It looks like the dark clouds of a price decline that were forming over the cryptocurrencies are moving away as today morning, Bitcoin and altcoins saw a slight increase in their prices and an increase in the trading volume as well.
Bitcoin and Ethereum noticed a significant price change as the price climbed towards the resistance levels and broke them. Bitcoin traded close to $8,600, and many analysts have said that the recent 224 BTC trade carried out by Bakkt’s Bitcoin futures is the reason behind this price surge.
Let’s see what the charts have to say:
With a sudden surge in the price, it seems like the bears are losing their grip on the market as the bulls try to push the price away from the support levels and towards the resistance levels. This push was much needed in the market after spending weeks of decline.
Currently, Bitcoin is trading at $8520.68 as the price faces a decline in the charts. Strong resistance can be seen near the $8,700 as the price declined after reaching $8,650. Immediate support can be seen, forming near the $8,400 support levels. The 50% Fib retracement level for the chart is also present at $8,410 level.
In case the downward correction continues, we can expect the price to reach the $8,400 level and decline further. A further decline will make it test the support levels of $8,200 and further. If the bulls hold the market again, we can see the price going beyond the $8,700 resistance level and aim for $8,900 and $9,000 resistance levels.
Ethereum was already facing a slightly bullish trend as the altcoin was performing better as compared to its rivals. This bullish trend further improved as the price went beyond the resistance level of $195.
Currently, ETH is trading at $190.04 with strong resistance forming near $196, and immediate support can be seen forming near $187. The price faced a slight decline after breaking the resistance level of $195. The 50% Fib retracement level is present at $187.
In case ETH faces another bullish trend, we can expect the price to break the $196 resistance and head towards the $200 major resistance. If a downward trend continues, we can expect the price to go beyond $187 and test the support levels of $184 and further.
The upward correction that was witnessed in the charts was soon changed into a downward correction. XRP reached the level of $0.2860, but soon, the price started declining, testing the support levels available for XRP.
Currently, XRP is trading at $0.2710, where strong resistance can be seen at $0.2830, and immediate support is forming near $0.2670. The 50% Fib retracement level is present at $0.2770.
In case the downward correction continues, we can expect the price to reach the support levels of $0.2670 and further test the support level at $0.2620. If the price decides to climb, we can expect the price to head towards the resistance levels of $0.2830 and further rally towards $0.2880 and $0.2900.
Litecoin is facing a hard time maintaining the bullish trend that enters the charts. LTC moved away from the support levels of $54 and started an upward correction, but the bulls couldn’t hold it for longer.
Currently, LTC is trading at $58.08 as the price struggles to go beyond the $60 resistance levels. Immediate support can be seen, forming near $57 as the price faces a slight downward correction.
In case the price continues to go down, we can expect the price to go beyond the support level of $57 and test the support levels present at $55-$54. In case the price moves upwards, the price will go beyond the resistance level of $60 and head towards the resistance levels of $62.
Over the past few days, Cardano has managed to stay above the $0.0365 support level as the trading volume was very low. The price continued slowly towards the resistance areas and broke the resistance of $0.0380.
Currently, ADA is trading at $0.0414 as the price struggles to go beyond the resistance level of $0.0430. Immediate support can be seen forming near the $0.0400. The moving averages are above the tradeline, and the RSI is below 50%.
In case the downward correction continues, we can expect the price to hit the support levels of $0.0400 and further test the levels at $0.0390. If the price goes upwards, the price will likely go beyond the resistance level of $0.0430 and aim for the major resistance at $0.0437 and $0.0440.