Bitcoin & Ethereum looking for direction, DOGE and SHIB rally

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The price of Bitcoin has tested the key support area of ​​$ 60,000. Ethereum holds above $ 4000, XRP struggles to break above $ 1.12. GRT and RUNE gained over 16%.

The price of Bitcoin has extended its downward correction below the $ 62,500 support area. BTC has tested the $ 60,000 area and is now (04:25 UTC) above the $ 62,000 level. A close above $ 63,000 is required to initiate further near-term upside.

Also, most of the major altcoins consolidate their losses. ETH climbed below $ 4000, but the downsides were limited and the price climbed back above that level. XRP faces a daunting task near $ 1.12 and $ 1.15. ADA is trading in a range below the resistance zone of $ 2.20.

Total market capitalization

Source: tradingview.com Bitcoin Price

After closing below $ 63,000, the price of bitcoin continued its downward correction. BTC traded below the $ 62,000 support area. It even climbed below $ 60,000, but the downsides were limited. The price is now recovering and trading around 62,000 USD. Immediate resistance is near the $ 62,200 level. The next major resistance is near $ 63,000, above which the price may eventually rise to the $ 65,000 level.

On the downside, first support is near $ 61,200. The first major support is near $ 60,500, below which the price may extend its decline in the near term.

Ethereum price

The price of Ethereum also followed bitcoin and corrected below $ 4,200. ETH climbed below $ 4000 and is now recovering higher. The price is consolidating near $ 4,100 and it could start to rise again if there is a break above $ 4,175. The next key resistance is near $ 4,250.

Immediate downside support is near the $ 4,100 level. The first key support is now forming near the $ 4,020 level, below which the price may dip to $ 3,800.

ADA, LTC, DOGE and XRP prices

Cardano (ADA) settled below the resistance levels of $ 2.18 and $ 2.20. It now consolidates near $ 2.12 and is struggling to start a further rise. If there is a bearish reaction, the price may drop below the $ 2.08 support. The next major support is near the $ 2.00 level.

Litecoin (LTC) is down almost 3% and is trading well below the $ 200 level. First bearish support is near the $ 188 level. The first major support is near $ 185, below which bears could aim for a larger drop. Conversely, the price could start a further rise above the 195 USD level.

Dogecoin (DOGE) rose over 7% and broke resistance at $ 0.265. It is now facing resistance near the $ 0.280 level. The next major resistance is near $ 0.300, above which the price may rise to the $ 0.312 level. On the downside, the bulls could remain active near the $ 0.250 level. Meanwhile, the so-called ‘DOGE killer’, the SHIB token, rose 12% in one day, increasing its weekly earnings to 44% and becoming the 11th largest crypto-asset by market cap.

The price of XRP did not stay above the pivot level of $ 1.12. It is now stuck at around $ 1.10. The first key support is at $ 1.05. The main support is close to $ 1.00. A break down below $ 1.00 could call for a larger decline in the short term.

Other altcoins market today

A few altcoins rose over 8% including GRT, RUNE, ONE, SHIB, FTM, NEAR, KSM, and KCS. Of these, GRT gained 16% and broke above the $ 1.02 level, while RUNE jumped above $ 13.00.

Overall, the price of bitcoin is recovering and trading above the $ 61,200 support. However, a close above $ 62,000 and $ 63,000 is required to start a further increase.

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