- Bitcoin corrected lower below $23,500 and $23,200.
- Ether price tested the key $1,460 support zone.
- ATOM is rising and might rally further if it clears $12.50.
After struggling to clear the $24,275 zone, bitcoin started a downside correction. There was a clear move below the $23,080 support zone and the 21-day simple moving average (H1).
The price even declined below the $23,000 level which had previously provided support. BTC is now trading near a major support at $22,400. If there is a downside break, the price could decline to $21,650.
The next major support sits at $21,000, below which could see BTC falling back down to the $20,000 psychological level.
In the event of a rebound, bitcoin needs to breakout of the $23,080 resistance zone and consolidate above for at least a few days. The next major hurdle is near $24,000.
Ether also followed a similar pattern and started a fresh decline from the $1,625 resistance zone. The price declined below the $1,550 level and the 21-day simple moving average (H1).
It is now consolidating near the $1,480 zone. The next major support sits at $1,460, below which the price could decline towards the $1,385 support zone. If this current level holds, ether may start a fresh rally from the $1,460 zone.
On the upside, there is a major resistance near the $1,550 zone on the hourly chart, above which the price could revisit the $1,625 zone.
After a few weeks of heavy selling, ATOM formed a support near the $5.00 zone. A strong base was formed and the price started a major rally above the $6.50 and $7.50 levels.
There was a clear move above the $8.00 resistance and the 21-day simple moving average. Additionally, there was a break above a major bearish trend line at $8.80 on the daily chart and ATOM is now attempting an upside break above the $11.00 zone.
The main resistance sits near the $12.50 level which has previously prevented a breakout. A close above $12.50 could set the pace for a larger rally. The next stop for the bulls might be $15.00 or $16.50 after that.
If ATOM is unable to push past $12.50, then it may pullback towards the support at $10 before reattempting a move upward.
ADA, BNB, and DOT price
Cardano (ADA) is down 9% and struggling to stay above the $0.475 level. On the upside, the $0.50 zone might act as a breakout zone.
BNB is consolidating at the $260 level. If the bulls are unable to push above, then BNB might decline towards the $230 level.
Polkadot (DOT) is down 8% and trading below the $7.50 level. The next major support is at $7.20, below which the price might decline towards $7.00.