Bitcoin and Ether Near Crucial Juncture, XRP Rally Gathers Pace

Aayush Jindal
3 min read
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Bitcoin

After forming a base above $46,000, bitcoin price started a fresh increase. There was a strong move above the $48,000 resistance zone and the 21 simple moving average (H1).

The price even spiked above the $49,000 level, but the bears were active near $49,500. It is now correcting lower below $49,000. There was a break below a key rising channel with support near $48,900 on the hourly chart.

However, there is a major support near $48,000. If bitcoin price is above $48,000, it could surge above the $50,000 resistance.

Ether (ETH)

Ether broke the $4,000 resistance to move into a positive zone. However, the bears are defending the $4,060 resistance zone. It is now declining and trading below $4,020.

There was a break below a connecting bullish trend line at $4,020 on the hourly chart, and the 21 simple moving average (H1). On the downside, there is a crucial support forming near $3,900.

To continue higher, ether price must clear the $4,060 resistance. If not, there is a risk of a move below the $3,900 support zone in the near term.

XRP

XRP started a fresh increase after it formed a base above the $0.7650 level. The price gained pace above the $0.800 and $0.900 resistance levels. Besides, there was a clear break above a major bearish trend line at $0.820 on the hourly chart.

The bulls even pushed the price above $0.9200. However, it is still well below $1.00. It is correcting gains and already tested the 23.6% Fib retracement level of the upward move from the $0.7816 swing low to $0.9788 high.

The main support on the downside is near the $0.8800 level and the 21 simple moving average (H4). There is also a connecting bullish trend line at $0.8800 on the 4-hours chart. The trend line is close to the 50% Fib retracement level of the upward move from the $0.7816 swing low to $0.9788 high.

On the upside, the price could gather pace above the $0.9800 resistance zone. In the stated case, the price could rally further above $1.00.

ADA, BNB, and DOT price

Cardano (ADA) gained 7% and there was a clear move above the $1.32 level. The price even surpassed $1.35, and it could rise further towards $1.38. On the downside, there is a major support forming near $1.30.

Binance Coin (BNB) gained pace above the USD 540 level. It is now consolidating below USD 550. If there is an upside break above USD 550, the price may perhaps rally towards the USD 570 level.

Polkadot (DOT) rallied 10% and there was a break above the $27.00 level. On the upside, the bears might remain active near $28.00. If they fail, the price could rise towards the $30.00 level.

A few trending coins are NEAR, SHIB, and AAVE. Out of these, NEAR rallied over 30% and there was a move above the USD 11.20 level.

This article was originally posted on FX Empire

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