Bitcoin and Ethereum Approach Breakout Levels, Dips Turn Attractive
Bitcoin price managed to stay above the USD 54,000 support zone. BTC started a fresh recovery wave and it climbed above the USD 55,500 level. It is currently (12:30 PM UTC) showing a few positive signs, but it could face hurdles near USD 56,500.
Similarly, most major altcoins are attempting a fresh recovery. ETH is back above USD 2,150, but it could face resistance near USD 2,200. XRP/USD is rising and it might attempt a clear break above the USD 1.332 resistance zone.
Total market capitalization
After testing the USD 53,500 zone, bitcoin price started a fresh upward move. BTC broke the USD 55,000 and USD 55,500 resistance levels. BTC is now consolidating near USD 56,000. The first key resistance is near the USD 56,500 level. The next major resistance is near USD 57,000, above which the price could rise to test USD 58,000.
On the downside, the USD 55,000 level is a decent support. The key breakdown support is now forming near the USD 54,000 level.
Ethereum price found support above the USD 2,050 level and started a decent increase. ETH cleared the USD 2,120 and USD 2,150 levels. It is now facing a strong resistance near USD 2,200, above which the bulls might gain strength.
If there is no close above USD 2,200, the price could resume its decline. An immediate support is near USD 2,150, below which it could even trade below the USD 2,100 level.
BNB, ADA, DOGE, and XRP price
Binance Coin (BNB) bounced back and cleared the USD 500 resistance. BNB is now struggling near the USD 525 level (the last breakdown support). A clear break above USD 525 might call for a move towards the USD 550 level.
Cardano (ADA) is showing a few bearish signs below the USD 1.22 and USD 1.25 levels. It seems like ADA might revisit USD 1.15 before it could start a fresh increase in the near term. Any more losses could possibly lead the price towards the USD 1.050 support zone.
Dogecoin (DOGE) is consolidating gains near the USD 0.40 level. An immediate support is near the USD 0.38 level, below which it could test the USD 0.350 level. Conversely, a break above the USD 0.40 level might open the doors for a move towards the USD 0.50 level.
XRP price stayed above the USD 1.22 support and it is now recovering. An immediate resistance is near the USD 1.320 and USD 1.332 levels. A successful follow-through above USD 1.332 might increase the chances of a move towards USD 1.40.
Other altcoins market today
A few altcoins declined over 8%, including LUNA, IOST, SUSHI, MIOTA, RUNE, HNT, SOL, KSM, DENT, KLAY, ZIL, and OMG. Conversely, CELO, XMR, and FLOW are showing positive signs.
To sum up, bitcoin price is recovering and trading above USD 55,500. However, a clear break above USD 56,500 is a must for further upsides in the near term.
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