Bitcoin and Ether Consolidate Losses, Why XRP Could Rally Again

Bitcoin

In the past few days, bitcoin price saw a downside correction from well above $45,000. There was a break below the $42,850 support level and the 21 simple moving average (H1).

The price even broke the $42,000 support zone, but the bulls were active near the $41,850 zone. The price is now consolidating and slowly moving higher above $42,500 and the 21 simple moving average (H1). There was a clear move above a key bearish trend line with resistance near $42,300 on the hourly chart.

An immediate resistance is near the $42,850 level. The next major resistance is near the $43,000 level, above which the price could rise to $44,500. If not, the price could resume decline towards $41,200 or even $40,500.

Ether (ETH)

Ether also followed a similar path and broke the $3,000 support zone. There was also a move below the $2,920 support and the 21 simple moving average (H1).

A base is formed near $2,835 and the price is now recovering. It broke the $2,900 resistance and the 21 simple moving average (H1). Besides, the price surpassed a key bearish trend line with resistance near $2,910 on the hourly chart.

The next key resistance is near the $3,000 level. Any more gains may perhaps call for a test of the barrier at $3,060.

XRP

XRP started a fresh increase after it formed a base above the $0.5550 level. The price gained pace above the $0.6200 and $0.7000 resistance levels. It even broke a major bearish trend line at $0.7300 on the daily chart.

Finally, there was a move above the $0.8500 resistance and the 21-day simple moving average. A high was formed near 0.9150 and recently there was a downside correction.

The price dipped below the $0.8500 support zone. There was a break below the 23.6% Fib retracement level of the upward move from the $0.5600 swing low to $0.9200 high. It is now consolidating above the $0.7500 support level.

The next major support is near the $0.7350 level. It is near the 50% Fib retracement level of the upward move from the $0.5600 swing low to $0.9200 high. As long as XRP is above $0.7350 and $0.7200, it could start a fresh increase. An immediate resistance sits near the $0.8500 level.

A successful break above the $0.8500 resistance zone could open the doors for a larger increase. In the stated case, the price could rise to $1.00.

ADA, BNB, and DOT price

Cardano (ADA) remained stable above $1.00 and recently corrected higher to $1.05. If there are additional gains, the price could test the $1.08 resistance zone.

Binance Coin (BNB) tested the $390 zone before the bulls appeared. The price is back above $400 and might rise to $405. The next major resistance is near the $412 level.

Polkadot (DOT) settled below the $20.00 level. It is now stuck near $18.80. A downside break below $18.50 could send the price to $17.50.

A few trending coins are KLAY, XYM, and WAXP. Out of these, WAXP is attempting an upside break above the $0.3500 resistance.