Bitcoin and Ethereum Try to Recover, BNB Rallies

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After a break below USD 56,000, bitcoin price extended its decline. BTC corrected lower below USD 55,500 and USD 55,000. However, the bulls appeared near USD 54,000 and there was a fresh upward move. The price climbed above the USD 55,000 and USD 56,000 levels. On the upside, an initial resistance is near the USD 56,500 level. The next key resistance is near USD 57,000, above which the price might revisit USD 57,800.

On the downside, an initial support is near USD 55,650. The next major support is near USD 55,000, below which the price could revisit USD 54,000.

Ethereum price extended its decline below the USD 3,500 level. ETH tested USD 3,400 before there was a fresh increase. The price is now consolidating near USD 3,500 and it is facing resistance near USD 3,550. The main resistance is now forming near the USD 3,600 level.

If there is another decline, the price could test the USD 3,440 level. The next key support is near USD 3,400, below which the price could decline towards USD 3,350.

Cardano (ADA) extended its decline below USD 2.12 and USD 2.10. The price tested the USD 2.07 level and it remained above the USD 2.05 support. On the upside, the bears could defend the USD 2.15 level. The main hurdle is now forming near the USD 2.20 level.

Litecoin (LTC) traded below the USD 172 support and it even tested the USD 165 support. The price is now rising and is trading above USD 172. If it continues to rise, the bulls could face resistance near the USD 180 level. The next key resistance is near the USD 185 level.

Dogecoin (DOGE) traded below the USD 0.220 level, but downsides were limited. The price is now recovering and facing hurdles near USD 2.32. The next major resistance is near USD 0.250. Any more gains could push the price higher towards the USD 0.300 level in the near term.

XRP price spiked below USD 1.10 and it traded close to USD 1.05. The price is now attempting a recovery wave above the USD 1.10 level. To continue higher, the price must clear the USD 1.15 level. The next major hurdle is near USD 1.20.

Many altcoins are up over 5%, including REV, STX, BNB, OMG, CAKE, ONE, KLAY, ATOM, XTZ, CELO, DOT, and CHZ. Out of these, STX rallied 21% and jumped above the USD 2.4 level. Meanwhile, BNB is now trading above USD 460 after it rallied 13% on Binance Smart Chain news.

Overall, bitcoin price is recovering losses above USD 56,000. However, BTC must settle above USD 57,000 to continue higher in the coming sessions.

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