BTC and ETH Face Uphill Task, TRX Could Extend Rally

Key Insights:

• BTC is attempting a recovery wave but faces a hurdle near $39,150.
• Ether (ETH) is trading well below $2,900.
• TRX has surged over 15% and may rally further if it clears $0.0720.

Bitcoin (BTC)

After a sharp decline, the bitcoin price found support near the $37,500 zone. A base was formed and the price started an upside correction above the $38,000 level.

The price was able to recover above the $38,500 resistance and the 21 simple moving average (H1). It is now facing resistance near the $39,150 level or the 50% Fib retracement level of the downward move from the $40,400 swing zone to the $38,500 region.

The next major resistance sits near $39,500 and a connecting bearish trend line on the hourly chart. A close above $39,150 and $39,500 is a must for a steady upward move. If not, the price might resume its decline below $38,000.

Ethereum (ETH)

ETH also followed a similar pattern, after it declined towards the $2,720 level. The price started a recovery wave above the $2,750 level and the 21 simple moving average (H1).

The price even climbed above the $2,800 resistance, but the bears were active near $2,865. Ether price is now moving lower and trading below $2,820. There is also a key bearish trend line with resistance near $2,870 on the hourly chart.

If ether price stays below $2,865 and $2,870, it could resume its decline. The next major support sits near the $2,720 level.

Tron (TRX)

TRX formed a strong base above the $0.0575 level. As a result, there was a bullish reaction above the $0.0650 resistance zone.

The price climbed above the $0.0680 resistance and the 21-day simple moving average. It even moved above the 50% Fib retracement level of the downward move from the $0.080 swing zone to the $0.0575 low.

It is now facing a major resistance near the $0.0720 zone a bearish trend line on the daily chart. If there is a clear move and close above $0.0720, TRX could extend the rally.

The next key resistance on the upside may perhaps be near $0.080 or $0.0850. If there is no upside break, the price could revisit the $0.0620 support zone.

ADA, BNB, and DOT price

Cardano (ADA) is still struggling below the $0.800 resistance zone. It is moving lower and there is a risk of a move towards the $0.750 level.

Binance Coin (BNB) attempted a fresh increase above the $392 resistance but failed. It is now trading below $390 and might even test $382.

Polkadot (DOT) declined heavily below the $16.20 and $15.50 support levels. If the bears remain active, there is a risk of a move towards the $14.00 level.

A few trending coins are LUNA, SAND, and RUNE. Out of these, LUNA gained pace and recovered above the $84.00 level.