Bitcoin price started a strong decline last weekend below the $40,000 support. BTC traded below the $35,000 level and entered the bearish zone. It's currently hovering around $35,000.
Similarly, most of the major altcoins have experienced sharp drops. ETH traded below the $2,650 support zone. XRP slumped below $0.60. ADA fell sharply and made a solid move below $1.00 before recovering.
Bitcoin price has dropped below the $40,000 support in the past two days. BTC fell sharply below the $38,000 and $37,000 levels. It broke the $35,000 support and tested $34,000. It is currently recovering and facing resistance near $35,500. The next major resistance is near $36,500, above which the price could start a rise towards $38,000. An initial support on the downside is near the $34,500 level. The next major support is near $34,000, below which the price could continue its decline.
Ethereum price also started a major decline below the $3,000 support level. ETH settled below the $3,650 level. It tested $2,400 and is currently consolidating losses. On the upside, the closest resistance is near $2,500. The next key resistance is near $2,650, above which the price could start a strong correction. An initial support is near the $2,400 level. The next major support is near $2,350, below which the price could decline towards $2,120.
ADA, BNB, SOL, DOGE and XRP price
Cardano (ADA) gained bearish momentum below $1.10. It even dropped below $1.00 before recovering. The price is back above $1.00, but it is facing resistance near $1.12.
Binance coin (BNB) settled below the $400 level and tested $350. If there is a recovery, the old supports near $385 and $400 could act as strong hurdles. On the downside, the main support is near $350.
Solana (SOL) is down about 6% and a daily close below $100 was achieved. If the bears stay active, the price could decline towards the $75 level. The next major support is near the $66 level.
DOGE is struggling to stay above the $0.135 level. If there is a clear downside break, the price could decline towards $0.120. The next major support is near the $0.105 level.
XRP price is consolidating near the $0.60 level. The closest support is around the $0.580, level. The next key support is near $0.550, below which a sharp drop towards $0.50 is likely.
Latest situation in other altcoins
Many altcoins fell more than 5%, including DOT, MATIC, UNI, NEAR, ALGO, TRX, HBAR, VET and SAND. On the other hand, ATOM is up about 8% in one day, breaking above $32, cutting its weekly losses below 25%. CRO is up nearly 6% in one day to approach $0.366, cutting its weekly losses to 21%.