Bitcoin and Ethereum Consolidate Gains, AXS Surges

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After testing USD 49,250, bitcoin price started a downside correction. BTC traded below the USD 48,500 and USD 48,000 levels. It even tested the USD 47,200 support level. The next major support is near the USD 46,500 level. If there is a downside break below the USD 46,500 support, there is a risk of a move towards the key USD 45,000 support zone.

On the upside, an immediate resistance is near the USD 48,000 level. The next key resistance is USD 49,250, above which the price could test USD 50,000.

Ethereum price also started a downside correction from the USD 3,500 region. ETH declined below USD 3,400, but it is stable above USD 3,300. The next key support is near the USD 3,250 level, below which the price might test the USD 3,150 pivot level.

On the upside, an initial hurdle is near the USD 3,400 level. The next key resistance is USD 3,420, above which the price could test USD 3,500.

Cardano (ADA) corrected lower below the USD 2.20 pivot level. It is now trading near USD 2.15 and it seems like it could decline towards the USD 2.12 support. Any more losses may possibly lead the price towards the USD 2.05 level. The next key support is near the USD 2.00 level.

Litecoin (LTC) is consolidating near the USD 162 and USD 165 levels. If there is a downside break, the price could test the USD 155 support. On the upside, the bulls need to gain strength above USD 175 for a move towards the USD 188 level. The main hurdle for a larger rally is still near USD 200.

Dogecoin (DOGE) settled above the USD 0.210 pivot level. However, the bulls are facing an uphill task near USD 0.220 and USD 0.222. If there is a close above USD 0.222, the price could rise towards the USD 0.235 level. On the downside, the USD 0.205 and USD 0.200 levels are important supports.

XRP price settled above the USD 1.00 level and it is now trading in a range. On the upside, an immediate resistance is near USD 1.05. The main resistance is now near USD 1.088, above which the price could rise towards the USD 1.15 level. The next major resistance is near USD 1.20.

Many altcoins are up over 5%, including AXS, DYDX, ALGO, SHIB, LUNA, FLOW, HNT, ENJ, HOT, TEL, ONE, and MANA. Out of these, AXS rallied 40% and it surpassed the USD 150 level.

To sum up, bitcoin price is trading in a range above the USD 46,500 support zone. As long as BTC is above USD 45,000, it could start a fresh increase in the near term.

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