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Bitcoin Dives, Ether Reaches Key Support, ATOM Aims Rally

By:
Aayush Jindal

Bitcoin price declined below the $43,000 support, Ether price is testing important support, and ATOM is eyeing a crucial upside break above $30.00.

Cosmos ATOM Bitcoin crypto market

In this article:

Bitcoin

After struggling near $44,800, Bitcoin price started a fresh decline. There was a break below the $44,000 support level and the 21 simple moving average (H1).

The decline gained pace below the $43,500 level. There was a move below a key bullish trend line with support near $43,000 on the hourly chart. The price is now trading below the $42,500 level. Immediate support is near the $42,000 level.

Bitcoin

The next major support sits at $41,650, below which there is a risk of more losses. In the stated case, the price could even test the $40,400 level.

Ether (ETH)

Ether also followed a similar pattern and started a fresh decline from the $3,185 resistance zone. The price declined below the $3,100 level and the 21 simple moving average (H1).

It is now consolidating near the $3,000 zone. There is also a major bullish trend line with support near $3,000 on the same chart. A downside break below the $3,000 support could push the price further lower to $2,950.

Ether

If not, ether price might start a fresh increase above the $3,050 level. The next major resistance on the upside is near the $3,100 level and the 21 simple moving average (H1).

Cosmos (ATOM)

ATOM found support above the $25.00 zone after a strong decline. There were multiple attempts to clear the $25.50 and $25.00 support levels.

However, the bulls defended the $25.00 support zone. A base is formed and the price is now attempting a fresh increase. There was a steady wave above the $26.50 and $27.20 resistance levels. There was a close above the $28.00 level and the 21-day simple moving average.

The price is now attempting an upside break above a major bearish trend line with resistance near $29.80 on the daily chart.

Cosmos (ATOM)

If there is an upside break, the price could rally towards $35.00. It is near the 50% Fib retracement level of the last major decline from the $44.60 swing high to the $25.50 swing low.

If not, ATOM’s price might correct gains and test the $28.00 support. The main support is still $25.00, below which there is a risk of a larger decline.

ADA, BNB, and DOT price

Cardano (ADA) is sliding and trading below the $1.085 level. The next support might be $1.055, below which there is a risk of a larger decline to $1.00.

BNB is down 2% and trading below the $420 support. It seems like the price is approaching the $405 level. If there are additional losses, the price could even dive to $380.

Polkadot (DOT) is moving lower and trading below $19.00. It is now testing the $18.80 support. If there are additional losses, the price might decline towards the $18.00 level.

A few trending coins are NEAR, MANA, and WAVES. Out of these, WAVES might surge if it clears the $10.80 resistance zone.

About the Author

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

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