Crypto Market Today: DOGE Outperforms While Bitcoin and Ether Plunge
After an increase in selling pressure, bitcoin price settled below the $50,000 pivot level. BTC broke the $48,000 support zone to move into a bearish zone. It even spiked below $46,000 and settled below the 21 simple moving average (H1).
A low is formed near $45,800 and the price is now consolidating losses. Bitcoin is now facing resistance near the $47,200 level. The main resistance is near the $48,000 level. There is also a key bearish trend line with resistance near $48,000.
If there is a fresh decline, the price might find bids near $46,400. Any more losses could send the price towards the $46,000 level. A downside break below $46,000 could send the price towards the $44,500 level.
Ether accelerated lower below the $4,000 support zone. The price even broke the $3,880 level and the 21 simple moving average (H1). The price eve spiked below $3,700 and a low is formed near the $3,685 level.
On the upside, the price is facing resistance near the $3,850 level. There is also a major bearish trend line forming with resistance near $3,850 on the hourly chart. The next key barrier is $3,950, above which the price could revisit the $4,200 resistance.
If not, there could be a fresh decline towards the $3,680 level. The next key support is near $3,600, below which it could dive towards the $3,500 level.
DOGE formed a base above the $0.150 level and started a major increase. The price cleared the $0.165 and $0.180 resistance levels. There was a clear move above the $0.190 level and the 21 simple moving average (H4).
The upward move was such that the price even surged above the $0.200 level. A high was formed near $0.222 and the price is now correcting gains. It traded below the 23.6% Fib retracement level of the recent rally from the $0.152 swing low to $0.222 high.
It is now approaching the $0.185 support zone or the 50% Fib retracement level of the recent rally from the $0.152 swing low to $0.222 high.
The main support is near $0.1830 level, below which the price could decline towards the $0.1750 level. On the upside, a close above $0.200 is needed for a fresh increase.
ADA, BNB, and DOT price
Cardano (ADA) is down 10% this week and it broke the $1.25 support level. It is now consolidating above the $1.20 support zone. A close below $1.20 could send the price towards the $1.15 level in the near term.
Binance Coin (BNB) is gaining bearish momentum below the $540 and $530 levels. It is now testing $520, but the main support is near $500. A break below $500 could spark a sharp decline.
Polkadot (DOT) is down 5% and trading below the $26.50 support. It is approaching the $25.00 support. Any more losses may perhaps push the price towards the $23.20 level.