Crypto Market Today: Bitcoin and Ether Struggle, MATIC Aims Additional Gains
Bitcoin price is still struggling below $58,000, ether price trimmed gains and traded 5% lower, and MATIC could aim more gains above the $2.00 level.
After facing hurdles near $58,000, bitcoin price started another decline. BTC traded below the $57,000 and $56,000 levels. It traded close to $55,500 before the bulls appeared. The price is now correcting losses and trading above $56,000. The first hurdle for the bulls could be $57,000, but the main hurdle is still near $58,000. A proper H4 close above $58,000 is must for a move towards the $60,000 level.
If the bulls fail, the price could resume decline below $55,500. The next key support is near $55,000, below which there is a risk of a move towards the $53,500 level.
Ether failed to stay in the bullish zone after it failed to clear the $4,800 level. There was a bearish reaction below the $4,650 and $4,600 levels. Ether price even moved below $4,500 briefly before recovering higher. It is now facing resistance near the $4,600 level. The next key barrier is $4,720, above which the price could revisit the $4,800 resistance zone.
If there is another decline, the price could decline towards the $4,500 level. The next key support is near $4,420. A downside break below $4,420 may perhaps push the price to $4,200.
MATIC started a fresh increase after it formed a base above the $1.60 level. There was a strong upward move above the $1.80 resistance. During the increase, there was a break above a major bearish trend line with resistance near $1.85 on the 4-hours chart.
The price even spiked above the $2.00 resistance level. It tested the $2.20 resistance zone and is currently correcting lower. It traded below the $2.10 level, and even broke the 23.6% Fib retracement level of the recent increase from the $1.50 swing low to $2.20 high.
However, the price is still above the $2.00 level and the 21 simple moving average (H4). An initial support on the downside is near the $2.00 zone. The first major support sits near the $1.85 level or the 21 simple moving average (H4).
The 50% Fib retracement level of the recent increase from the $1.50 swing low to $2.20 high is also near the $1.85 level. On the upside, MATIC is now facing resistance near the $2.05 level. A close above the $2.05 and $2.10 levels may perhaps send the price towards the $2.20 high. Any more gains could set the tone for a move towards the $2.50 level or even a new all-time high.
ADA, BNB, and DOT price
Cardano (ADA) started a decent increase after it cleared the $1.62 resistance. It even broke the $1.70 level and is trading in a positive zone. The next major resistance above is $1.72, above which it could revisit $1.80. If there is a downside correction, the price might find support near the $1.665 and $1.650 levels.
Binance Coin (BNB) made an attempt to clear the $650 resistance but failed. There was a downside correction below the $635 level. It is now consolidating near the USD 625 level. An immediate resistance is $635. The main barrier is now near $650, above which the bulls could aim a test of $700. If not, the price could drop towards the $600 support.
Polkadot (DOT) climbed above the $38.00 resistance before correcting gains. It is now stuck near the $35.00 level. If there is a downside break, the price could test $32.00. Conversely, it could aim a move towards the $40.00 level.