Key Insights
- Bitcoin found support near the $38,000 zone.
- Ethereum seems to be forming a base near the $2,500 level.
- LUNA is testing important support and might rally once again.
Bitcoin
Recently, Bitcoin price extended decline below the $40,000 support zone. The king coin broke below $39,000 and the 21 simple moving average (H1).
The price even spiked below the $38,000 level, but downsides were limited. It is now forming a base above the $38,000 level and slowly recovering losses. There was a move above the $38,750 resistance and the 21 simple moving average (H1).
Bitcoin even surpassed a connecting bearish trend line with resistance near $38,500 on the hourly chart. On the upside, major resistance is forming near $39,650 and $40,500. A clear move above the $40,500 level could set the pace for a new rally. If not, the price might resume decline below $38,000.
Ether (ETH)
Ether also followed a similar pattern below the $2,780 support zone. It traded below the $2,680 support level and the 21 simple moving average (H1).
However, the bulls were active near the $2,500 support zone. A base is formed, and the price is rising above $2,580. There was a move above a major bearish trend line with resistance near $2,600 on the hourly chart.
On the upside, the price is now facing resistance near the $2,640 level. The primary resistance is currently near $2,680, above which ether price might surge. If ETH fails to clear the $2,680 resistance, it could decline.
Terra (LUNA)
LUNA started a bearish wave after it failed to test the $100 resistance. There was a downside correction below the $90.00 level.
The price declined below the 23.6% Fib retracement level of the upward move from the $47.50 swing low to $97.00 swing high. However, it is still well above the 21-day simple moving average.
It traded close to the critical support at the $76.50 level. The next major support is near the $72.00 level. It is close to the 50% Fib retracement level of the upward move from the $47.50 swing low to $97.00 swing high.
If LUNA stays above $76.50 or $72.00, it could start a rally. On the upside, immediate resistance is near the $91.50 level. The next major resistance is near the $94.00 level.
The first major hurdle is near the $100.00 level. A clear move above $100.00 might send the price towards $110.00.
ADA, BNB, and DOT price
Cardano (ADA) declined and tested the $0.80 support zone, where the bulls emerged. It is now correcting losses, but the bears might protect the $0.850 and $0.855 resistance levels.
Binance Coin (BNB) declined sharply and tested the $355 level, where it found support. The price is now rising and trading above $375. The next major resistance is near the $392 level.
Polkadot (DOT) extended decline below the $17.20 and $17.00 levels. To initiate another rally, the price must close above $17.20 and then $17.50.
A few trending coins are HBAR, FLOW, WAVES, and CELO. Out of these, WAVES rallied over 8% and surpassed the $20 level.
