- Bitcoin price failed to clear the key resistance of $30,500.
- Ethereum came close to $2,080, XRP is struggling below $0.45.
- LRC is the best performer today.
Bitcoin price attempted a bullish break above the $30,500 key resistance zone but failed to gain momentum for a clear move and corrected lower. It is currently (04:03 UTC) down 3% in one day and is trading near $29,300. BTC is also down 2% in one week.
Likewise, most major altcoins struggled to overcome major obstacles. ETH came close to $2,080 and dropped below $2,000. XRP could drop sharply if it trades below $0.40. The ADA failed to stay above $0.55.
Total market capitalization
After a steady move above $30,000, bitcoin price faced hurdles. BTC struggled to clear the $30,500 and $30,550 resistance levels. As a result, there was a further bearish reaction below the $30,000 level. It even traded below the $29,500 support. An immediate support is near the $28,800 level. The next major support is near the $28,500 level, below which the price could initiate a stronger decline.
On the upside, the first key resistance is near the $30,000 level. The next key resistance is still near the $30,500 level, above which the price can gain bullish momentum.
“As expected, bitcoin managed to hold the support levels found last week and even attempted range breaks. However, USD 31,000 – USD 32,000 remain strong resistance levels that bitcoin needs to successfully break out before we can look further Once again, we are yet to see strong buy action, the type that is normally indicative of a proper reversal, and we have plans for both positive and negative price action going forward,” Joe DiPasquale, CEO of BitBull Capitalsaid in an emailed comment.
Ethereum price also followed a similar pattern and failed to gain momentum for a move above the $2,080 and $2,120 resistance levels. ETH pared the gains and dropped below $2,000. It is trading near $1,990 and is down 2% in one day and one week. An initial support is near the $1,950 level. The next key support is near the $1,920 level, below which the price could initiate a stronger decline.
On the upside, an immediate resistance is near the $2,020 level. The next major resistance is near the $2,080 level, above which the price could try to clear $2,120.
ADA, BNB, SOL, DOGE and XRP price
Cardano (ADA) rallied above the $0.55 resistance level. However, it failed to stay in a positive zone and dropped below $0.52. Main support is at USD 0.50.
BNB tried to gain strength above the $332 level but failed. It is now trading below $330 and could continue to slide down towards the $320 support level.
Solana (SOL) failed to break through the $55 resistance level. It has dropped 5% and is trading below the $50 support. If the bears remain in action, the price could drop to the $45 level. .
DOGE is back below the USD 0.0850 level. The next important support is near the $0.082 level. Any further losses may require a test of the USD 0.080 support.
The XRP price is still trading above the $0.40 level. A break below the $0.40 support zone could see a stronger decline in the coming sessions.
Other altcoins on the market today
Many altcoins are falling, including AVAX, MATIC, LEO, CRO, NEAR, XLM, ALGO, HBAR, MANA, ICP, ICP and SAND. On the other hand, LRC is up 15% to surpass $0.58, increasing its weekly earnings to 24% and becoming the top performer among the top 100 crypto assets by market cap.
To summarize, bitcoin price is losing steam and approaching $28,800. If BTC does not stay above $28,500, there could be a stronger decline. On the other hand, it can move in its usual range and move up to $30,500.