Bears rule Bitcoin and Ethereum, while major altcoins struggle

The price of bitcoin is battling to rise above USD 39,000.
If Ethereum falls below USD 2,500, XRP may fall below USD 0.75.
EGLD and RUNE are both up over 8%.

Bitcoin’s price attempted but failed to breach above USD 39,500 on the upside. BTC has started a new slide below USD 39,000, and is currently trading under USD 38,700 (11:44 UTC).

Similarly, the majority of big altcoins are struggling to gain traction. ETH failed to break through USD 2,570 and is still vulnerable to further losses. If XRP clears the USD 0.75 support, it may fall rapidly. The ADA currency pair is battling to maintain above the USD 0.78 support level.

Bitcoin’s value

After another failed attempt to break through USD 39,500, bitcoin’s price began to fall and is already down about 1% in a day. The next major support level is at USD 38,000, below which the price may retest USD 37,550. If the bulls fail to defend this level, a move below the USD 37,200 support is possible.

On the upside, USD 39,000 is an immediate resistance level. The next major resistance level is still around USD 39,500, above which the price might increase to USD 40,000.

Ethereum price

 

Ethereum price failed to break through the USD 2,600 resistance zone. ETH has started a new downtrend and is now trading below the USD 2,550 mark. The next major support level is near USD 2,500, below which the bears may attempt a deeper collapse.

On the other hand, the price could rise and re-enter the USD 2,600 resistance zone. The next level of resistance is around USD 2,650. A strong advance above USD 2,650 might pave the way for a move to USD 2,750.

Price of ADA, BNB, SOL, DOGE, and XRP

Cardano (ADA) continues to struggle to break over the USD 0.82 resistance. It has traded below USD 0.80, and a move below USD 0.78 is possible. If the bears succeed, the price may fall to USD 0.75.

BNB is currently consolidating about USD 365. Near USD 370, there is instant resistance. The first major resistance lies near USD 375, beyond which the price might rise to USD 385.

Solana (SOL) is now consolidating about USD 80. If the price closes below USD 80, the price may continue to fall. Near the USD 72 level, the next important support is found.

DOGE is still in danger of falling further below the USD 0.110 support. The next key support is near USD 0.105, below which the bulls may struggle to keep USD 0.105 intact.

The price of XRP is falling, and it is trying to keep above USD 0.75. The price could fall to USD 0.72 if there is a clear negative break. Near the USD 0.70 level, the next important support is found.

Today’s market for other altcoins

LUNA, AVAX, DOT, SHIB, MATIC, UNI, ICP, WAVES, THETA, FTM, ZEC, and STX are among the cryptocurrencies in the red zone. RUNE, on the other hand, climbed almost 12% and broke through the USD 7.8 barrier, bringing its weekly gains to about 83 percent. After jumping 8% in a day and moving beyond USD 154, EGLD is currently up nearly 16 percent in a week.

To summarise, bitcoin price has failed to break through the USD 39,500 and USD 40,000 resistance levels, putting it at risk of further losses if it does not hit USD 40,000 in the near term.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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