Bitcoin and Ether Resume Slide, Why ADA Could Rally Again
After multiple failures above $43,500, Bitcoin price started a fresh decline. There was a clear break below the $43,000 and $42,000 support levels. It is sliding steadily and seems like the price could decline towards the $41,250 level.
The next major support sits near the $40,400 level, below which there is a risk of a larger decline.
If there is a fresh recovery, the price could face resistance near the $42,000 level. The main breakout zone is now forming near the $42,400 level and a connecting bearish trend line on the hourly chart.
Ether also failed to surpass the $3,400 resistance zone. There was a fresh bearish reaction below the $3,300 support zone. The price declined below the $3,200 support zone and the 21 simple moving average (H1).
It is slowly moving lower and declining towards the $3,100 support. The next key support is near $3,000, below which the bears might aim a larger downtrend.
On the upside, there is a key bearish trend line forming with resistance near $3,170 level on the hourly chart. The next key barrier is $3,250, above which the price could start a steady increase.
Cardano (ADA) started a major decline from well above the $2.20 level. ADA declined below a couple of important support levels and extended decline below $1.50.
However, it found support near the $1.20 zone. A base was formed near $1.20 and started a fresh increase. There was a clear move above the 23.6% Fib retracement level of the downward move from the $2.32 swing high to $1.08 low.
There was also a move above a connecting bearish trend line with resistance near $1.25 on the daily chart. ADA settled above the $1.40 level and the 21-day simple moving average.
It tested the $1.60 level and is currently correcting lower. It is slowly moving lower and declining towards a major support at $1.45 and $1.42. Any more losses might find a strong buying interest near $1.25.
A downside break below $1.25 might start a strong bearish wave. The next stop for the bears could be $1.05. On the upside, the price is facing resistance near the $1.55 level.
The next major resistance is $1.72 and the 50% Fib retracement level of the downward move from the $2.32 swing high to $1.08 low, above which it could rise towards $2.00.
BNB and DOT price
Binance Coin (BNB) is moving lower towards the $450 support zone. A clear break and close below $450 could push the price towards the $420 level. The next major support is near the $400 level.
Polkadot (DOT) is down 5% and is trading well below the $28.00 level. An immediate support is near the $24.00 level. The main support is near $22.50, below which the price could dive towards $22.00.