Bitcoin Revisits USD 55K, Ethereum and Altcoins Gain Traction
Bitcoin price remained in a steady uptrend above the USD 53,000 level. BTC even broke the USD 54,500 level and spiked above USD 55,000. It is currently (12:20 PM UTC) consolidating and it might attempt more upsides towards USD 56,500.
Similarly, most major altcoins are gaining bullish momentum. ETH traded to a new weekly high above USD 2,550 and it might soon clear USD 2,600. XRP/USD is rising and it settled above the USD 1.400 resistance zone.
Total market capitalization
There was a decent increase in bitcoin price above the USD 53,000 zone. BTC gained pace above the USD 53,500 and USD 54,000 levels. It even climbed above USD 55,000 before consolidating gains. If there is a close above the USD 55,000 zone, the price could rise towards the USD 56,500 resistance zone.
If there is a downside correction, the price could test the USD 54,000 zone. The main support is now forming near the USD 53,500 level.
Ethereum price is gaining pace and it is now trading well above the USD 2,500 level. ETH broke the USD 2,550 resistance, opening the doors for a move towards the USD 2,600 and USD 2,620 levels. The next key hurdle is at USD 2,650, above which the price could test USD 2,700.
On the downside, the USD 2,540 level is a short-term support. The key support is now forming near the USD 2,500 level.
BNB, ADA, DOGE, and XRP price
Binance Coin (BNB) started a fresh increase and it was able to clear the main USD 550 resistance zone. BNB is now trading above the USD 565 level and it might continue higher towards the USD 580 level. Any more gains could set the pace for a test of the USD 600 level in the near term.
Cardano (ADA) is up over 7% and it broke the USD 1.30 resistance level. ADA is now trading above USD 1.32 and it seems like the price might accelerate higher towards the USD 1.35 and USD 1.365 levels. On the downside, the bulls could remain active near USD 1.30.
Dogecoin (DOGE) is rising again towards the USD 0.280 resistance level. The main hurdle is still near the USD 0.30 level. A successful close above the USD 0.30 could open the doors for a sharp increase towards the USD 0.38 and USD 0.40 levels.
XRP price is gaining pace above the USD 1.40 resistance zone. The bulls are active above USD 1.42 and it seems like they might test the USD 1.50 level. On the downside, the USD 1.35 level is a strong support.
Other altcoins market today
Many altcoins climbed over 10%, including WAVES, DENT, HOT, FTM, IOST, CHZ, SC, WRX, VGX, STX, NANO, MIOTA, ICX, HNT, VET, ENJ, TRX and ZIL. Out of these, WAVES remains strong above the USD 20 level.
To sum up, bitcoin price is showing positive signs above the USD 54,500 level. It seems like BTC is all set for a move towards the USD 56,500 level.
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