Crypto Market Today: Bitcoin and Ether Resume Decline, XRP Rally Hits Roadblock

Bitcoin

After a fresh round of selling, bitcoin price extended decline below the $50,000 support. The price settled below the $50,000 level and the 21 simple moving average (H1).

The bears even pushed the price below the $49,000 and $48,800 support levels. It seems like the bears are aiming a test of $48,000. The next major support is near $47,300. Any more losses could send the price towards the $46,000 level.

On the upside, the price is facing resistance near $49,200. The main hurdle is now forming near the $50,000 zone and a key bearish trend line on the hourly chart.

Ether (ETH)

Ether failed to clear the $4,430 and $4,440 resistance levels. It is now moving lower and trading below the $4,300 level. There was also a break below the $4,268 support zone and a close below the 21 simple moving average (H1).

If there are additional losses, the price could decline below $4,200. The next major support is near $4,120 and a bullish trend line with support on the hourly chart.

On the upside, the price could face resistance near the $4,300 level. The main resistance is near the $4,400 level and the 21 simple moving average (H1), above which the bulls could gain strength in the coming sessions.

XRP

XRP started a fresh increase after it formed a base above the $0.700 level. The price gained pace above the $0.750 and $0.800 resistance levels. The price even climbed above the 23.6% Fib retracement level of the downward move from the $1.344 swing high to $0.614 low.

XRP price settled above the $0.800 level, but it is still below the 21 simple moving average (H4). It is now facing resistance near the $0.915 and $0.925 levels. There is also a crucial bearish trend line with resistance near $0.925 on the daily chart.

It coincides with the 38.2% Fib retracement level of the downward move from the $1.344 swing high to $0.614 low. A close above the $0.915 and $0.925 levels may perhaps send the price towards the $1.00 resistance zone. If there is a downside correction, the price might find bids near the $0.800 level.

ADA, BNB, and DOT price

Cardano (ADA) failed to gain strength for a move above $1.38. It is down 5% and trading near the $1.35 level. If there are additional losses, the price could decline towards the $1.32 level. The next major support is near the $1.30 level.

Binance Coin (BNB) is trading well below the USD 600 level. The price is consolidating near the USD 585 level, below which the bears could gain strength. The next key support is $565. If there is a fresh increase, the price might rally if there is a close above $600.

Polkadot (DOT) is down 6% and trading below the $28.00 level. An immediate support is near the $27.50 level. Any more losses could push the price towards $26.20 level. On the upside, the bears might remain active near $28.80.

A few trending coins are WAXP, GALA, and NEAR. Out of these WAXP rallied above USD 0.600, but it could correct lower towards the USD 0.565 level.