Bitcoin and Ethereum Struggle to Break Resistance, LUNA Dives


 

  • Bitcoin price failed to stay above the USD 38,000 resistance.
  • Ethereum struggled near USD 2,650, XRP settled below USD 0.60.
  • AVAX, MATIC, and LUNA are down 8%-13%.

Bitcoin price attempted a close above the USD 38,000 resistance zone, but failed and dropped below USD 37,000 in a few hours today. It is currently (04:21 UTC) trying to recover above USD 37,000.

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Similarly, most major altcoins are also moving lower. ETH topped near USD 2,650 and declined below USD 2,550. XRP is down 5% and trading below USD 0.60. ADA is struggling to stay above the USD 1.00 support zone.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a key rejection above USD 38,500, bitcoin price started a downside correction. BTC traded below the USD 37,500 pivot level and is now struggling to stay above the USD 37,000 level. An immediate support is near the USD 36,500 level. The next major support is near USD 36,000, below which the price could accelerate lower.

On the upside, the price is facing resistance near the USD 37,500 level. The next major resistance is near USD 38,000, above which the price might gain bullish momentum.

Ethereum price

Ethereum price failed to clear the USD 2,650 resistance zone. ETH started a fresh decline below the USD 2,600 level. It is now trading near the USD 2,500 level. On the downside, an initial support is near the USD 2,500 level. The next major support is near USD 2,450, below which the price might retest USD 2,320.

If there is another increase, the price could face resistance near the USD 2,600 level. The main weekly resistance is now forming near USD 2,650.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) failed again to clear the USD 1.08 resistance. There was a fresh decline and the price is now trading near USD 1.02. The main support is near USD 1.00, below which there is a risk of a larger decline.

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Binance coin (BNB) failed to test the USD 400 pivot level and started a fresh decline. BNB is trading below USD 375 and might even decline below USD 365. The next key support is at USD 355.

Solana (SOL) is down 5% and trading near the USD 90 pivot level. If there is a downside break, the price could continue to move down towards USD 80. The next major support is near the USD 75 level.

DOGE is still holding the USD 0.135 support. If the bulls fail to protect USD 0.135, the price could move down towards the USD 0.125 support. Conversely, it could rise towards the USD 0.150 resistance.

XRP price is down 5% and trading below the USD 0.60 level. An immediate support is near the USD 0.58 level. The key support is at USD 0.55, below which the price may perhaps test USD 0.50.

Other altcoins market today

Many altcoins are down 5%, including LUNA, DOT, AVAX, MATIC, SHIB, CRO, UNI, NEAR, ALGO, FTM, XLM, and HBAR. Out of these, LUNA dropped almost 13% and is trading below USD 45, it’s also down 37% in a week. 

Overall, bitcoin price is moving lower towards the USD 36,500 zone. If BTC fails to stay above USD 35,500, there might be a stronger decline in the near term.

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