levels of USD 1600 and USD 1620. It is now consolidating above the USD 1550 level and is up almost 2% in a day and 10% in a week. To start a strong rally, it needs to clear above USD 1600 and USD 1620. In this case, the price can rise towards the USD 1700 resistance.
On the downside, an initial support is now near the USD 1550 level. The main weekly support is USD 1,500, below which the price can fall to USD 1,420.
ADA, BNB, SOL, DOGE and XRP price
Cardano (ADA) managed to recover and climbed back above $0.48. It now faces resistance near the USD 0.50 level. ADA is also one of the best performers in the past week, jumping over 15%.
BNB failed to clear the USD 288 resistance. It is now trading below the USD 280 level. If there is another decline, the price might go back to the USD 272 support zone.
Solana (SOL) is back above the USD 32 level. An immediate resistance is near the USD 32.50 level. The first major resistance is near USD 33.20, above which the price could rise towards the USD 35 level.
DOGE is trading above the USD 0.062 level. On the upside, the price faces resistance near USD 0.0635 and USD 0.065. A close above USD 0.065 could send DOGE towards USD 0.070.
XRP price is struggling to gain momentum above the USD 0.335 resistance zone. The main resistance is near USD 0.35, above which XRP could start a strong rally.
Other altcoins market today
A few altcoins are also rising, including DOT, MATIC, SHIB, LEO, UNI, ATOM, LINK, NEAR, SAND, CAKE, HOT and RVN. SAND and LINK gained almost 5%, becoming one of the best performers today. SAND moved above $0.97, extending its weekly gains to more than 3%, while LINK hit $7.20 and is also up 14% in a week.
Overall, bitcoin price is still struggling to clear the USD 20,500 resistance zone. A close above USD 20,500 could initiate a stronger rally. If not, it could dip below USD 19,500.
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