Bitcoin and Ethereum Trade In Range, Altcoins Rally

By Aayush Jindal

• Bitcoin price is trading in a range below the USD 48,000 resistance.

• Ethereum is struggling to gain pace above USD 3,320, XRP is stable above USD 1.25.

• DOGE extended its rally and it might even surpass USD 0.362.

Bitcoin price remained strong above the USD 46,500 support zone. BTC is currently (11:45 UTC) trading in a range below the USD 48,000 resistance and it could aim for more upsides. In the stated scenario, the bulls might attempt a test of the USD 50,000 resistance.

Besides, most major altcoins are gaining pace, too. ETH has risen above the USD 2,220 level and it could surge if there is a close above USD 2,320. XRP is also appreciating, but it is facing resistance near USD 1.35. DOGE gained traction above USD 0.32 and USD 0.34.

Total market capitalization

After struggling near USD 48,000, bitcoin price started trading in a range. An initial support on the downside is near USD 47,200. The first key support now sits at USD 47,000 level, below which there is a risk of a larger decline. The next major support for the bulls could be near the USD 45,500 zone.

On the upside, the key breakout zone is now forming near USD 48,000. A daily close above the USD 48,000 level could set the pace for a test of the USD 50,000 level.

Ethereum price is also facing hurdles above USD 3,320. If ETH settles above USD 3,320 and gains pace above USD 3,350, there could be a steady increase. The next key resistance on the upside sits near the USD 3,500 level.

If there is a downside correction, the price might find support near the USD 3,220 and USD 3,200 levels. The next major support is near USD 3,200.

Cardano (ADA) is facing resistance near the USD 1.20 level. It seems like ADA could correct lower and test the USD 1.05 support zone. The main support is now forming near USD 1.00. Conversely, a clear break above USD 1.20 may possibly clear the path for a move towards the USD 1.32 level.

Litecoin (LTC) is slowly rising and it could clear the USD 188 resistance. The next resistance is at USD 195, followed by the breakout zone at USD 200. If the bulls manage to gain strength above USD 200, the price could rally to USD 220. On the downside, the USD 180 level is an immediate support, followed by USD 178.

Dogecoin (DOGE) started a strong rally this morning and it cleared the USD 0.300 resistance. The price even surpassed USD 0.340 and it might continue to gain pace above USD 0.350. The next stop for the bulls might be near the USD 0.365 level.

XRP price spiked above the USD 1.30 resistance level before correcting lower. It is now consolidating gains and trading well above the USD 1.25 support. The main breakdown support is now forming near USD 1.20. On the upside, the price could rally to USD 1.45 if it clears USD 1.32.

Many altcoins gained over 10% today, including SOL, LUNA, FTM, REV, ONE, THETA, KSM, AVAX, LINK, RUNE, COMP, VGX, HT, AAVE, DOT, ICX, EOS, and CAKE. Out of these, SOL rallied over 35% and it broke the USD 60.00 level.

To sum up, bitcoin price is still trading well above the USD 45,500 and USD 46,500 support levels. However, BTC must settle above USD 48,000 for upside continuation in the near term.

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