Bitcoin Corrects Downside, Ethereum and Altcoins Struggle to Gain Momentum

[ad_1]

The price of Bitcoin has started a downward correction below $ 54,500. Ethereum is trading above $ 3,550, XRP has not gone above $ 1.10. FTM rose 25% and topped the $ 2.10 level.

The price of Bitcoin has started a downward correction well above the $ 55,000 level. BTC fell below the $ 54,000 level. It is currently trading (04:28 UTC) below $ 54,000 and it may correct further down.

Major altcoins show mixed results. ETH is trading well above $ 3,500 and it could accelerate higher if there is a break above $ 3,600. XRP failed to clear the resistance at $ 1.10 and corrected lower. The ADA climbed above $ 2.32, but there was no follow-up.

Total market capitalization

Source: https: //www.tradingview.com Bitcoin Price

After trading above $ 55,500, the price of bitcoin has started a downward correction. BTC traded below the $ 54,500 and $ 54,000 levels. It is now moving towards the support area of ​​$ 53,500. The next major support is near the $ 53,200 level, below which there is a chance of a steeper drop. In this case, the price could dip towards the level of 52,000 USD.

On the upside, the price is facing resistance near $ 54,500. The first key resistance is now forming near the $ 55,000 level, above which the price may start a further rise.

Ethereum price

Ethereum price is showing positive signs above the pivot level of $ 3,500. ETH even broke above the $ 3,600 level, but there was no proper close. If there is a daily close above $ 3,600, the price may accelerate higher towards the levels of $ 3,700 and $ 3,750.

On the downside, initial support is near the 3,510 and 3,500 USD support levels. The next major support is near $ 3,440, below which the price may drop to the $ 3,350 support.

ADA, LTC, DOGE and XRP prices

Cardano (ADA) rose above the $ 2.25 and $ 2.30 levels. It even broke above $ 2.32, but the bulls failed to stay in action. As a result, there has been a downward correction and the price is now trading below $ 2.30.

Litecoin (LTC) broke through the resistance levels of 180 and 185 USD. However, it faced strong resistance near the $ 188 level. The price is now correcting downward and trading below $ 180. If there is a breakout below $ 172, the price may drop to the $ 165 level.

Dogecoin (DOGE) broke through the $ 0.250 level before correcting lower. The price is now consolidating near the $ 0.240 level. If there is a further rise above $ 0.250, the bulls could test the $ 0.265 level in the near term.

XRP price attempted a bullish breakout above the resistance of $ 1.08. The price failed to break through the $ 1.10 level and is now correcting lower. Price may soon make another attempt to clear resistance at $ 1.10 in the near term.

Other altcoins market today

Many altcoins rose over 5% including FTM, BSV, CHZ, EGLD, LUNA, NEAR, REV, SC, ALGO, KSM, YFI, ONE, and DOT. Of these, FTM rose 25% and broke through the $ 2.10 level before correcting lower.

Overall, the price of bitcoin corrects gains below the $ 54,000 level. However, BTC could remain stable at around $ 53,000 and could start a further increase in the near term.

_____

Find the best price to buy / sell cryptocurrency:

[ad_2]