Bitcoin and Ethereum Could End The Week Lower
- Bitcoin price is showing bearish signs below USD 30,500.
- Ethereum is struggling below USD 1,800, XRP could drop to USD 0.365.
- AVAX, LTC, and XMR are down nearly 5%.
Bitcoin price failed to stay above the USD 30,500 support zone. BTC even declined below the USD 30,000 level. It is currently (11:10 UTC) showing a few bearish signs and remains at a risk of a move below USD 29,500.
Similarly, most major altcoins are showing bearish signs. ETH is now trading well below USD 1,800. XRP could dive if it settles below the USD 0.40 support. ADA might revisit the USD 0.60 support zone in the near term.
Total market capitalization
After a downside break below USD 30,500, the bitcoin price extended its decline. BTC traded below the USD 30,000 level. It is now consolidating near the USD 29,800 level. The key support is still near the USD 29,500 zone, below which the price might gain bearish momentum. In the stated case, it could even decline below the USD 28,500 support.
On the upside, immediate resistance is near the USD 30,500 resistance zone. The first major resistance is near USD 31,200, followed by the main barrier at USD 31,500.
Ethereum price started a fresh decline below the USD 1,800 level. ETH even traded below the USD 1,780 level. On the downside, the first key support is near the USD 1,750 level. The main breakdown support is still near USD 1,720, below which the price might decline heavily.
On the upside, the USD 1,800 might act as a resistance. The next key resistance is near the USD 1,850 level, above which the price could start a steady increase.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) started a fresh decline from the USD 0.650 and USD 0.655 resistance levels. The price is now trading near the USD 0.62 support. The next major support is near the USD 0.60 level.
BNB is moving lower below the USD 290 level. An immediate support is near the USD 285 level. The key breakdown support is now near the USD 278 and USD 275 levels, where the bulls might appear.
Solana (SOL) is down over 5% and trading below the USD 40 level. If the bears remain in action, the price could even decline below USD 38. The next key support sits near USD 36.
DOGE is trading well below the USD 0.0800 support level. It is now approaching the USD 0.0780 support level. Any more losses might call for a move towards the 0.0750 support level.
XRP price is struggling to stay above the USD 0.40 level. If there is a clear move below USD 0.40, the price could accelerate lower towards the USD 0.35 support zone in the near term.
Other altcoins market today
Many altcoins are in the red zone, including DOT, AVAX, SHIB, CRO, LTC, LINK, NEAR, BCH, XMR, ALGO, HBAR, MKR, and MIOTA. Out of these, AVAX is gaining pace below the USD 25 level.
Overall, the bitcoin price is grinding lower towards the USD 29,500 support. If BTC breaks the USD 29,500 support level, there could be a sharp decline in the coming sessions.