Bitcoin and Ethereum rise, Altcoins remain attractive

  • Bitcoin price is gaining pace over $ 55,000.
  • Ethereum was hovering above $ 3,600, XRP is hovering around $ 1.08.
  • ONE and FTM have increased by over 25%.

Bitcoin price stayed well above the USD 53,200 support zone. BTC formed a base above it and began spiking again above $ 55,000. It is currently trading near $ 55,500 (11:47 UTC) and could accelerate towards $ 58,000.

In addition, most of the major altcoins are also gaining momentum. ETH climbed above $ 3,600 and could continue to climb above $ 3,720. XRP is stuck near $ 1.08 but could accelerate if it clears $ 1.10. ADA is hovering above $ 2.20 but faces many hurdles on the upside.

Total market capitalization

Source: https://www.tradingview.com/

Bitcoin price

After a minor downward correction, Bitcoin price remained stable above $ 53,200. BTC formed a base and began spiking again above $ 55,000. The price even broke the $ 55,500 resistance level. An immediate hurdle to the top is near the $ 56,200 level. The next major resistance is at $ 56,500, above which the bulls could test $ 58,000.

On the downside, initial support is close to the $ 54,800 level. The next big support is near the $ 54,500 level, below which the price could move towards the $ 54,000 level.

Ethereum price

Ethereum price has risen and is trading above the $ 3,600 level. It will encounter resistance near the $ 3,680 and $ 3,700 levels. The next major resistance is near the $ 3,750 level above which the price could move towards the $ 3,800 level.

On the flip side, initial support is close to the USD 3,560 and USD 3,550 support levels. The next big support is at $ 3,500, below which the price could test $ 3,450.

ADA, LTC, DOGE and XRP prices

Cardano (ADA) remained supported above the $ 2.20 level. The price is now looking for direction but could attempt an upside break above the USD 2.32 zone. A closing price above $ 2.32 could set the pace for a larger move towards $ 2.40.

Litecoin (LTC) is stable near the USD 180 mark. An immediate hurdle is at $ 185. The main resistance is near the USD 188 level. A close above $ 188 could potentially set the pace for a larger move towards $ 200. If not, it could see a decline towards $ 172.

Dogecoin (DOGE) is gaining pace above the USD 0.250 level. The price is showing positive signs and it appears that the bulls are targeting a test of $ 0.265. Further price gains could lead the price towards USD 0.280 in the short term.

The XRP price is stable above the $ 1.02 and $ 1.00 support levels. The price could break above the $ 1.08 and $ 1.10 levels soon. In this case, the price could potentially rise towards $ 1.20.

Different Altcoins Market Today

Many altcoins are up over 8%, including ONE, FTM, YFI, AR, MDX, CHZ, MATIC, EGLD, KLAY, SC, SUSHI, COMP and NEXO. Of these, ONE rose 25% and broke the $ 0.21 mark.

In conclusion, Bitcoin price is showing positive signs above the $ 55,000 level. If BTC breaks $ 56,200, it could climb to $ 58,000 in the coming sessions.

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