Bitcoin and Ethereum Consolidate, SHIB Surges

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After a short-term downside correction, bitcoin price found support near the USD 47,000 zone. BTC formed a base and it started a fresh increase above USD 47,500. The price is now showing positive signs and it is facing hurdles near USD 48,000. The next major resistance is near the USD 48,500 level, above which the price could gain bullish momentum.

On the downside, an immediate support is near USD 47,500. The first major support is at USD 47,000, below which the price could correct to USD 46,500. 

Ethereum price extended its increase above the USD 3,600 level. ETH even tested USD 3,675 before there was a downside correction. It broke the USD 3,600 level, but the bulls were active near the USD 3,500 level. The price is now climbing, with a major resistance near the USD 3,600 level. A close above USD 3,600 could trigger a fresh increase.

If there is another downside correction, the price might find support near USD 3,500. Any more losses might lead the price towards USD 3,440.

Cardano (ADA) is still trading well below the USD 2.50 resistance level. To start a stronger increase, the price must clear USD 2.50 and USD 2.55. In this case, the price may possibly drift towards the USD 2.80 level. If not, it could correct lower towards the USD 2.25 level.

Litecoin (LTC) extended its increase above USD 188. However, there was no test of the USD 200 resistance. LTC tested USD 195 and it is now consolidating below USD 190. On the downside, the price might find bids near the USD 180 level. 

Dogecoin (DOGE) is rising and it moved above the USD 0.250 resistance level as the bulls are now targeting USD 0.265. The next major resistance is near USD 0.280. Conversely, the price might start a fresh decline below USD 2.35. The next major support is near the USD 0.220 level.

XRP price failed to settle above the USD 1.12 resistance zone. It is now consolidating near the USD 1.10 level. If there is a close above USD 1.12, the price could rise towards USD 1.20. If not, there is a risk of a downside break below the main USD 1.00 support zone.

Many altcoins gained over 5%, including SHIB, AUDIO, ATOM, AVAX, ALGO, EGLD, ZIL, BSV, CEL, LUNA, and TRX. SHIB rallied on Coinbase listing news, hitting USD 0.00000898. Conversely, TEL, REN, CRV, ZEN, and REV are down over 5%.

Overall, bitcoin price is trading in a positive zone above USD 47,000. If BTC breaks USD 48,000 and USD 48,500, it could start an increase towards the USD 50,000 level.

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