All the leading currencies were in Red yesterday, but most were in the green today. Bitcoin was trying to test the $ 34,500 mark yesterday, and today, its prices jumped by 12% and is currently trading over USD 38,000. Even ETH increased by 11.1%, and it broke through the $2600 level.
Price of Bitcoin
After a sharp fall yesterday, bitcoin was able to find support around the $34,500 area. BTC created a base over $35,000 and began the major recovery phase higher than the $38,000 resistance zone. On the positive side, the price is now in the process of overcoming resistance near the $39,500 mark. The next major resistance will be near the $40,000 threshold, and above that, the price may increase.
The next important support is close to the $37,500 mark, at which point BTC could fall to $36,200.
Ethereum price followed the same pattern as that of Bitcoin. ETH increased over USD 2,600 and currently is in the process of overcoming resistance at USD 2,650. The next significant resistance will be near the USD 2,750 level and above that, the price might reach USD 2,880.
If it doesn’t, it may reverse lower and reach the USD 2,550 level. The next major support zone is the USD 2,500 level at which point the price could reach USD 2,420.
ADA, BNB and SOL price
Cardano (ADA) dropped dramatically and tested it against the $0.75 resistance. The cryptocurrency is currently trading over $0.80.
BNB was able to recover over its $ 350 mark. It is now trying an upside breakout over that USD 388 level. If it is clear that there is an upward movement, it could increase to the USD 388 resistance level.
Solana (SOL) has gained 16% and is trading over $85. The next significant resistance is located near $95 level, above which bulls could be able to test the $100 level.