Bitcoin and Ethereum Stuck Below Resistance, LUNA Extends Rally

Bitcoin price started a downside correction from the USD 50,500 resistance. BTC declined below the USD 49,200 support level, but it remained well bid above USD 48,500. It is currently (11:45 UTC) consolidating above USD 49,000, with a major resistance near USD 50,000.

Similarly, most major altcoins are struggling to gain bullish momentum. ETH is facing an uphill task near USD 3,350 and USD 3,380. XRP declined towards USD 1.20 before recovering higher. ADA might soon attempt an upside break above the USD 3.00 resistance.

Total market capitalization

market capSource: www.tradingview.com

Bitcoin price

After a close below USD 50,000, bitcoin price extended its decline below USD 49,200. BTC traded below USD 49,000, but the bulls were active near USD 48,750. The price is rising again, but it is likely to face a major resistance near the USD 50,000 level. A daily close above USD 50,000 could open the doors for a fresh rally.

On the downside, the USD 48,750 level is a short-term support. The next major support is near USD 48,500, below which there is a risk of a drop to USD 47,800.

Ethereum price

Ethereum price was stable compared to bitcoin, but it is facing a key resistance near USD 3,350. The next major resistance is near USD 3,380, above which the price may possibly test USD 3,420. Any more gains could lead the price towards the USD 3,500 level.

If there is a downside break below USD 3,300 and USD 3,280, the price might test USD 3,250. The next major support for the bulls could be USD 3,200.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) is holding the USD 2.80 and USD 2.82 support levels. An immediate resistance is near the USD 2.95 level. The main resistance still stands near the USD 3.00 level. A clear break above USD 3.00 could pump the price towards USD 3.25 in the near term.

Litecoin (LTC) is trading below the USD 192 resistance zone. The next key resistance is near USD 195, above which the price may possibly clear the USD 200 hurdle. If there is a downside correction below USD 180, the price might even test USD 172. The next major support sits near the USD 165 level.

Dogecoin (DOGE) managed to stay above the USD 0.305 and USD 0.300 support levels. Having said that, it is facing resistance near USD 0.330 and USD 0.335. The next major resistance for a larger increase is near USD 0.350. On the downside, the USD 0.300 level could act as important support.

XRP price extended its decline below the USD 1.22 support zone. It even traded close to the USD 1.20 level before the bulls took a stand. The price is now recovering above USD 1.22. A clear break above the USD 1.250 and USD 1.255 levels could set the pace for a larger increase.

Other altcoins market today

Many altcoins gained over 5%, including LUNA, OMG, SC, HBAR, MDX, ENJ, XTZ, SOL, NEO, ZIL, KCS, and MANA. Out of these, LUNA rallied 20% and it surpassed the USD 34.00 level.

Overall, bitcoin price is correcting lower from the USD 50,500 zone. If BTC extends its decline below USD 49,000, it could even test USD 48,200 in the short-term.
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Bitcoin and Ethereum Stuck Below Resistance, LUNA Extends Rally 101

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Updated: 08/24/2021 — 09:00