Bitcoin and Ethereum Consolidate, ADA, APE, and Multiple Altcoins Rally
- At USD 31,000, the price of bitcoin encounters resistance.
- XRP sold above USD 0.45 as Ethereum failed to break the USD 2,120 mark.
- ADA has recovered 23% and is now trading at USD 0.60, where it will find resistance.
Bitcoin’s price has risen above the 30,000 USD barrier mark and is currently consolidating gains above 30,500 USD (11:45 UTC). BTC has gained nearly 7% in a single day, bringing its weekly losses under 17%.
The majority of the leading cryptocurrencies are also struggling. ETH rose above $2,000 but stalled above $2,120, while XRP may struggle to break through $0.450 and $0.465. Above $0.55, ADA gained traction until hitting resistance at $0.60.
Capitalization of the stock exchange
The Value of Bitcoin
A recovery wave began after the bitcoin price hit bottom at $25,500. After that, the price surpassed USD 30,000 and entered a short-term rising zone. The bulls, however, ran into stiff resistance near USD 31,200. Near the USD 32,000 level, the next significant barrier seen.
If the price falls, it may find support near USD 29,200. The next significant support is near the 28,500 USD level, below which the cost may drop to the 27,000 USD level.
The cost of Ethereum
Above the USD 1,950 level, the price of Ethereum began an excellent upward correction. ETH has broken through the USD 2,000 barrier. Even though it broke past the 2,100 USD barrier, bears were active near the 2,120 USD level. Near the barrier of 2,200 USD, the next significant obstacle emerges.
The first support level is at 1,950 USD on the downside. The following primary support level is near 1,880 USD, below which the price may begin a new drop.
Prices of ADA, BNB, SOL, DOGE, and XRP.
Above the 0.50 USD level, Cardano (ADA) acquired momentum upward. It even broke through USD 0.55 and came up against USD 0.60, a significant obstacle. After that, however, the price stabilizes and may be seen near USD 0.542. After gaining 23 per cent in one day, reduced ADA’s weekly losses to 27 per cent.
BNB has broken out above $300 after bouncing off support at $200. As a result, the price may fall lower, but the drop could be restricted to less than $250.
Solana (SOL) has surged past $50 in one day, gaining 19%. The following primary resistance level is now around 55 USD, above which the price may increase to 60 USD.
DOGE surpassed the USD 0.090 level and reached the USD 0.085 barrier; however, the USD 0.10 level remains the key roadblock. Therefore, the continuation of the rally requires a close above 0.10 USD.
The price of XRP accelerated and surpassed the 0.420 USD threshold. However, even if the price rose beyond 0.450 USD, it did not continue to grow. Therefore, 0.465 USD is the next significant resistance level.
Today’s Markets for Alternative Cryptocurrencies
DOT, AVAX, SHIB, MATIC, NEAR, BCH, XLM, APE, MKR, ZEC, ALGO, QNT, ATOM, and HBAR are among the cryptocurrencies in the green zone. FTM, MANA, GMT, and GALA are between 50 and 66 per cent, while APE is up 46 per cent and has crossed $9.00.
In other words, bitcoin is battling to break through the $31,200 barrier level. BTC’s short-term surge could accelerate if it breaks through the $31,200 milestone.