BTC price started a downside correction from the $43,400 zone and traded below $42,000. It is consolidating around $42,000, but it could decline to the $41,550 support. Similarly, most major altcoins are trading near key support levels. ETH is struggling to stay above $2,920. XRP is facing resistance near the $0.85 area. ADA could gain momentum above the $1.00 resistance area.
Bitcoin price dropped 2% in one day. BTC traded below $42,000 but bulls blocked further losses. The next major support is near $41,550, below which the price could gain bearish momentum in the short term. On the upside, the price might face resistance near the $42,500 level. The next major resistance is near the $43,000 level, above which the price could start a steady rise.
Ethereum also tested the $2,920 support level before correcting higher. If it fails to stay above the $2,920 level, there could be a decline towards the $2,850 level. The next major support is near the $2,750 level, where the bulls could emerge. On the upside, an initial resistance is near the $3,000 level. The next key resistance is near the $3,050 level, above which the price could gain bullish momentum.
Latest Status in Altcoins
Cardano (ADA) is showing positive signs above the $0.98 resistance zone. The main hurdle is currently near the $1.00 level. A close above $1.00 could lead to a larger increase. BNB is consolidating near the $400 level. The first major hurdle is near the $412 level. A move above the $412 level could lead to more gains. Otherwise, the price could decline towards $388. Solana (SOL) is stuck near the $90 level. The closest resistance is near the $92 level. The next key resistance is near $95, above which the price could test $100. DOGE failed to clear the $0.125 resistance level. On the downside, the $0.120 level could act as a support. If there is a downside break, the price could test the $0.115 level. XRP price is showing positive signs near the $0.82 zone. The main resistance is near the $0.85 level, above which the price could rise in the short term.
A few altcoins are in the green, including CRO, ETC, ICP, FIL, APE, THETA, HNT, NEO, LRC, and KSM. Apart from these, LRC is up 41%, breaking the $1.18 level, bringing its weekly gains to around 77%.
Loopring, or LRC coin, aims to create an open protocol for scalable, unattended, orderbook-based exchanges on Ethereum by leveraging zero-knowledge proofs. The LRC coin project team claims that with zkRollup, Loopring 3.0 can process 2,025 transactions per second while guaranteeing the same level of security as the underlying Ethereum blockchain. loopring.io currently offers 4 trading pairs: LRC/ETH, ETH/DAI, ETH/USDT and USDT/DAI.