Bitcoin and Ethereum Extend Decline, ADA Rallies Further

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Bitcoin and Ethereum Extend Decline, ADA Rallies Further
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Bitcoin price extended decline below USD 42,500.Ethereum spiked below USD 3,200, XRP stayed above the USD 0.75 support.ADA extended rally and tested the USD 1.60 level.

Bitcoin price remained in a bearish zone below the USD 43,000 level. BTC extended decline below the USD 42,500 and USD 42,000 support levels. It is currently (04:14 UTC) recovering near USD 42,100, but upsides might be limited.

Similarly, most major altcoins are also corrected lower. ETH traded below the USD 3,220 and USD 3,200 support levels. XRP managed to stay above the USD 0.75 pivot level. ADA rallied further by 8% and tested the USD 1.60 resistance level.

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Total market capitalization

Source: tradingview.com

Bitcoin price

After a close below USD 43,000, bitcoin price extended decline. BTC even broke the USD 42,500 support level. It spiked below USD 42,000 before the bulls appeared. The price is back above USD 42,000, but it is facing resistance near the USD 42,750 level. The next major resistance is near USD 43,000, above which the price might gain bullish momentum.

On the downside, an initial support is near the USD 42,000 level. A close below USD 42,000 might accelerate losses in the near term. The next key support is near the USD 40,500 level.

Ethereum price

Ethereum price also followed a similar pattern and declined below USD 3,200. ETH tested USD 3,150 and recovered higher. On the upside, an immediate resistance is near USD 3,300. The next key resistance is near USD 3,320, above which the price might rise to USD 3,400.

An initial support is near the USD 3,150 level. The next major support is near USD 3,020, below which the price might decline further.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) remained in a bullish zone above the USD 1.55 level. It surged over 8% and there was a brief move above the USD 1.60 level. The next major resistance is near USD 1.62, above which the price could rise towards the USD 1.65 level.

Binance coin (BNB) settled below the USD 480 level. An immediate support is near the USD 470 level. The next major support is near USD 465. Any more downsides may perhaps push the price towards the USD 450 level.

Solana (SOL) traded below the USD 142 support level. It might soon test USD 135. If there is a downside break below USD 135, the price could accelerate lower in the near term. The next major support is USD 120.

DOGE traded below the USD 0.170 support level. The next major support is near USD 0.162. If the bears remain in action, there is a risk of a move towards the USD 0.150 level.

XRP price tested the USD 0.75 level, where the bulls emerged. If there is a downside break below USD 0.75, the price could gain bearish momentum. In this case, the price may possibly test USD 0.68.

Other altcoins market today

Many altcoins are down over 5%, including LUNA, AVAX, MATIC, LINK, NEAR, UNI, ATOM, ALGO, FTM, and MANA. Out of these, MATIC is down 9% and traded below the USD 2.22 support.

Overall, bitcoin price is struggling below the USD 43,000 level. If BTC settles below USD 42,000, it could slide further towards the USD 40,500 and USD 40,000 levels.

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