Bitcoin and Ethereum Stuck Below Hurdles, ADA Surges 20%
Bitcoin price found support above USD 53,000 and started an upside correction. BTC climbed above USD 55,000, but is facing resistance near USD 56,500 and USD 57,000. It is currently (05:30 UTC) trading well below USD 56,000 and it might continue to move down if there is a break below USD 55,000.
Besides, most major altcoins are consolidating below key hurdles. ETH is facing strong resistance near the USD 1,800 and USD 1,820 levels. Conversely, XRP/USD is stable above USD 0.450 and USD 0.465. ADA outperformed with a strong rally above USD 1.200.
Total market capitalization
After a break above the USD 55,000 level, bitcoin price attempted an upside break above USD 57,000. However, the bulls struggled to gain strength, resulting in a fresh decline. The price is back below USD 56,000 and it is approaching the USD 55,000 support.
If there is a close below USD 55,000, the price might continue to move down towards the USD 54,200 and USD 53,500 levels in the near term. On the upside, the USD 56,000 level is an initial resistance. The next major resistance is near USD 56,500, followed by USD 57,000.
Ethereum price failed to stay above USD 1,820 and declined below USD 1,780. ETH is facing strong resistance near USD 1,800 and USD 1,820. A successful close above the USD 1,820 level is a must for a steady rise towards the USD 1,900 and USD 1,925 levels.
If there is no upside break above USD 1,820, the price could revisit the main USD 1,710 and USD 1,700 support levels.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) is attempting a recovery above the USD 255 level. BNB could gather momentum if there is a clear break above USD 262 and USD 265. Conversely, there is a risk of a downside break below USD 245 and USD 240 in the coming sessions.
Cardano (ADA) is up over 20%, and it broke many important hurdles near USD 1.120. ADA even cleared the USD 1.200 resistance to move into a positive zone. In the short-term, there could be a downside correction, but there are chances of more gains above USD 1.250.
Litecoin (LTC) is struggling to settle above the USD 200 and USD 205 resistance levels. If LTC fails to settle above USD 205, there may possibly be a move towards the USD 180 level. On the flip side, the price could rally towards USD 225 and then USD 240.
XRP price spiked above USD 0.500 before trimming gains. In the medium term, a daily close and a weekly close above USD 0.500 could open the doors for a larger upward move. If not, the price could remain in a range above USD 0.400 for some time.
Other altcoins market today
Several altcoins gained over 10%, including BAT, FIL, DGB, AVAX, ZEN, LUNA, 1INCH, CRV, XEM, CRO, MATIC and DOT. Conversely, MANA, CHZ, HBAR, VGX, VET, and RSR are down over 8%.
Overall, bitcoin price is struggling to gain bullish momentum above USD 56,500 and USD 57,000. BTC might dip further, but the bulls might remain active above USD 53,000 and USD 52,000.