What's happening in the market today? Let's take a look!
Bitcoin News
After a close above USD 33,200, bitcoin price started a strong increase. BTC gained 10% and it even spiked above the USD 34,000. However, the bulls failed to clear the key USD 34,500 resistance level. As a result, there was a fresh bearish reaction, and the price corrected over USD 1,000. It is testing the USD 33,000 zone, below which it could even drop towards the USD 32,400 support level.
On the upside, an initial resistance is near the USD 33,800 and USD 34,000 levels. The main hurdle is still near USD 34,500, above which the bulls might attempt a crucial bullish break.
Ethereum News
After yesterday's performance, ETH price is in a new increase. It traded above the $1,250 and 1,265 resistance levels to move into a positive zone. It broke above a significant bearish trend line with resistance near $1,300 on the hourly chart.
Because of that, the price attempted to move up past the $1,350 level, but once again, it wasn't able to clear the $1,375 resistance.
The price reached its peak close to $1,376, where it faced a strong selling interest. It is currently correcting lower.
It is moving towards the $1,300 support zone and the 100 hourly simple moving average. There is a crucial bullish trend line forming with support near $1,305 on the hourly chart of the ETH/USD pair. Its subsequent critical support is near the $1,292 level.
Other Altcoins News
Check other altcoins besides Ethereum.
1. Bitcoin Cash
Bitcoin cash price started a fresh decline after attempting to clear the $465 resistance and 55 simple moving average (4-hours). The price even broke out below the $400 support and settled well below the 55 simple moving average (4-hours).
The next significant resistance is near the $440 level. If it fails to correct above the $418-$420 zone, it could dive below the $390 and $385 support levels.
2. Ripple
Ripple’s (XRP) price started a fresh increase after forming a base above the $0.2500 level. The price is trading well above the 100 simple moving average (4-hours) but is facing hurdles near $0.3000. However, the price failed to surpass the main $0.3100 resistance level.
The price is currently dipping, but there are strong chances of a new increase above $0.3000. If it closes above the $0.3000 level, it may increase the chances of a push above the $0.3100 resistance.
A downside break below the $0.2800 support zone could initiate a push towards the $0.2700 support.
3. DogeCoin
Dogecoin (DOGE) rallied by more than 1,000% in just 24 hours. Its peak was at $0.0875 on the Binance exchange at 04:01 a.m. UTC. It was valued at more than $10 billion at its peak and nearly surpassed Cardano (ADA) and XRP in market capitalization.
It corrected rapidly upwards to $0.079 in minutes after its sudden plunge to $0.055.
This was brought about by the tweet of ‘Chairman’ of the famous Wall Street Bets group, asking if it has ever reached $1.This propelled a lot of retail interest, sending the price skyrocketing.
Other major accounts, including Elon Musk, also tweeted about the coin, adding up to the euphoria.
