Bitcoin, Ether and Doge Decline Heavily, Are Bears Done Yet

Key Insights

• Russia’s attack sparked a major decline in the crypto market.
• Bitcoin declined nearly 10% in just two sessions.
• Ether dropped to test $2,300.

Bitcoin

The Bitcoin price started a major decline below the $38,000 support in the past three sessions. BTC declined over 10% and traded below the $36,500 support.

There was also a move below the $35,000 support, and the price settled below the 21 simple moving average (H1). Then, it traded towards the $33,200 level, where it found buying interest. The price started a steady increase and recovered above $35,000.

On the upside, bitcoin is facing resistance near the $36,000 level and the 21 simple moving average (H1). A clear break above the $36,000 zone might push the price towards $36,800.

Ether (ETH)

Ether also declined over 10% and traded below the $2,550 support zone. It even broke the $2,380 support and tested the $2,300 level.

ETH tested the $2,300 zone and settled below the 21 simple moving average (H1). It is now correcting losses and trading above the $2,400 level. On the upside, the price faces resistance near the $2,450 and the 21 simple moving average (H1).

An upside break above the $2,450 level could increase the chances of a move above the $2,500 zone in the near term. If not, there is a risk of a fresh decline towards the $2,300 level.

Dogecoin (DOGE)

DOGE failed to clear the $0.1750 resistance level and started a major decline. There was a drop below the $0.1620 and $0.1500 support levels.

The decline gained pace below the $0.1500 level and the 21-day simple moving average. There was also a break below the 76.4% Fib retracement level of the last key upward move from the $0.1200 swing low to the $0.1750 swing high.

It is now trading below the main $0.1200 support level. The next major support could be $0.1000 or even $0.090 (1.618 Fib extension level of the last key upward move from the $0.1200 swing low to $0.1750 swing high).

If there is a recovery wave, the price might face resistance near the $0.1200 level. There is also a key bearish trend line with resistance near $0.1300 on the daily chart.

ADA, BNB, and DOT price

Cardano (ADA) declined close to 20% and traded near the $0.75 level. It is now recovering losses and trading above $0.80. The key barrier is now forming near $0.85.

Binance Coin (BNB) tested the $325 support zone, where the bulls emerged. It is now back above $340, but the bears might remain active near $350.

Polkadot (DOT) declined towards the $14.00 level. It is now correcting above $15.00, but there could be a major hurdle waiting near $15.80.

A few trending coins are LUNA, ANC, and KLAY. Out of these, ANC is showing positive signs above the $2.85 resistance level.