BTC price started a consolidation phase above the $38,000 level. Leading altcoin ETH is facing resistance around $2,900 while Cardano token ADA is attempting a close above the $0.80 resistance.
Bitcoin price rallied after a close above $38,000 and climbed above $39,000. However, the bears were active near the $39,200 region. As a result, the price erased the gains and settled below $38,800. An initial support on the downside is near the $38,200 level. The next major support is near $38,000, below which the price could decline sharply. The closest resistance is near the $39,000 level. The main hurdle is currently forming near the $39,200 level, above which the price could rise towards $40,000.
Ethereum price recovered above the $2,850 resistance level and climbed above $2,880, but it failed to rise further. The price remained below the $2,900 level and it is currently consolidating losses near $2,850. ETH did not change in a day and fell 5% in a week. The main resistance is still near the $2,920 level, above which the price could start a decent increase. An initial support is near the $2,815 level. The next major support is near the $2,800 level, below which the price could revisit $2,750.
A Development That Delights ALGO Investors
Several altcoins are in the green zone, including LUNA, AVAX, LTC, LEO, ALGO, SAND, HNT, OKB, MINA, and XEM. Apart from these, ALGO increased by 19% and exceeded the level of $ 0.70 after FIFA, the worldwide authority of football, announced that it had agreed to a sponsorship and technical partnership agreement by partnering with blockchain company Algorand. According to their announcement, Algorand will become FIFA's official blockchain platform and offer the official blockchain powered wallet solution. In addition, Algorand will be the Regional Supporter of the 2022 FIFA World Cup Qatar in North America and Europe and the Official Sponsor of the FIFA Women's World Cup Australia and New Zealand.
Cardano (ADA) is rising towards the $0.80 resistance. A close above this level could push the price towards $0.820. The next key resistance is near the $0.85 level. BNB is consolidating near the $390 level. On the upside, a key breakout zone is near the $398 and $400 levels. On the downside, the $380 level is a major support.
Solana (SOL) settled below the $90 level. An initial support on the downside is near the $85 level. The next major support is near the $82 level. DOGE is consolidating above the $0.130 level. The price is facing resistance near the $0.133 level. The first major resistance is currently forming near the $0.135 level. XRP price is rising towards the $0.632 resistance. If there is a clear move above $0.632, the price could attempt a move above the $0.65 level in the short term.