Bitcoin and Ethereum are stuck in a trading range, while small altcoins are rallying

The price of bitcoin fell to a new weekly low of USD 37,200.
XRP held over USD 0.70, while Ethereum tested the USD 2,440 support.
WAVES increased by 23%, while ZEC and AR increased by more than 13%.

Bitcoin’s price has struggled to rise above USD 39,000 in recent days. BTC began to fall again, reaching a new weekly low near USD 37,200. It is currently trading over USD 38,700 (04:20 UTC), while resistance could be found at USD 39,000 and USD 39,250.

Similarly, the majority of prominent altcoins are seeking to correct to the upside. ETH traded near USD 2,560 after testing USD 2,440. XRP was unable to maintain its advances above USD 0.75 and was forced to retreat. ADA remains vulnerable to a drop below USD 0.80.

Bitcoin’s value
Bitcoin price found support near USD 37,200 after another bearish wave. BTC began a new upward trend, climbing above USD 38,500, and is now up 2% in a single day. On the upside, the price may encounter resistance near USD 38,850. The next big barrier is near USD 39,250, after which the price might return to USD 40,000.

If the price continues to fall, it may find support near USD 38,000. The next major support level is near USD 37,200, below which the price may fall to USD 36,000.

The cost of Ethereum
The price of Ethereum also fell below the USD 2,500 support level. ETH is currently repairing losses after testing the USD 2,440 support zone. It’s gained nearly 1% in a single day. Near the USD 2,580 mark, there is immediate resistance. The next big obstacle is near the USD 2,650 mark, where the price could gain bullish momentum if it breaks above it.

If not, another dip below USD 2,500 is possible. The next major support level is near USD 2,440, below which the price could fall to USD 2,320.

Price of ADA, BNB, SOL, DOGE, and XRP
The USD 0.80 support level was retested by Cardano (ADA). It is now consolidating its losses, with a key resistance level near USD 0.85. The price must settle over USD 0.85 to enter the positive zone.

BNB has risen above the USD 380 barrier level and is presently trading towards the USD 388 level. A sustained advance above USD 388 could push the market towards the USD 400 barrier level.

Above the USD 80 level, Solana (SOL) is continuing stabilising. On the upside, it’s up against resistance near the USD 85 level, which might push the price up to the USD 92 level.

DOGE is now trading below the USD 0.120 support level. There is a danger of a decline towards the USD 0.110 level if a recovery wave occurs soon. On the other hand, the price might rise and challenge USD 0.125.

The price of XRP attempted but failed to break through the USD 0.75 mark. It’s now trapped in a range, with USD 0.70 acting as a strong support. Any further losses could push the price down below USD 0.665.

Today’s market for other altcoins
AVAX, ATOM, THETA, HNT, WAVES, FLOW, AAVE, and GRT are among the altcoins that have gained more than 5%. WAVES is up more than 23% and has broken through the USD 23 mark. Meanwhile, ZEC and AR both increased by more than 13%, nearly reversing their weekly losses, and reaching USD 118 and USD 31, respectively.

Overall, the price of bitcoin is hovering around USD 40,000. If BTC fails to rebound above USD 39,250 and USD 40,000, another drop towards USD 36,000 is possible.

 

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

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