Crypto markets are expected to remain volatile for the foreseeable future, but BTC’s battle to reclaim $40,000 could be followed with rallies from LUNA, AVAX, ATOM and FTM.
The geopolitical news flow is likely to result in volatile moves in Bitcoin (BTC) and altcoins in the next few days. News of Russian President Vladimir Putin ordering the nuclear deterrence forces on high alert may be viewed as a negative, but reports of talks between the warring nations could be positive as it raises hopes of an end to the conflict.
The crypto community came into focus as the Ukrainian government called for help and sought crypto donations. Some individuals on social media said their Ukrainian credit cards had stopped working and they were not able to withdraw money from their banks. They highlighted how crypto was the only money left with them.
While some analysts are projecting that Bitcoin may have bottomed out, Cointelegraph contributor Marcel Pechman warned that derivatives data remains inconclusive. Similarly, Ether futures data was also not painting a hugely bullish picture.
The near-term price action will be dictated by the developments in the Russia-Ukraine war. Let’s study the charts of the top-5 cryptocurrencies that may lead the recovery on news of a peaceful resolution to the ongoing conflict.
Bitcoin price after the steep fall quickly rebounded within a very short span of time. However, despite showcasing immense bullish moments yet the price is unable to breach through the major resistance at $40,000. In the upcoming days, the BTC price may face another rejection but may flip back to hit $42,000.
The BTC price nowadays is mirroring previous rallies again & again. Therefore, it may be pretty easy to speculate the upcoming trend for the star crypto. Bitcoin’s recent price trend during January appears to have been repeating yet again. And hence the price may maintain a notable consolidation throughout the upcoming week to reach out towards the crucial resistance at $42,000.
As mentioned in the chart, the BTC price around the same time in January 2022, had formed a double-digit pattern. No doubt the asset could not break through the pattern, yet is consolidating & moving slightly towards the north. While maintaining a strong bullish momentum, BTC price propelled extremely high and ranged from levels close to $36,000 to as high as $46,000 within a short span of time.
Now when the asset is displaying a similar pattern, the possibility of yet another rally may be expected. The BTC price has already initiated its consolidation phase and may continue until mid-week. Later a huge spike may uplift the rally that coils escort the price close to $50,000 slicing through a couple of pivotal resistance levels.
The total value locked in decentralized finance (defi) has managed to jump above the $200 billion zone, as crypto markets have rebounded from the market downturn last week. A number of native assets from the $611 billion worth of smart contract protocols have seen double-digit gains with cypherium (CPH), counterparty (XCP), and terra (LUNA) leading the pack.
TVL in Defi Jumps Back Above $200 Billion — Cypherium, Counterparty, Terra Rise
Crypto markets have recovered after initially dropping after Russia invaded Ukraine three days ago and the rebound has pushed defi value up as well. After falling beneath the $200 billion mark, the total value locked (TVL) in defi has jumped back above the zone to $200.94 billion on February 27.
The TVL in defi across all the top blockchains hit a low of $185.9 billion on January 28 and it’s up 10.61% since that day. Curve dominance is 8.68% on Sunday with $17.86 billion total value locked but the defi protocol’s TVL is down 5.61% since last week.
Total value locked in decentralized finance (defi) according to defillama.com data on Sunday, February 27, 2022.
Ethereum dominance, in terms of the TVL in defi today, is 55.94% with the current $112.36 billion TVL. Terra’s the second-largest blockchain TVL in defi on Sunday with $20.17 billion which is 10.04% of the TVL in defi.
The third-largest blockchain TVL in defi is Binance Smart Chain (BSC) with $12.13 billion locked. Defillama.com metrics show Chainlink is the largest defi oracle today securing 138 protocols with $52.66 billion locked.
In terms of smart contract coins, cypherium (CPH) was this week’s biggest gainer with a 330% gain. The smart contract coin, in terms of this week’s second-largest gains, is the old-school token counterparty (XCP). Counterparty has jumped 54% higher in value against the U.S. dollar during the last seven days.
Terra (LUNA) managed to spike by 52% this past week as the coin is the third-largest smart contract token gainer this week. At the time of writing, the aggregate value of all the smart contract platform native tokens in existence is $611 billion down 0.3% in the last day.
Presently, there’s $23.63 billion TVL across cross-chain bridge platforms today up 16.6% since last week. The count of unique bridge deposit addresses during the last month is 57,911 addresses.
Santiment chart published by Coin98 Analytics on February 19, 2022, shows the most active developer count per blockchain.
The top five blockchains in terms of cross-chain bridge TVL on Sunday, February 27 include Avalanche, Polygon, Fantom, Ronin, and Arbitrum. Moreover, data collected by Coin98 Analytics from Santiment indicates that Solana has the most active developer count as of February 19, 2022. Solana’s developer count is followed by Ethereum, Cardano, Polkadot, Cosmos, and Terra.
Decentralization of Web3 infrastructure is critical to its success as it gives us back the freedom that we are currently paying for using Web2.
The transition from Web2 to Web3 is inevitable. Yet, as the demand for decentralization gains momentum, several important questions are being raised about the current state of blockchain technology and its promised “decentralization.”
Vitalik Buterin responded with a confession that “a lot of it comes down to limited technical resources and funding. It’s easier to build things the lazy centralized way, and it takes serious effort to ‘do it right.’” Or, Jack Dorsey’s recent tweet where he claimed that it’s actually the venture capitalists who own the networks that exist today.
You don’t own “web3.”
The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label.
Their comments make it clear that with the status quo, popular blockchains appear a long way from realizing their decentralized dreams. Posing the question, who will actually own the future of the internet?
Will Web3 deliver on its promise?
Even before Moxie and Jack called out Web3 for becoming what it once sought to replace, several incidents unfolded that made many people question the decentralization of the ecosystem. Take, for instance, the case of several legacy layer-1 chains. While many advertise themselves as decentralized, recent events have clearly shown how existing layer-1 protocols aren’t truly decentralized.
Be it Ethereum’s Infura debacle of 2020, where the network suffered multiple outages, ultimately leading to an “accidental” hard fork due to mysterious behavior by the core development team, the ongoing and consistent outages on Solana, or the AWS outage that took down dYdX. If you observe closely, you’ll uncover many instances that raise the critical question: Are blockchains today actually decentralized or is the power that these networks afford still in the hands of a few individuals?
That aside, Web2 is now at its peak in terms of centralization. From data monitoring and social media platforms censoring to banning users without valid reasons, there’s no shortage of problems that need to be resolved by Web3. Making it clear that achieving decentralization in the next iteration of the web is more critical than ever.
Yet, the future remains uncertain due to the seemingly enormous and arduous undertaking of ensuring that the next version of the internet is run by its users. Since chains today have ever-increasing resource requirements for individuals to participate, most either aren’t eligible due to capital constraints or they lack the skills or motivation to succeed due to the complexity of running a complete node.
Alternative L1s are at best a short-term fix
While the likes of Solana, Avalanche and even Polygon were initially introduced as solutions to the high fees on other blockchains, the trade-off they made came at a cost. Cheap fees, while great for users are financed through sacrificing decentralization. The Solana network has seen its fair share of bot activity simply because it’s cheap to do so.
But, the fees won’t stay low forever. In fact, fees on networks like Polygon and Avalanche start increasing as demand for them increases. Offer a network where users can transact at a lower cost and they’ll come. More demand requires accommodating more transactions in the same block space as before. Eventually, users start competing for block space, leading to fee increases.
Simply creating new layer-1s that sacrifice decentralization without fixing fees in the long run surely can’t be the answer.
Radical rethinking
Scott Galloway recently jumped to criticize the Web3 bandwagon as well. And, he was right in a couple of things, particularly the lack of diversity in the industry. Yet, he, like others, fell short of coming up with real ideas on how things could be done differently. Instead of considering if maybe, one day, everyone could run a server, he simply overtook Moxie’s conclusion that “people will never run their own servers.” Then, there are also people who say: Why would anyone be using Web3 if you have to pay for things?
There are no free lunches.
We got used to not paying with actual cash. The price we pay is now a lot higher. We pay with our privacy, we pay with having only limited access to information and the type of information certain institutions want us to see. We pay with not being free.
I believe that for Web3 to succeed we first need to re-think what cost we’re currently incurring and what it’d be worth for us to actually have control.
We will also have to re-think what we consider to be a server. Is it true that people will never run their own servers? I strongly disagree. Why do we limit ourselves to thinking that servers, as we know them today, will not change? What makes us think that one day our phones won’t be just as powerful as a server?
Let’s re-think our assumptions and what we consider worth paying for.
Decentralization is a means
While often it seems that in the blockchain industry, the ultimate goal is decentralization. However, I’d argue that decentralization is a means to an end. Only when a network is truly decentralized, can it be censorship-resistant.
And, when a network is censorship-resistant, information travels freely and people can connect and transfer value without boundaries. That’s why it is such a powerful force. It gives us back the freedom that we are currently paying for using Web2.
For Web3 to be given control to the people and provide access without locking anyone out, it needs to be decentralized. So decentralized that there is no centralized point of control. Only then will Web3 help fulfill human potential and empower freedom.
I believe if we radically rethink our assumptions, if we challenge what servers look like and foster an environment where we cooperate to make true decentralization happen, Web3 will provide us a better version of the Web as we know it.
Cosmos (ATOM) and harmony (ONE) were some of today’s big gainers, as the global crypto market cap was up 1.23% to start the weekend. Terra (LUNA) was also higher, extending its recent gains to a sixth consecutive trading session.
The shared support of $2.42 and the 200-day SMA prevented the extending loss in Decentraland (MANA) price. On February 24th, the 15% long-tail rejection on this support indicates intense demand pressure. The following rally struggles at the immediate resistance of $2.8, suggesting a downtrend continuation.
Key technical points:
The MANA chart shows a shooting star candle at $2.8 resistance
The 24-hour trading volume in the Decentraland is $688.1 Million, indicating a 47.6% loss.
Source-Tradingview
The MANA/USD technical chart showed a double top pattern in the daily time frame chart. On February 20th, the sellers gave a decisive breakout from the $0.28 neckline, extending the ongoing selling.
On the following day, the price retested the breached support, showing higher price rejection on the daily candle. This indicates the support has switched to resistance, and sellers sink the altcoin lower. However, things didn’t go as planned, as the buyers immediately rejected the down rally below the $2.43, resulting in a long-tail rejection candle.
The Relative Strength Index(46) slope curving down from the threshold indicates that buyers need more influence before entering positive territory.
The MANA price oscillates between its 50-day and 200-day SMAs. However, the coin price trading above the 200-day SMA maintains a bullish tendency.
MANA/USDT: 4-Hour Time frame chart
Source- Tradingview
The MANA buyers bounced back from the $2.42 support and drove the altcoin 15% high to retest the $2.8 mark. The higher price rejection on this resistance is evidence that sellers are defending this level. A bearish reversal from this resistance could slump the altcoin to January low support at $2.
However, if buyers push the price above the $2.8 resistance, the traders have a 22% growth opportunity.
Bitcoin price declined 8% and traded below USD 35,000.
Ethereum broke the USD 2,400 level, XRP is down 11%.
Multiple altcoins are down in double digits.
The whole crypto market once again followed the stock market and tumbled on Thursday as Russia’s president Vladimir Putin ordered a “special military operation” to protect the people of the Donbas separatist region in Ukraine, but said Russia will “aim for demilitarization and denazification of Ukraine,” per Bloomberg. It is estimated that Putin had massed 150,000 troops on the border. In a speech on Thursday, Putin appealed to Ukrainian soldiers to lay down their arms and go home. He said Russia doesn’t plan to “occupy” its southern neighbor, but that Russia must “defend itself from those who took Ukraine hostage” — the US and its allies who had crossed Russia’s “red line” with expansion of the NATO alliance, per the report.
US equity futures and stocks tumbled Thursday while bonds jumped and oil soared following the news.
Bitcoin trimmed all its gains this month and traded below USD 35,000. It is currently (04:24 UTC) down 8% and remains at a risk of more downsides below USD 35,000.
Similarly, most major altcoins are declining sharply. ETH is down 10% as it broke the USD 2,400 level while XRP dropped below USD 0.65. ADA is down 11% and might soon test the USD 0.80 support.
Total market capitalization
Source: tradingview.com
Bitcoin price
After a recovery wave above USD 38,000, bitcoin price faced sellers near the USD 39,250 level. BTC started a strong decline and broke many supports near USD 37,500. There was a move below the USD 35,000 level, increasing the risk of a move towards USD 33,500.
On the upside, the price might face resistance near the USD 36,500 level. The next key resistance is near the USD 37,500 level, above which the price might rise to USD 38,000.
Ethereum price
Ethereum price also followed a similar path and started a fresh decline below the USD 2,650. ETH even declined below the USD 2,500 support zone and is now approaching the USD 2,350 level. The next key support is near the USD 2,320 zone, below which the price might test USD 2,200.
On the upside, the price is facing resistance near the USD 2,550 level. The next key resistance is near the USD 2,650 zone, above which the price may perhaps test USD 2,720.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) gained bearish momentum below the USD 0.85 support zone. It even declined below the USD 0.820 support zone. The price is now struggling to stay above USD 0.80. A close below USD 0.80 might spark a sharper decline towards USD 0.75.
BNB started a strong decline from well above USD 375 and dropped below USD 340. If there are additional losses, the price could decline toward the USD 332 support level.
Solana (SOL) is down 12% and trading below the USD 70 level. Any more losses could trigger a sharper decline towards the USD 65 level.
DOGE is gaining pace below the USD 0.122 support zone. If the bears remain in action, the price might decline towards the USD 0.112 level. Any more losses might set the pace for a move towards USD 0.105.
XRP price is also down 10% and trading below the USD 0.665 support zone. If the bears remain in action, the price could even decline towards the USD 0.62 support. The next major support is near USD 0.60.
Other altcoins market today
Many altcoins are down over 10%, including AVAX, DOT, CRO, WBTC, TRX, NEAR, UNI, ALGO, MANA, XLM, FTM, and BTCB.
Overall, bitcoin price is gaining bearish momentum and if it extends decline below USD 35,000, there is a risk of a sharper decline.
On Wednesday, global markets have been volatile as Ukraine officials declared a state of emergency amid fears of a Russian invasion. Wall Street’s top indexes shuddered during the day’s trading sessions, and cryptocurrency markets slipped more than 4% during the 24 hour period. On the other hand, the price of gold has jumped 1.47% during the last four days, surging to $1,925 per ounce.
Global Investors Are Concerned About the relations Between Russia and Ukraine, Wall Street Continues to See Sell-Offs
While the globe grows tense over the ongoing issues between Russia and Ukraine, stock markets on Wednesday continued to bleed out more money. According to the U.S. State Department, Russia is not backing down and Ukraine officials have declared a state of emergency.
Speaking to the press, Pentagon spokesperson John Kirby said the Russian military is ready to advance. “Russian forces continue to assemble closer to the border and put themselves in an advanced stage of readiness to act and to conduct military action in Ukraine at virtually any time now,” Kirby explained.
Investors worldwide are concerned about the global economy, soft fiat currencies and geopolitical tensions. “If anything, Putin is digging his heels in despite the increased sanctions,” Michael James, the managing director of the investment firm Wedbush Securities told the press on Wednesday. The Wedbush executive added:
That’s really adding to elevated nervousness about further aggressive actions and what that will mean for commodities and inflation overall.
Wall Street’s top indexes have shed significant losses amid the uncertainty between Russia and Ukraine. Standard and Poor’s 500 (S&P 500) has dropped to the lowest levels in eight months. Nasdaq and the Dow Jones Industrial Average continued to see sell-offs as well on Wednesday afternoon (EST).
On February 23, 2022, stock markets dropped considerably and the crypto economy saw significant flucations as well during the day.
Nasdaq ended the day at -344, NYSE slipped by -196, the Dow dropped -464, and the S&P 500 slipped to -79 by the closing bell. Equities stemming from the information technology (IT) sector slipped 2.6% during the day.
Crypto Economy Flounders, Investors Find Solace in Gold as the Precious Metal’s Value Soars Higher
By Wednesday evening (EST), after some brief volatility during the day, the 12,798 digital coins within the crypto economy dropped 4.7% against the U.S. dollar. The crypto economy slipped to $1.71 trillion with $78 billion in global trade volume, and stablecoins currently capturing $50 billion of the current trade volume.
While bitcoin (BTC) tapped a high of $39,231.52 per unit on Wednesday, by 10:00 p.m. (EST), the leading crypto token exchanged hands below $36K per unit. Ethereum (ETH) captured a high of $2,752 per unit on Wednesday, but slipped under $2,500 at 10:00 p.m. as well.
While equities and crypto markets have slid, the price of the precious metal gold continues to soar. During the 10:00 p.m. trading session on Wednesday evening, the price of gold per ounce exchanged hands for $1,925 a unit.
Four days ago, gold was swapping 1.47% lower for $1,897 an ounce. Two days ago in Japan, the price of the precious metal jumped to its highest level ever and experts believe the rise was due to “geopolitical risk and worries over a weakening yen.”
Ongoing developments to take decentralized technology into the mainstream is exciting stuff
Industry-wise, it remains crucial to solve the current infrastructure bottlenecks
There is much to look forward to in 2022, but there is also much work to do.
Predictions for 2022: The cryptocurrency industry has garnered substantial mainstream attention throughout 2021. These developments pave the way for a brighter future in 2022.
KuCoin Labs recently released a market report. It identifies potential trends and forecasts that may materialize over the coming months.
Infrastructure Bottlenecks Remain An Issue
Even though competition among infrastructure providers heated up significantly in 2021, crucial bottlenecks still need to be resolved. For example, Ethereum (ETH) remains the top blockchain for DApp development yet suffers from network congestion and high transaction fees. Several Layer-2 solutions address this issue, yet it remains challenging for them to gain long-term traction. That applies to most “Ethereum competitors” too, as they are all still in an immature stage today. Addressing these limitations is essential in 2022 and beyond.
Many people expect the launch of Ethereum 2.0 to help alleviate some concerns. Its sharding implementation addresses the network congestion, transaction fees, and low throughput. Unfortunately, that rollout will occur over multiple phases, and it may not reach finalization in 2022. Other networks – Binance Smart Chain, Solana, and Avalanche – will continue to attract users and developers as long as Ethereum remains a bottleneck.
However, it is crucial to note Layer-2 solutions will see a similar path to Ethereum. It is a matter of time until gas prices on these layers start to rise rapidly, making them less favorable solutions to avoid Ethereum’s transaction fees. Unless developers can find innovative solutions, that will also affect any cross-chain bridges utilizing Layer-2 networks.
NFT And Metaverse Efforts In 2022
The role of non-fungible tokens (NFT) in the Metaverse will become more outspoken in 2022 and beyond. The current NFT market is being divided into art, collectibles, and gaming. But new initiatives and vehicles utilizing non-fungible token standards will come to market. In addition, NFTs will aid in various Metaverse activities, including avatars, virtual spaces, economic activities, etc. In essence, the Metaverse may help finalize the application scenarios of NFT development, while non-fungible tokens fuel Metaverse growth.
Speaking of the Metaverse, it mainly revolves around gaming today. However, the technology has tremendous potential to blur the line between real-world and virtual world activities. Projects creating their own, walled-off Metaverse is a necessary first step to reaching that goal. Connecting these virtual worlds will be a big hurdle to overcome, eventually culminating in a multi-Metaverse.
Two other Metaverse trends to look forward to include the role of DeFi and cross-chain bridges. Decentralized finance has proven efficient and stable, making it a strong foundation for economic Metaverse activities. Moreover, DeFi and NFTs form a solid combo and apply to many Metaverse use cases. The Metaverse equals user empowerment. Accommodating more diverse assets, products, and services paves the way for broader financial inclusion.
Developers can make much progress on the cross-chain bridge front for the Metaverse. Current initiatives focus on one blockchain, creating an “ecological island” problem. Moreover, most public chains struggle on the infrastructure front, reducing the appeal of Metaverse projects leveraging their technology. Cross-chain bridges can overcome these challenges and introduce better efficiency for the Metaverse, NFTs, and decentralized finance alike.
Predictions for 2022:Regulatory Trends
Like previous years, regulation of the cryptocurrency industry remains a pressing topic. Most nations worldwide have yet to decide on this front. The lack of a clear framework can stifle innovation, which needs to be avoided at all costs. Regulating this industry becomes even more difficult thanks to innovative concepts like DeFi, NFTs, the Metaverse, etc.
Regulators and policymakers will need to focus on creating legal frameworks for the Metaverse. The technology has gained mainstream attention from enthusiasts and numerous companies. Clear guidelines on what can and can’t be done in the virtual world will help legitimize these efforts. The KuCoin Labs analysts expect things to improve drastically on this front. Moreover, the report hints at policymakers enacting some guidelines sooner rather than later. That may impact Decentralized Identifiers, an identification method for the Metaverse usable across different activities.
Predictions for 2022:DeFi Regulation
Decentralized finance will undoubtedly draw interest from regulators as well. However, protecting investors without compromising innovation and decentralization is a big hurdle to overcome. Additionally, the current regulatory guidelines may not apply to the DeFi industry. As a result, a new regulatory model may be necessary, depending on how the SEC, BIS, or FATF approaches the industry.
Furthermore, the governance of DeFi protocols presents a unique regulatory hurdle. Large token holders gain more voting power, introducing a degree of centralization. Achieving decentralized governance has proven virtually impossible so far, yet Decentralized Autonomous Organizations (DAOs) may offer relief. KuCoin Labs expects DAOs to be a big trend in DeFi for 2022, although new mechanisms may pop up.
A final topic to consider is unifying decentralized finance with KYC requirements and user privacy. Some degree of regulatory compliance will need to be found. Permissioned DeFi solutions, like Aave Arc, are an intriguing approach to this problem. However, the KuCoin team expects both institutional and non-institutional DeFi users to have to comply with regulations sooner or later. On-chain KYC could be an option, although developers may explore other ideas this year.
Predictions for 2022:Blockchain Security Outlook
The year 2021 was filled with numerous blockchain security incidents once again. Ranging from DeFi rug pulls to exchange hacks and smart contract exploits, something needs to change in 2022 and beyond. Unfortunately, that is much easier said than done, especially as blockchain transactions are irreversible. Additionally, there is no real “protection” for affected users, although insurance protocols may provide a solution.
Code auditing needs to become the norm in 2022 across the broader blockchain industry. Numerous auditing firms have established their presence, including CertiK, SlowMist, and others. An audit can help uncover any bugs or issues before smart contracts are deployed in a live environment. As auditing firms become better funded, they will help eliminate more risks in the blockchain industry. However, it remains up to developers and coders to get their code vetted, and not everyone will do so.
Insurance protocols may provide an extra layer of protection and security. Several such protocols exist in DeFi today, and they primarily focus on mutual fund pools or financial derivatives. Unfortunately, their growth is hampered by high fees, KYC requirements, no cross-chain support, and inefficient capital use. Nevertheless, per the report, attracting institutional players will require better and more efficient insurance protocols.
A final aspect to consider is transactional privacy. Public blockchains provide pseudonymity, but not privacy or anonymity. Even the privacy computing protocols – Manta, Oasis, zkSync, etc – sacrifice decentralization in favor of computing power. Demand for transactional privacy will increase as the broader blockchain and cryptocurrency grows, requiring more and better privacy computing initiatives.
The Year Might Be Challenging, But Productive
The year 2022 can introduce many necessary changes to the broader industry. Ongoing developments to take decentralized technology into the mainstream is one avenue to look forward to. But unfortunately, this innovation will require some regulation to convince a mainstream audience. Whether regulators will finally make tough decisions remains unclear, but they cannot delay these decisions forever.
Industry-wise, it remains crucial to solve the current infrastructure bottlenecks. Innovative ideas like DeFi, NFTs, and the Metaverse cannot come to fruition through the existing infrastructure rails. Vast inefficiencies and high costs need to be eliminated without compromising on decentralization.
There is much to look forward to in 2022, but there is also much work to do.
Bitcoin price is struggling to recover above USD 38,000.
Ethereum is facing resistance near USD 2,650, XRP is consolidating near USD 0.70.
LUNA and HBAR are up over 14%.
Bitcoin price started an upside correction above the USD 37,000 level. BTC even climbed above the USD 38,300 level, but it failed to gain strength and is currently (04:14 UTC) trimming gains near USD 37,900. In either case, it’s up 3% in a day.
Similarly, most major altcoins are facing important hurdles. ETH recovered above USD 2,600 but faces hurdles near USD 2,650. XRP is struggling to clear the USD 0.72 resistance. ADA is facing an uphill task near the USD 0.90 and USD 0.92 levels.
Total market capitalization
Source: tradingview.com
Bitcoin price
After a short-term upside correction, bitcoin price faced sellers near the USD 38,300 level. BTC failed to extend gains and started a fresh decline below USD 38,000. The price is now consolidating near the USD 37,900 level. The next key support is near the USD 36,000 level, below which the price might start a fresh decline and could test USD 35,000.
On the upside, the price might continue to struggle above the USD 38,000 level. The next key resistance is near the USD 38,500 level, above which the price might rise to USD 39,500.
Ethereum price
Ethereum price started an upside correction from the USD 2,500 support zone and is now up 4% in a day. ETH climbed above the USD 2,600 and USD 2,620 levels. However, it is now facing resistance near the USD 2,650 level. If there is no upside break, the price might decline to USD 2,550. The next key support is near the USD 2,500 zone.
If there is an upside break above USD 2,650, the price might rise to USD 2,750. The next key resistance is near the USD 2,880 zone, above which the price may perhaps test USD 2,950.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) started a strong upward move above the USD 0.85 resistance. It gained almost 9% and even spiked above the USD 0.90 resistance. The bears are now protecting more upsides and the price might correct lower.
BNB remained well bid above the USD 350 level. It is now up 5% and trading above the USD 365 resistance. If the bulls push the price above USD 375, there may possibly be a move towards USD 388.
Solana (SOL) stayed above the USD 80 level. It is recovering losses and trading above USD 85. The first key resistance is near USD 88, above which the price might revisit the USD 95 resistance.
DOGE is also recovering losses and trading above USD 0.130. However, the bears might remain active near the USD 0.135 resistance. The main support on the downside is at USD 0.122.
XRP price tested the USD 0.665 support zone, where the bulls took a stand. It is now back above USD 0.70, but faces a key hurdle near USD 0.72. The next major resistance is near the USD 0.75 level.
Other altcoins market today
Many altcoins are up over 5%, including LUNA, AVAX, SHIB, TRX, LEO, NEAR, MANA, HBAR, SAND, HNT, AXS, and FLOW. Out of these, LUNA gained 14% and surpassed the USD 55 level, almost erasing its weekly losses. Meanwhile, HBAR jumped 15% and is trading near USD 0.229. It’s still down 12% in a week.
Overall, bitcoin price is facing a key hurdle above the USD 38,000 level. If BTC fails to continue higher, there might be a fresh decline to USD 36,500 or USD 36,000.
Source-Tradingview
Source- Tradingview
