Bitcoin price remains supported above $42,900, ether price is signaling fresh increase, and BNB could rally towards $500 in the near future.
After a bearish reaction from $45,000, Bitcoin price corrected lower below $44,200. There was a clear move below the $44,000 level and the 21 simple moving average (H1).
The price traded below the $43,400 support zone, but the bulls were active near the $42,900 support zone. The price is slowly rising and is back above the 21 simple moving average (H1). Immediate resistance is near the $44,200 level.
A move above $44,200 could resend the price towards the $45,000 resistance. If not, it could start a fresh decline towards $42,900. The next major support is near the $42,800 level and a key bullish trend line on the hourly chart. A downside break below the trend line might call for a move towards the $41,900 level.
Ether also started a downside correction from the $3,035 zone. It declined below the $2,930 support level and the 21 simple moving average (H1).
The bulls appeared near the key $2,870 support zone. Ether price is now rising and trading above the 21 simple moving average (H1). Immediate resistance is near the $2,950 level.
The main resistance is near the $3,000 zone and a connecting bearish trend line on the hourly chart. A proper move above trend line resistance and $3,035 could further push the price. On the downside, there is a strong support forming near $2,870 and $2,855.
BNB formed a support base above the $320 level. The bulls protected sharp losses below the $300 handle. The price started a steady recovery wave above the $350 resistance.
There was a clear move above the 50% Fib retracement level of the downward move from the $445 swing high to the $325 low. There was also a break above a crucial bearish trend line at $400 on the daily chart.
BNB price settled above $400 and the 21-day simple moving average. It is now consolidating above the 61.8% Fib retracement level of the downward move from the $445 swing high to the $325 low.
The recent breakout and price action suggests BNB could be setting up for a sharp increase towards $445. The next major resistance for the bulls could be $500. If there is no upside break, the price could start a fresh decline below the $400 level. The next major support is near $350.
Cardano (ADA) extended decline below the $0.925 support, but the bulls protected $0.900. If the price stays above $0.920, it could rise towards $0.950 or even $0.965.
Polkadot (DOT) is consolidating above the $18.50 level. However, immediate resistance is near $19.20. A successful break above the $19.20 level might pump the price towards the $20.00 level.
A few trending coins are NEAR, ALGO, ETC, and VET. Out of these, VET surged 10% and might continue to rise towards $0.0585.
Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specializes in market strategies and technical analysis, and has spent over a decade as a financial markets contributor and observer