Bitcoin and Ethereum Recover Ground, COMP Dives On ‘Unusual Activity’ News

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After forming a base above USD 42,000, bitcoin price started a steady increase. BTC broke the USD 43,000 and USD 43,200 resistance levels. The price is now showing positive signs, with an immediate hurdle near the USD 44,000 level. The next key resistance is near the USD 44,400 level, above which the price could even clear USD 45,000.

On the downside, an immediate support is near USD 43,000. The next key support is now forming near USD 42,500, below which the price could test USD 42,000.

Ethereum price gained pace above the USD 2,950 resistance level. ETH is up almost 4% and is trading above USD 3,000. If the bulls remain in action, the price could rise towards the USD 3,100 level. The next major breakout zone is near the USD 3,120 and USD 3,150 level.

If there is a downside correction, an initial support is at USD 2,980. The first major support is now forming near the USD 2,820 level.

Cardano (ADA) is consolidating near the USD 2.12 level. If ADA gains pace for a move above the USD 2.15 level, it could revisit the key USD 2.20 resistance. To continue higher, the price must clear the USD 2.20 resistance. If not, the key breakdown support is near USD 2.02 and USD 2.00.

Litecoin (LTC) is up over 4% and it broke the USD 150 resistance. The next major resistance is near USD 155. A close above this level may possibly lead the price towards the USD 165 level. Conversely, the price could decline in a range towards the USD 140 level.

Dogecoin (DOGE) is attempting a recovery above the USD 0.202 level. An immediate resistance is near the USD 0.205 level. If there is a clear break above USD 0.205, the price could test the USD 0.212 pivot level. On the downside, the USD 0.200 level is a major support.

XRP price remained above USD 0.900 and managed to climb above the USD 0.950 resistance. It may test the USD 0.980 level, but the main hurdle is at USD 1.0. A close above this level is needed to start a steady increase in the near term.

Many altcoins are up over 5%, including OMG, ZIL, BNB, LEO, QTUM, DYDX, HT, FIL, ICP, AXS, DCR, XLM, XTZ, and MATIC. Out of these, OMG rallied 18% and it tested the USD 11.20 level. 

Meanwhile, COMP is down by 9% in a day, dropping below USD 304, as Compound confirmed that “unusual activity has been reported regarding the distribution of COMP following the execution of Proposal 062,” while Compound founder Robert Leshner said that “the impact is bounded; at worst, 280k COMP tokens,” which is now worth almost USD 86m. However, COMP is now recovering losses after it dropped below USD 290 earlier today.

Overall, bitcoin price is gaining pace above the USD 43,000 level. If BTC settles above USD 43,500, it could even attempt a move above the USD 44,000 level.

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