Bitcoin and ETH Price Prediction: Risk of Downside Break, Why SAND Could Rally

·3 min read

Key Insights:

  • Bitcoin struggled above $21,600 and corrected lower.

  • Ether (ETH) is slowly moving lower towards the $1,165 support.

  • The Sandbox (SAND) is up over 35% this week and might continue to rise.

Bitcoin

Recently, bitcoin price saw a decent increase above the $21,000 level. The price climbed above the $21,500 and $21,600 levels.

However, the price failed to rise towards the $22,000 resistance. It topped near $21,780 and started a fresh decline. There was a move below the $21,250 support and the 21 simple moving average (H1). BTC is now consolidating near the $20,800 level.

BTC Hourly Chart by FXEmpire
BTC Hourly Chart by FXEmpire

If the bears remain in action, there is a risk of a move below the $20,500 level. The main support sits at $20,150, below which the price could gain bearish momentum.

Ethereum (ETH)

ETH also followed a similar pattern after it climbed above the $1,200 level. The price even spiked above the $1,250 level, but there was no test of the $1,300 zone.

The price started another decline and traded below the $1,220 level. There was a break below a key bullish trend line with support near $1,225 on the hourly chart. ETH is now trading below $1,200 and the 21 simple moving average (H1).

ETH Hourly Chart by FXEmpire
ETH Hourly Chart by FXEmpire

If there is a downside extension, the previous resistance at $1,165 could act as a support. The next major support sits near the $1,100 level.

The Sandbox (SAND)

SAND started major drop from the $3.50 resistance zone. The bears gained strength for a move below the $2.20 and $2.00 support levels.

The price settled below the $1.50 level and the 21-day simple moving average. Finally, it traded below the $1.00 level and tested the $0.72 support. A base was formed above the $0.75 level and the price started a steady recovery wave.

SAND Daily Chart by FXEmpire
SAND Daily Chart by FXEmpire

This week, the price gained over 35% and broke the $1.00 resistance. There was a move above a major bearish trend line at $1.00 on the daily chart.

The price is now facing resistance near the $1.250 level. A close above the $1.220 and $1.250 levels may perhaps send SAND price towards the $1.50 resistance zone or even $1.52. The next major resistance sits near the $1.68 level. If not, there is a risk of a fresh decline below the $1.00 level.

ADA, BNB, and DOT price

Cardano (ADA) is struggling to stay above the $0.50 and $0.505 levels. If there is a downside break below $0.48, the price could even test $0.45.

Binance Coin (BNB) is consolidating near the $230 level. If there is a bearish reaction, the price could revisit the $212 support.

Polkadot (DOT) is down 5% and trading near the $7.85 support. The next major support sits at $7.62.

A few trending altcoins are TRX, DOGE, and STX. Out of these, TRX is gaining pace above the $0.068 resistance zone.

This article was originally posted on FX Empire

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