Bitcoin and Ether Reach Key Support, Why ADA Could Surge To $1.2

Key Insights:

• Bitcoin started a downside correction and tested the $41,850 support.
• Ether (ETH) tested the key $2,925 support.
• ADA is surging, and it seems like the bulls are aiming for a test of $1.2.

Bitcoin

After climbing above $43,000, bitcoin price faced sellers near $43,450. It started a downside correction and traded below the $42,450 support zone.

There was a clear move below the $42,250 support level and the 21 simple moving average (H1). The price even declined below $42,000, but the bulls appeared near $41,850. They also protected the key increase’s 61.8% Fib retracement level from the $41,000 swing low to $43,400 high.

The next major support sits near the $41,780 level and a bullish trend line on the hourly chart. If the price stays above the trend line support, it could start a fresh increase towards the $43,000 level.

Ethereum (ETH)

ETH also followed a similar pattern from the $3,050 zone. There was a downside correction below the $3,000 level. The price even spiked below $2,970 and the 21 simple moving average (H1).

It tested the key $2,925 support zone and a bullish trend line on the hourly chart. On the upside, it is facing resistance near the $3,000 level. The next key barrier is $3,050, above which the price could start a steady increase.

If not, ether price might slide below the $2,925 support level. The next key support is near $2,880, below which the bears might aim a test of $2,800.

Cardano (ADA)

Cardano (ADA) formed a strong support base above the $0.7500 level. It started a steady increase above the $0.8000 and $0.8200 resistance levels.

There was a clear move above a major bearish trend line at $0.8800 on the daily chart. The price climbed above the $0.9000 resistance and the 21-day simple moving average. Besides, the price rallied above the 50% Fib retracement level of the downward move from the $1.255 swing high to $0.750 low.

It is now showing positive signs above the $1.00 level. The bulls are attempting a clear move above the 61.8% Fib retracement level of the downward move from the $1.255 swing high to $0.750 low.

If they succeed, the price could rally further towards the $1.20 level. If not, the price might correct lower and test the $0.9500 support zone in the near term.

BNB and DOT price

Binance Coin (BNB) is consolidating above the $400 support zone. If the bulls remain active, the price might climb higher towards the $420 and $425 levels.

Polkadot (DOT) is in the green zone and gaining pace above the $20.00 level. The next major resistance is near $21.20, above which the price could rise to $22.00.

A few trending coins are ETC, APE, and LRC. Out of these ETC is gaining pace above the $45 resistance level and might clear $50.