Fri. Aug 12th, 2022
  • Bitcoin price is moving higher above USD 40,500.
  • Ethereum is back above USD 3,000, XRP returned above USD 0.75.
  • LUNA rallied 14%, while GMT jumped 36%.

After bitcoin extended losses below the USD 38,800 level, the bulls appeared near the USD 38,500 zone. BTC is currently (04:10 UTC) recovering near USD 41,700 and is up 2% in a day and almost 3% in a week.

Similarly, most major altcoins are also recovering. ETH neared USD 3,040 and is now up almost 2% in a day and a week. XRP could face hurdles near USD 0.80. ADA is approaching the USD 0.95 resistance zone.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a clear move below USD 39,200, bitcoin price extended its decline before the bulls became more active near the USD 38,500 support zone. A base was formed and the price started a decent increase above USD 39,000. As the price climbed above USD 40,500, an immediate resistance on the upside is now near the USD 41,200 level. The next key resistance is still near the USD 41,500 level.

On the downside, an initial support is near the USD 40,000 level. The next major support is near USD 39,500, below which the price might resume its decline.

Ethereum price

Ethereum price also extended its decline below the USD 2,950 level. ETH even spiked below USD 2,900 before it found support. There was a recovery wave above the USD 3,000 level and the price might face resistance near the USD 3,080 level. The next key resistance might be near the USD 3,120 level.

If there is another decline, the price might find support near USD 3,000. The next major support is near the USD 2,950 level, below which the price could resume its decline.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) traded below the USD 0.90 and tested the USD 0.88 zone. It is now rising and trading above USD 0.92. On the upside, the bears might take a stand near the USD 0.95 level.

BNB recovered above the USD 412 level. However, the bears are protecting the USD 420 resistance. A clear move above USD 420 is a must for a steady increase.

Solana (SOL) tested the USD 95 level before it recovered some losses. It is back above USD 100 and might test the USD 105 resistance. The main resistance is still near the USD 110 level.

DOGE extended its decline to USD 0.132, where the bulls appeared. The price recovered above USD 0.135 and is testing the USD 0.140 level. If there are additional gains, the price might face resistance near USD 0.145.

XRP price climbed above the USD 0.765 level. An immediate resistance is near the USD 0.780 level. The key breakout zone is now forming near the USD 0.80 level.

Other altcoins market today

Many altcoins are recovering losses, including LUNA, AVAX, DOT, NEAR, MATIC, XLM, XMR, THETA, RUNE, and ZEC. Out of these, LUNA gained 14% and cleared the USD 88 level, increasing its weekly gains to almost 9%. GMT is the best performer among the top 100 cryptoassets by market capitalization today as it jumped 38%, surpassed USD 3.25, and increased its weekly gains to 37%.

Overall, bitcoin price is showing signs of a decent recovery wave above USD 40,500. However, BTC must clear USD 41,200 and USD 41,500 for upside continuation.

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