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Bitcoin And Ethereum Face Key Breakout Zone, DOGE Jumps Because Of Musk

Bitcoin And Ethereum Face Key Breakout Zone, DOGE Jumps Because Of Musk

  • Bitcoin price is facing a major hurdle around $41,500.
  • Ethereum has been struggling around $3150, XRP could face resistance around $0.75.
    DOGE accelerated after Elon Musk’s announcement.

The price of Bitcoin gained momentum after breaking through the $40,500 resistance zone. BTC even broke through the $41,200 resistance before correcting lower. It is currently (11:10 UTC) trading at around $41,000 and up 3% on the day.

Likewise, most major altcoins face major hurdles. ETH climbed above the $3,100 level but faced hurdles around $3,150. XRP could possibly face strong selling demand around $0.75. ADA is still trading below the key $1.0 resistance zone.

Total market capitalization

Source: tradingview.com

bitcoin price

After a clear rise above $40,500, the price of bitcoin continued to rise. BTC was able to break through the $41,000 and $41,200 levels. It even rose above $41,500, but there was no continuation of growth. The price is currently consolidating and may make another attempt to win back $41,500. The next key resistance forms near the $42,000 level, above which the price could get bullish momentum.

On the other hand, initial support is near the $40,500 level. The next major support is near $40,000, below which the price could resume its decline.

Ethereum price

Ethereum price gained momentum above the $3,080 resistance zone. ETH continued to rise and failed to rise above the $3,150 level, dropping below $3,100. ETH is still up almost 2% on the day. If the bulls return soon, the price could rise to $3,200. The next key resistance could be near the $3250 level.

If a downward correction occurs, the price could find bids around $3,050. The next important support is near the $3,000 level, below which the price could resume its decline.

Price of ADA, BNB, SOL, DOGE and XRP

Cardano (ADA) gained momentum above the $0.95 resistance zone. However, the price failed to test the USD 1.0 resistance. ADA is currently consolidating gains above $0.95. A downside break below $0.95 could possibly take the price down to $0.90.

BNB continued to rise above the resistance level of $420. However, the price failed to continue rising above the $425 resistance. It is currently consolidating below $420 with major support at $412.

Solana (SOL) is still trying to clear the key $112 resistance zone. If there is a bearish reaction, the price could drop and test the $100 support zone.

DOGE trading above the $0.142 resistance zone and up more than 5% as Elon Musk announced his offer to buy Twitter. The next major resistance is near the $0.150 level, above which the price could possibly accelerate in the coming sessions. DOGE is up nearly 2% for the week.

Price XRP is trading above the $0.70 level. The key breakout zone is near the $0.75 level. A close above $0.75 could start a sustained move towards $0.80.

Other altcoins today

Many altcoins are in the green, including LUNA, AVAX, DOT, NEAR, MATIC, LTC, ZIL, UNI, BCH, FTT, ALGO, XLM, and MANA. Of these, ZIL added 17% and broke the $0.124 level.

Overall, the price of Bitcoin is trading in positive territory above the $40,500 resistance zone. To continue rising, BTC needs to top $41,500 and $42,000 in the near term.

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