2021-12-14 12:01:00

Bitcoin and Ethereum Struggle, DOGE Jumps 20% In One Hour

Bitcoin price is facing resistance near USD 47,500.

Ethereum must clear USD 3,880, XRP could revisit USD 0.750.

DOGE rallied 20% in one hour and surpassed USD 0.20.

Bitcoin price extended decline below the USD 48,500 and USD 47,000 levels. BTC even spiked below USD 46,000 and tested USD 45,800. It is currently (11:51 UTC) trading above USD 47,300 again, but the bears might remain active near the USD 48,500 level.

Similarly, most major altcoins are showing bearish signs. ETH spiked below USD 3,700 before correcting higher again. XRP is consolidating losses below the USD 0.80 support zone. ADA could revisit the USD 1.20 support.

Total market capitalization
 

Source: tradingview.com

Bitcoin price

After a fresh bearish reaction, bitcoin price extended its decline below USD 47,000. BTC even broke the USD 46,000 support zone, but the bulls were active above the USD 45,500 level. The price is recovering, but it is facing a lot of hurdles starting with USD 48,000. The next key resistance is near USD 48,500, above which the price could rise towards the USD 50,000 resistance zone.

An immediate support on the downside is near USD 46,000. The main support is near the USD 45,500 and USD 45,000 levels, below which there is a risk of a major decline.

Ethereum price

Ethereum price extended its decline below the USD 3,700 level, but the bulls were active above USD 3,650. ETH is recovering, but the USD 3,880 level presents strong resistance. The key breakout zone is now forming near the USD 4,000 level. 

If there is a fresh decline, the price could find support near the USD 3,720 level. The next key support is near the USD 3,650 level, below which the bears might test USD 3,550.

ADA, BNB, SOL, SHIB, and XRP price

Cardano (ADA) is gaining bearish momentum and is trading well below USD 1.265. It seems like the price might revisit the USD 1.22 support. The main support is now forming near the USD 1.20, where the bulls might take a stand.

Binance coin (BNB) is struggling to recover and is trading near the USD 520 level. If the bears remain in action, there is even a risk of a break below USD 500. In this case, the price might decline towards the USD 450 level.

Solana (SOL) is consolidating above the USD 150 support. A downside break below the USD 150 support zone might spark a sharper decline. The next major support is near USD 142, followed by USD 135.

SHIB is sliding towards the USD 0.000032 level. The next major support is near the USD 0.000030 level. Any more losses might lead the price towards the USD 0.000028 zone. Conversely, the price might recover and test the USD 0.000035 resistance.

XRP price is consolidating below the USD 0.80 and USD 0.82 resistance levels. To start a decent recovery, the price could rise towards the USD 0.85 level. If not, it may possibly slide towards the USD 0.750 support zone.

Other altcoins market today

Many altcoins are down over 8%, including REV, TFUEL, ZEC, WAXP, DCR, ROSE, WAVES, GALA, KDA, and ALGO. Conversely, DOGE started a strong rally after Tesla’s Elon Musk said that the company “will make some merch buyable with Doge & see how it goes.” DOGE is now up by 25% in a day and 8% in a week, trimming its monthly losses to 21%.

To sum up, bitcoin price is struggling to recover above USD 48,000. To start a fresh increase, BTC must clear USD 48,500 and then gain pace for a move above USD 50,000.

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