- Bitcoin price is facing resistance near $42,500.
- Ethereum tested the $3,000 support, while XRP is consolidating near $0.75.
- LUNA and AR gained more than 6%, and MATIC and AVAX are trying to break upward as well.
Bitcoin price extended its decline below the $43,000 level and even traded near $40,500. BTC is currently (04:28 UTC) trying to recover above $42,150.
Likewise, most of the major cryptocurrencies are trading above major support. ETH tested $3000 and came back around $3200. XRP is consolidating near the $0.750 pivot level. ADA is trading below the $1.20 resistance area.
Total market value
After the downside breakout below $43,000, the bitcoin price continued to decline. Bitcoin is even trading below the $41,200 level. The bears attempted to move towards $40,000, but the bulls took a stand. The bottom formed near $40,500 and the price is now attempting an upward correction. On the upside, there is an initial hurdle near the $42,500 level. The first major resistance is near the $43,200 level, above which the price may start a move towards the $45,000 level.
On the downside, initial support is near the $41,200 level. The next major support is near $40,000, below which the price may drop to $38,000.
Ethereum price also extended its decline and traded below the $3,200 support level. ETH tested the $3000 area and is currently consolidating near $3180. There is an immediate resistance near the $3,200 level. The next major hurdle is near $3,250, above which the price could rise towards the weekly resistance at $3,500.
An initial support is near the $3,050 level. The next major weekly support is near $3000, below which is the risk of a move towards $2800.
ADA, BNB, SOL, DOGE and XRP price
Cardano (ADA) tested the $1.15 support level. It is now consolidating losses, with an immediate hitch at $1.18. The next major resistance is near $1.20, where the bears may remain active in the near term.
Binance Coin (BNB) drop extended and tested the $425 level. It is now correcting higher and approaching $445. The first major resistance is near $450, above which the price may start a stronger recovery.
Solana (SOL) is stuck near the $140 level. A bearish breakout and a close below $135 may put more pressure on buyers. The next major support is $120.
DOGE rose below the $0.155 support level. It is now consolidating its losses and facing resistance near $0.155. The next major resistance is near the $0.165 level. On the downside, the bulls may remain active near $0.142.
XRP price traded below $0.742 before recovering back to $0.76. There is immediate resistance near the $0.78 level. The next major resistance is near the $0.80 level.
Other Cryptocurrency Market Today
A few cryptocurrencies are up over 4%, including AR, DASH, LUNA, FTT, XDC, CAKE, MATIC, ICP, AVAX, and LINK. Among these, AR jumped 7% and traded above the $52 level, trimming its weekly losses to 14%.
In general, the bitcoin price is consolidating above the major support level at $40,000. If BTC fails to stay above $40,000, there is a risk of another sharp drop in the near term.