Wed. Aug 10th, 2022
  • Bitcoin price is trying to clear USD 58,000 once again.
  • Ethereum could aim for additional gains, XRP failed to stay above USD 1.00.
  • SHIB rallied over 36% and it broke the USD 0.0000520 level.

Bitcoin price failed to retest the USD 60,000 resistance level. BTC started a downside correction and traded below USD 57,000. It is currently (11:51 UTC) moving higher towards USD 57,500.

Besides, major altcoins are showing mixed results. ETH is still elevated, but it is facing an uphill task near USD 4,500. XRP failed to stay above USD 1.00 and corrected lower. ADA could retest the USD 1.52 support level.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a false break above USD 58,500, bitcoin price started a downside correction. BTC declined below the USD 58,000 and USD 57,500 levels. On the downside, an initial support is near the 56,500 level. The next major support is at the USD 56,000 level, below which the price might retest USD 55,000. Any more losses might call for a move towards the USD 52,500 level.

On the upside, the bulls are struggling near USD 58,000. The next major resistance is near the USD 58,500 level, above which the price could rise steadily.

Ethereum price

Ethereum price remained stable above the USD 4,350 level. ETH is showing positive signs and a clear break above USD 4,500 may perhaps lead the price towards the USD 4,650 level.

If not, the price might drop below the USD 4,350 support. The next key support is near USD 4,250, below which there is a risk of a stronger decline.

ADA, BNB, SOL, SHIB, and XRP price

Cardano (ADA) is facing resistance near USD 1.60. If it stays below USD 1.60, there could be a bearish reaction towards the USD 1.52 level. The next major support is near USD 1.50, below which the bears could test USD 1.40.

Binance coin (BNB) is still above the USD 600 level and is facing resistance near the USD 625 level, above which the bulls could attempt a break above USD 632. On the downside, the USD 600 level is a major breakdown support.

Solana (SOL) is trying to stay above the USD 200 level. A downside break below the USD 200 support could start a fresh decline. The next support is USD 192, below which the price could decline towards the USD 180 level.

SHIB started a strong increase above USD 0.000045 level. It gained over 36% and broke the USD 0.0000520 level. If there is a downside correction, the price might find support near the USD 0.000045 level.

XRP price failed to stay above the USD 1.00 level. It is correcting gains and it might decline below USD 0.975. The next key support is USD 0.950, below which the price could revisit USD 0.88.

Other altcoins market today

A few altcoins are up over 5%, including SHIB, STX, XTZ, LUNA, OMG, HBAR, ZEN, DOGE, and ATOM. Out of these, STX gained 16% and surpassed the USD 2.4 level.

To sum up, bitcoin price is looking for direction and still might revisit USD 56,200, despite it is now approaching USD 58,000. The main breakdown support is now USD 55,000.

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