Ethereum, Altcoins Outperform Bitcoin, while SOL, ADA, and DOT Rally
- Bitcoin price is consolidating losses near USD 22,000.
- Ethereum is facing resistance near USD 1,250, XRP is moving towards USD 0.32.
- SOL, ADA, and DOT jumped 8%-10%.
After testing the USD 21,000 support zone, bitcoin moved higher and touched USD 23,000 before correcting lower again. It is currently (11:44 UTC) consolidating losses near USD 22,000 and is down almost 8% in a day and 29% in a week.
Similarly, most major altcoins are consolidating losses. ETH dived below the USD 1,200 support before the bulls appeared. XRP is fluctuating above the USD 0.30 support. ADA is up 9% and is eyeing an upside break above USD 0.50.
Total market capitalization
After a sharp move below the USD 25,000 support, bitcoin price extended its losses. BTC even tested the USD 21,000 zone before moving above the USD 22,000 level again. On the upside, an immediate resistance is near the USD 23,200 zone. The next major resistance is now forming near the USD 23,500 level.
If there is no move above USD 23,500, the price could resume its decline. An initial support is near the USD 21,500 level. The next major support is near the USD 21,000 zone, below which the bears could test the USD 20,000 support.
Ethereum price also declined below the USD 1,320 support. ETH even spiked below the USD 1,120 level. It found support near USD 1,080 and corrected higher. The price is now trading near USD 1,160 while the next key resistance is near the USD 1,250 level, above which ETH could start a move towards USD 1,320. ETH outperformed BTC in a day and is down 3%, but its weekly losses reached 36%.
If ETH fails to gain strength, there could be a fresh decline toward the USD 1,120 level. The next major support is near USD 1,080, below which the price might test USD 1,000.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) remained well bid and recovered above USD 0.465. The price jumped 9% and climbed above the USD 0.48 level. If it clears USD 0.50, the bulls might gain strength.
BNB spiked below the USD 210 level. However, the bulls protected the USD 200 support. The price is now rising and trading above the USD 220 level. The next major resistance is USD 235.
Solana (SOL) also remained strong above the USD 25 support. It is recovering and trading above USD 28. SOL is up 8% in a day, but a move above USD 30 is needed to start a stronger increase.
DOGE is moving higher above the USD 0.055 level. An immediate resistance is near USD 0.058, above which the price could rise towards the USD 0.060 level.
XRP price remained well bid above the USD 0.30 level. The price is moving higher, but the bears might remain active near USD 0.325 and USD 0.340.
Other altcoins market today
A few altcoins are up over 5%, including DOT, AVAX, SHIB, LTC, LINK, NEAR, ATOM, THETA, SAND, EGLD, and BSV. Out of these, DOT gained 11% and surpassed the USD 7 level. Meanwhile, QNT, FTM, and HNT are up 15%-25% in a day.
To sum up, bitcoin price is now consolidating losses near the USD 22,000 level. To start a recovery wave, BTC must clear the USD 23,500 resistance zone in the near term.