Bitcoin Stuck in a Range, Ethereum Rallies, LUNA and STX Outperform

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Bitcoin Stuck in a Range, Ethereum Rallies, LUNA and STX Outperform
Blockonomics


 

Bitcoin price is still struggling to gain pace above USD 58,000.Ethereum surged 7%, XRP is consolidating near the USD 1.00 level.LUNA and STX are up over 10%.

Bitcoin price made another attempt to gain strength above USD 58,500 but failed. BTC is currently (04:22 UTC) trading in a range above USD 57,000. To start a fresh surge, the price must gain momentum above USD 58,500.

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Besides, most major altcoins are showing positive signs. ETH is up 7% and there was a break above the USD 4,700 level. XRP is attempting a proper close above the USD 1.00 resistance zone. ADA must clear the USD 1.60 and USD 1.62 levels to start a stronger increase.

Total market capitalization

Source: tradingview.com

Bitcoin price

After another rejection above USD 58,500, bitcoin price corrected lower. BTC tested the USD 56,250 support zone and is currently consolidating near USD 57,300. On the upside, the price is facing resistance near the USD 58,000 level. The next major resistance is near the USD 58,500 level, above which the price could accelerate higher.

On the downside, an initial support is near the USD 56,250 level. The next major support is now forming near the USD 55,500 level, below which the price might drop further.

Ethereum price

Ethereum price gained pace for a move above the USD 4,500 and USD 4,650 resistance levels. ETH is up 7% and it broke the USD 4,700 level. The price is targeting the USD 4,800 level, above which the price could rise towards the USD 5,000 level.

If there is a downside correction, the price might find support near the USD 4,650 level. The next major support is near the USD 4,550 level.

ADA, BNB, SOL, SHIB, and XRP price

Cardano (ADA) is still stuck below the USD 1.60 resistance. The next major resistance is near USD 1.62, above which the price could rise steadily. If not, it could drop towards the USD 1.50 support.

Binance coin (BNB) is rising and gaining pace above USD 625. It seems like the bulls are aiming for a test of the USD 650 level. The next major hurdle is near the USD 655 level, above which the price could test USD 675.

Solana (SOL) is moving higher above the USD 200 level and is up 6% in a day. An immediate resistance is near USD 215, above which the price could rise towards the USD 225 level. Any more gains may possibly push the price towards the USD 240 level.

SHIB tested the USD 0.000055 level before dropping 4% in a day. It is now back below the USD 0.000050 level and approaching the USD 0.0000450 support level.

XRP price is consolidating near the USD 1.00 level. A proper close above the USD 1.00 level may push the price towards the USD 1.05 level. If there is no clear break, the price could correct lower below USD 0.95. The next major support is near the USD 0.92 level.

Other altcoins market today

Many altcoins are up over 5%, including STX, VGX, LUNA, RUNE, KCS, NEXO, UNI, CRV, QTUM, ALGO, and MATIC. Out of these, STX gained 32% and surpassed the USD 3.10 level before correcting lower.

Overall, bitcoin price is still facing hurdles above the USD 58,000 level. A close above USD 58,500 may perhaps start a stronger increase towards USD 60,000.

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