Tue. Aug 9th, 2022
  • Bitcoin price rallied above the USD 45,000 resistance zone before correcting lower.
  • Ethereum failed to stay above USD 3,200, XRP is consolidating near USD 0.85.
  • MATIC and SHIB are 9% and 19%, respectively.

Bitcoin price extended increase above the USD 44,000 level and even spiked above the USD 45,000 resistance zone. It is currently (11:58 UTC) correcting gains near USD 43,900.

Similarly, most major altcoins are also correcting gains. ETH spiked above USD 3,200 before it started a downside correction. XRP rallied above USD 0.90 and is now consolidating gains. ADA is testing the USD 1.20 support again.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a clear move above USD 44,500, bitcoin price extended increase. BTC even cleared the USD 45,000 resistance and spiked to almost USD 45,300. It is now correcting gains and trading below USD 44,000. On the downside, an immediate support is near the USD 43,500 level. The next key support is near the USD 43,000 level, below which the price could dive to USD 41,200.

If there is a fresh increase, the price might face resistance near the USD 44,200 level. The next major resistance is near the USD 45,000 level.

Ethereum price

Ethereum price also extended increase above the USD 3,180 and USD 3,200 levels. However, there was no close above USD 3,200 and ETH corrected lower. It is back below USD 3,150, with an initial support near the USD 3,080 level. The next major support is near USD 3,020, below which the price could accelerate lower.

On the upside, the price is facing resistance near USD 3,160. The next key resistance is near USD 3,200, above which the price may perhaps test USD 3,250.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) surged above the USD 1.22 resistance zone. It even spiked above USD 1.25 before the bears emerged. The price trimmed gains and traded near USD 1.20. The main support is near the USD 1.165 level.

Binance coin (BNB) failed to test the USD 450 resistance. It is moving lower and trading below UD 432. The next major support is USD 420, below which the price might slide to USD 405.

Solana (SOL) started a downside correction from USD 122. It is approaching the USD 110 support level. If the bears remain in action, the price may possibly decline to USD 100.

DOGE failed to clear the USD 0.175 resistance level and corrected gains. It is now consolidating near the USD 0.155 level. Any more losses could send the price towards the USD 0.142 level in the near term.

XRP price jumped to USD 0.92 before dropping again. The price is now trading near USD 0.85 but is still up over 11%. If there are additional losses, the price might slide towards the USD 0.80 support. Conversely, it could revisit the USD 0.90 level.

Other altcoins market today

Many altcoins are up over 5%, including AVAX, SHIB, MATIC, CRO, LTC, FIL, XEC, KDA, IOTX, HOT, and YFI. Out of these, SHIB rallied 19%, surpassing USD 0.00003323 and increasing its weekly gains to 55%. Meanwhile, MATIC extended its gains above USD 1.95 and is now also up 19% in a week.

To sum up, bitcoin price retreated from the USD 45,000 resistance zone. If BTC fails to stay above USD 43,000, it could continue to correct lower in the coming sessions.

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