Crypto

Bitcoin & Ethereum Looking for Direction, DOGE and SHIB Rally

  • Bitcoin price tested the key USD 60,000 support zone.
  • Ethereum steadies above USD 4,000, XRP is struggling to gain pace above USD 1.12.
  • GRT and RUNE gained over 16%.

Bitcoin price extended its downside correction below the USD 62,500 support zone. BTC tested the USD 60,000 zone and is now (04:25 UTC) back above the USD 62,000 level. A close above USD 63,000 is needed to start a fresh increase in the near term.

Besides, most major altcoins are consolidating losses. ETH spiked below USD 4,000, but downsides were limited and the price moved back above this level again. XRP is facing an uphill task near USD 1.12 and USD 1.15. ADA is trading in a range below the USD 2.20 resistance zone.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a close below USD 63,000, bitcoin price extended its downside correction. BTC traded below the USD 62,000 support zone. It even spiked below USD 60,000, but downsides were limited. The price is now recovering and trading around USD 62,000. An immediate resistance is near the USD 62,200 level. The next major resistance is near USD 63,000, above which the price may possibly rise towards the USD 65,000 level.

On the downside, an initial support is near USD 61,200. The first major support is near USD 60,500, below which the price could extend its decline in the near term. 

Ethereum price

Ethereum price also followed bitcoin and corrected lower below USD 4,200. ETH spiked below USD 4,000 and it is now recovering higher. The price is consolidating near USD 4,100 and it might start a fresh increase if there is a break above USD 4,175. The next key resistance is near USD 4,250.

An immediate support on the downside is near the USD 4,100 level. The first key support is now forming near the USD 4,020 level, below which the price could dive towards USD 3,800.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) settled below the USD 2.18 and USD 2.20 resistance levels. It is now consolidating near USD 2.12 and struggling to start a fresh increase. If there is a bearish reaction, the price might decline below the USD 2.08 support. The next major support is near the USD 2.00 level.

Litecoin (LTC) is down almost 3% and trading well below the USD 200 level. An initial support on the downside is near the USD 188 level. The first major support is near USD 185, below which the bears might aim a larger decline. Conversely, the price might start a fresh increase above the USD 195 level.

Dogecoin (DOGE) rallied over 7% and it broke the USD 0.265 resistance. It is now facing resistance near the USD 0.280 level. The next major resistance is near USD 0.300, above which the price might rise towards the USD 0.312 level. On the downside, the bulls might remain active near the USD 0.250 level. Meanwhile, the so-called “DOGE killer,” the SHIB token, rallied by 12% in a day, increasing its weekly gains to 44%, and becoming the 11th biggest cryptoasset by market capitalization.

 

XRP price failed to stay above the USD 1.12 pivot level. It is now stuck near USD 1.10. The first key support is at USD 1.05. The main support is near USD 1.00. A downside break below USD 1.00 might call for a larger decline in the near term.

Other altcoins market today

A few altcoins are up over 8%, including GRT, RUNE, ONE, SHIB, FTM, NEAR, KSM, and KCS. Out of these, GRT gained 16% and surpassed the USD 1.02 level, while RUNE jumped above USD 13.00.

Overall, bitcoin price is recovering higher and trading above the USD 61,200 support. However, a close above USD 62,000 and USD 63,000 is a must to start a fresh increase.

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