Bitcoin and Ethereum Regain Traction, Cardano Flips Tether

By Aayush Jindal

• Bitcoin price started a fresh increase above the USD 46,000 resistance.

• Ethereum climbed above USD 3,200, XRP gained pace above USD 1.00.

• ADA rallied almost 15% and it broke the key USD 2.00 resistance.

Bitcoin price found support near USD 43,800 and started a fresh increase. BTC surpassed the USD 45,500 and 46,000 resistance levels. It is currently (12:08 UTC) showing positive signs, but it must clear USD 46,700 for more gains.

Similarly, most major altcoins started a fresh increase after a short-term downside correction. ETH climbed back above the USD 3,150 and USD 3,200 resistance levels. XRP settled above USD 1.00 and it might test USD 1.08.

Total market capitalization

After a short-term downside correction, bitcoin price found support near USD 43,800. As a result, BTC started a fresh increase above the USD 45,000 resistance. It even broke the USD 46,000 resistance. The main resistance is still near the USD 46,500 and USD 46,700 levels, above which the price could rise further towards USD 48,000.

On the downside, an initial support is near USD 45,500. The first key support is now forming near the USD 45,000 level. Any more losses may possibly lead the price towards USD 43,800.

Ethereum price remained well bid above the USD 3,000 support level. ETH started a fresh increase and it climbed above the USD 3,150 resistance. The bulls even pushed the price above USD 3,200. If the current trend remains intact, the price could rise towards the USD 3,350 level.

If there is a fresh decline, the bulls might remain active near the USD 3,150 level. The next major support is near USD 3,080, below which the price might revisit the USD 3,000 support.

Cardano (ADA) outperformed bitcoin and ethereum, with a major move above the USD 2.00 resistance. It has also surpassed tether (USDT), becoming the third largest cryptoasset by market capitalization (USD 65bn). ADA gained almost 15% and it seems like it could test USD 2.10. The next major resistance is near USD 2.20, above which the price might test USD 2.40. On the downside, an initial support is near the USD 2.00 level, followed by USD 1.98.

Litecoin (LTC) is up almost 7% and it surpassed the USD 180 level. The current price action suggests the price could test the USD 192 resistance level. The main hurdle for the bulls on the upside is near the USD 200 level. If there is a downside correction, the USD 172 level may possibly act as a support.

Dogecoin (DOGE) was able to clear the USD 0.275 and USD 0.280 resistance levels. The price could even surpass the USD 0.288 resistance and accelerate higher towards the USD 0.300 level. Conversely, the price may possibly decline towards the USD 0.265 support level.

XRP price started a fresh increase after a short-term downside correction below USD 0.980. The price is back above USD 1.00 and it even tested the USD 1.05 resistance. The next major resistance is near USD 1.10, above which the price might rise towards the USD 1.20 level.

Many altcoins are up over 5%, including QTUM, SNX, GRT, SUSHI, VGX, MKR, AVAX, WAVES, FTM, CHZ, XLM, DCR, SOL, and DGB. Out of these, QTUM rallied over 15% and it broke the USD 12.00 resistance.

To sum up, bitcoin price is back in a positive zone above USD 45,500 and USD 46,000. If BTC settles above USD 46,700, it could continue to rise in the coming sessions.