BTC and ETH Signal Downside Correction, BNB Faces Hurdle
Bitcoin price is struggling to settle above $39,000, Ether price started a fresh downside correction from $2,800, and BNB is facing a strong resistance near $400.
Bitcoin After a steady recovery wave, Bitcoin price moved above the $39,000 level. However, there was no proper close above $39,000. As a result, there was a fresh decline from the $39,200 zone.
The price traded below the $38,500 support level and the 21 simple moving average (H1). It even traded below the $38,000 level. An immediate support is near the $37,800 level and a connecting bullish trend line on the hourly chart.
A downside break below the trend line might call for a move towards the $37,000 level. The next major support sits at $36,200.
Ether (ETH) Ether also saw a couple of rejections near the $2,800 and $2,810 levels. As a result, there was a bearish reaction below the $2,750 level.
The price even settled below the $2,750 level and the 21 simple moving average (H1). Besides, there was a break below a key bullish trend line with support near $2,760 on the hourly chart. The next key support is near $2,700, below which ether price might visit the $2,620 level in the near term.
BNB BNB started a major decline from well above the $500 pivot level. The bears were able to push the price below the $450 support level and the 21-day simple moving average.
The decline gained pace below the $400 level. Finally, the bulls appeared near the $340 zone. It is now attempting a recovery wave above the $360 level. The price moved above the 23.6% Fib retracement level of the downward move from the $506 swing high to $338 low.
However, the bears are now defending the $400 resistance zone. The next major resistance is near the $420 level and the 21-day simple moving average. It is near the 50% Fib retracement level of the downward move from the $506 swing high to $338 low.
There is also a crucial bearish trend line with resistance near $435 on the daily chart. A clear move above the trend line resistance could lead the price towards the $450 zone. The next key resistance is near $500.
If there is no upside break, the price could start a fresh decline below the $350 level. The next major support is near $320.
ADA and DOT price Cardano (ADA) spiked above the $1.10 level, but there was no upside continuation. It is back to $1.05 and there is a risk of more losses. In the stated case, the price may perhaps decline to $1.00.
Polkadot (DOT) failed to stay above the $20.00 level. It is slowly moving lower and trading near $19.50. The next major support is $19.20, below which the bears might aim a test of the $18.40 level.
A few trending coins are ICP, LEO, ETC, and XTZ. Out of these LEO surged above the $4.20 level before there was a downside correction.
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