Crypto Market Today: Bitcoin Struggles, Ether Eyes Fresh High, SOL Outperforms

·3-min read

Bitcoin price is facing a major hurdle near $58,500, while ether price could aim a new all-time high. SOL gained momentum and it might extend gains towards $250.


In the past few sessions, bitcoin price faced a strong selling interest near the $58,000 and $58,500 levels. It is slowly moving lower, but there are many important supports, starting with $56,000. The main breakdown support is near $55,500. A daily close below $55,500 may perhaps start a bearish wave towards the $52,000 level.

If there is another attempt to clear $58,000, there are chances of a move towards $60,000. A daily close above $60,000 could start a steady increase. In the stated scenario, the price could rise towards the $62,500level.

Ether (ETH)

Ether outperformed bitcoin and rallied above the $4,650 resistance level. The bulls are now struggling near the $4,800 level. A convincing move above the $4,800 level could open the doors for a new all-time high. The next key barrier is $5,000. Any more gains may possibly lead the price to $5,500.

If not, there could be a downside correction towards the $4,620 level. The next key support is near $4,550. A downside break below $4,500 may perhaps start a substantial correction.

Solana (SOL)

SOL started a fresh increase after it formed a base above the $180 level. There was a strong upward move above the $200 resistance. During the increase, the price cleared the 50% Fib retracement level of the downward move from the $235 swing high to $181 low.

Besides, there was a break above a major bearish trend line with resistance near $212 on the 4-hours chart. The price settled above the $210 level and the 21 simple moving average (H4).

SOL is now facing resistance near the $222 level. It coincides with the 76.4% Fib retracement level of the downward move from the $235 swing high to $181 low. A close above the $222 and $225 levels may perhaps send the price towards the $235 high. The next key resistance is near the $248 and $250 levels.

If there is a downside correction, the price might find bids near the $208 level and the 21 simple moving average (H4).

ADA, BNB, and DOT price

Cardano (ADA) showing positive signs above the $1.55 level. However, the bears are defending the $1.60 level. A proper H4 close above $1.60 might start a decent increase. The next major resistance above $1.60 is $1.70. If there is a downside correction, the price might find support near the $1.52 and $1.50 levels.

Binance Coin (BNB) is gaining pace above the $625 level. It is up over 4% and trading above the $640 level. An immediate resistance is $650. The main target for the bulls could be $700 in the next few sessions. If not, the price could drop towards the $620 support.

Polkadot (DOT) is slowly moving higher towards the $40 level. If the bulls push the price above $40, there could be a slow and steady wave towards the $50 level. On the downside, the $33.50 level is a decent support.

A few trending coins are LUNA, CRO, and UNI. Out of these UNI is up over 8% and it might accelerate higher towards the $23.50 level.

This article was originally posted on FX Empire


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