Bitcoin and Ethereum Struggle to Break Resistance, LUNA Dives
Bitcoin price attempted a close above the USD 38,000 resistance zone, but failed and dropped below USD 37,000 in a few hours today. It is currently (04:21 UTC) trying to recover above USD 37,000.
Similarly, most major altcoins are also moving lower. ETH topped near USD 2,650 and declined below USD 2,550. XRP is down 5% and trading below USD 0.60. ADA is struggling to stay above the USD 1.00 support zone.
Total market capitalization
After a key rejection above USD 38,500, bitcoin price started a downside correction. BTC traded below the USD 37,500 pivot level and is now struggling to stay above the USD 37,000 level. An immediate support is near the USD 36,500 level. The next major support is near USD 36,000, below which the price could accelerate lower.
On the upside, the price is facing resistance near the USD 37,500 level. The next major resistance is near USD 38,000, above which the price might gain bullish momentum.
Ethereum price failed to clear the USD 2,650 resistance zone. ETH started a fresh decline below the USD 2,600 level. It is now trading near the USD 2,500 level. On the downside, an initial support is near the USD 2,500 level. The next major support is near USD 2,450, below which the price might retest USD 2,320.
If there is another increase, the price could face resistance near the USD 2,600 level. The main weekly resistance is now forming near USD 2,650.
Cardano (ADA) failed again to clear the USD 1.08 resistance. There was a fresh decline and the price is now trading near USD 1.02. The main support is near USD 1.00, below which there is a risk of a larger decline.
Binance coin (BNB) failed to test the USD 400 pivot level and started a fresh decline. BNB is trading below USD 375 and might even decline below USD
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