Bitcoin and Ethereum Move Higher, Altcoins Remain Attractive

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After a minor downside correction, bitcoin price remained stable above USD 53,200. BTC formed a base and started a fresh increase above USD 55,000. The price even broke the USD 55,500 resistance level. An immediate hurdle on the upside is near the USD 56,200 level. The next key resistance is near USD 56,500, above which the bulls could test USD 58,000.

On the downside, an initial support is near the USD 54,800 level. The next major support is near the USD 54,500 level, below which the price might decline towards the USD 54,000 level.

Ethereum price is up and trading above the USD 3,600 level. It is facing resistance near the USD 3,680 and USD 3,700 levels. The next major resistance is near the USD 3,750 level, above which the price could move towards the USD 3,800 level.

On the downside, an initial support is near the USD 3,560 and USD 3,550 support levels. The next major support is near USD 3,500, below which the price might test USD 3,450.

Cardano (ADA) remained supported above the USD 2.20 level. The price is now looking for direction but it could attempt an upside break above the USD 2.32 zone. A close above USD 2.32 zone could set the pace for a larger increase towards USD 2.40.

Litecoin (LTC) is stable near the USD 180 level. An immediate hurdle is near USD 185. The main resistance is near the USD 188 level. A close above USD 188 may possibly set the pace for a larger increase towards the USD 200 level. If not, there might be a dip towards USD 172.

Dogecoin (DOGE) is gaining pace above the USD 0.250 level. The price is showing positive signs and it seems like the bulls are aiming for a test of USD 0.265. Any more gains could lead the price towards the USD 0.280 level in the near term.

XRP price is stable above the USD 1.02 and USD 1.00 support levels. The price could soon break above the USD 1.08 and USD 1.10 levels. In this case, the price may possibly rise towards the USD 1.20 level.

Many altcoins are up over 8%, including ONE, FTM, YFI, AR, MDX, CHZ, MATIC, EGLD, KLAY, SC, SUSHI, COMP, and NEXO. Out of these, ONE rallied 25% and it broke the USD 0.21 level.

To sum up, bitcoin price is showing positive signs above the USD 55,000 level. If BTC breaks USD 56,200, it could accelerate higher towards USD 58,000 in the coming sessions.

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