Bitcoin and Ether Gain Momentum, Why SOL Rally Could Face Hurdles

Bitcoin

After forming a base above the $37,000 level, Bitcoin price started a decent increase. BTC was able to clear the $37,500 and $38,000 resistance levels.

The price even settled above the $38,500 level and the 21 simple moving average (H1). It is now consolidating near the $39,000 level. A clear move above the $39,000 level might push the price towards the $40,000 level.

If not, the price could start a downside correction towards the $37,500 level in the near term. The next major support is seen near the $36,500 level.

Ether (ETH)

Ether also started a major increase from the $2,500 support zone. The price was able to clear the $2,650 resistance zone and the 21 simple moving average (H1).

The upward move was such that the price rallied above the $2,750 resistance. It is now consolidating near the $2,800 level. There is also a key bullish trend line forming with support near $2,700 on the hourly chart.

An immediate hurdle is near the $2,850 level. A clear move above the $2,850 level could set the pace for a larger increase. The next key barrier is $3,000, above which the price could revisit the $3,200 resistance.

If there is a downside correction, the price might find bids near the $2,700 level and the trend line, below which there is a risk of a sharp decline.

Solana (SOL)

SOL declined steadily after there was a clear move below the $120 support. The price even broke the $100 support level and settled below the 21-day simple moving average.

It tested the $80 support zone, where the bulls took a stand. As a result, there was an upside correction above the $88 and $90 levels. Today, the price rallied over 15% and traded above the $100 barrier.

However, the price could soon face hurdles near the $115 level and the 21-day simple moving average. If there is a clear move above $115 and $120, the price could rise towards the 38.2% Fib retracement level of the downward move from the $250 swing high to the $80 swing low.

If there is a bearish reaction, the price could test $100. The next major support is near $88, below which there is a risk of a move below $80.

ADA, BNB, and DOT price

Cardano (ADA) is gaining pace above the $1.05 level. If the bulls remain in action, the price could rise above $1.08 and $1.10. The next major resistance is near $1.15.

Binance Coin (BNB) is still below the $400 resistance level. To start a major increase, the price must settle above $400. If not, it could decline to $350.

Polkadot (DOT) is up 10% and trading above the $19.50 level. Immediate resistance is near $20.00, above which the price could rise to $22.50.

A few trending coins are ATOM, LEO, and EGLD. Out of these EGLD is up 10% and there was a clear move above the USD 150 level.