Key Insights
- Bitcoin gained bullish momentum above $42,500 and $44,000.
- Ether was able to gain strength for a move above $3,000.
- SOL broke a major hurdle to move into a positive zone.
Bitcoin
After forming a base above the $37,200 level, Bitcoin price started a strong increase. BTC was able to clear the $39,500 and $40,000 resistance levels.
The price even settled above the $42,500 level and the 21 simple moving average (H1). It is now consolidating near the $44,500 level. A clear move above the $45,000 level might push the price further higher towards the $46,200 level.
If there is a downside correction, the price might test the $43,800 support. The next major support is seen near the $43,500 level.
Ether (ETH)
Ether also started a major increase from the $2,570 support zone. The price was able to clear the $2,850 resistance zone and the 21 simple moving average (H1).
The upward move was such that the price rallied above the $2,950 resistance. It is now consolidating above the $3,000 level. An immediate hurdle is near the $3,050 level. A clear move above the $3,050 level could set the pace for a larger increase.
The next key barrier is $3,120, above which the price could revisit the $3,200 resistance. If there is a downside correction, the price might find bids near the $2,950 level.
Solana (SOL)
SOL declined steadily after there was a clear move below the $110 support. The price even broke the $95 support level and settled below the 21-day simple moving average.
However, the bulls again protected the $80.00 support zone. A base was formed and the price started a fresh increase above the $85.00 resistance. The price even cleared a key bearish trend line with resistance near the $82.00 level on the daily chart.
It also surpassed the 38.2% Fib retracement level of the downward move from the $121 swing high to $76.50 swing low. It is now facing resistance near the $100.00 level.
The 50% Fib retracement level of the downward move from the $121 swing high to $76.50 swing low is acting as a resistance. However, the current price action and the recent upside break suggest that the bulls are aiming for a larger increase towards the $120 level.
ADA, BNB, and DOT price
Cardano (ADA) is gaining pace above the $0.95 level. It is up 10% and the bulls are aiming a close above the key $1.00 resistance zone.
Binance Coin (BNB) surged over 10% and was able to clear the $400 hurdle. If the bulls remain active, the price could rise towards the $420 level.
Polkadot (DOT) is up 10% and trading above the $18.50 level. Immediate resistance is near $19.20, above which the price could rise to $20.00.
A few trending coins are LUNA, AVAX, and SHIB. Out of these AVAX rallied over 20% and broke the 85 level.
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