Bitcoin, Ethereum and Other Altcoins Still Trying But Can’t Jump Up
Bitcoin is struggling to overcome the $50,000 resistance level, Ethereum is trying to jump above $4,000, and XRP is testing the $1.00 as the resistance level.
On December 23, Bitcoin again tried to break above the $49,000 zone but failed. Thereafter, the rate began a downward correction and, at the time of writing, was trading at $48,460.69, according to Coinmarketcap data.
The initial support level is at $48,000. The next important support level is located in the $47,500 area. If the rate falls below the second support level, Bitcoin will receive a new bearish momentum.
However, if the price of Bitcoin rises, the first level of possible resistance will be met at $49,000. The next resistance level is at $49,500. Only after breaking this level, Bitcoin will finally be able to test its strength with the resistance level of $50,000.
Most of the major altcoins are also struggling to gain traction before the New Year. Ethereum’s price surpassed the $4020 mark on December 23. However, the bears did manage to correct the rate later and, at the time of writing, ETH was trading at $3,954.7.
So far, key support is near the $3,920 level, and the nearest resistance level is at $4,050. If this resistance is overcome, Ethereum will finally be able to make a breakout.
ADA, BNB, SOL, DOGE and XRP
Cardano (ADA) is showing positive signs above $1.30. At the time of writing, the coin is trading at $1.38.
Binance (BNB) price climbed above $543 on December 23, but was unable to hold the bullish momentum for a long time and at the time of writing is down to $530.6.
The Solana (SOL) price movement chart during December 23 describes a downward rally. Although the SOL climbed to $185.75 early in the day, it dropped below $178 several hours later, but at the time of writing, the coin is trading at $179.97.
DOGE is still consolidating above the $0.170 level. It meets resistance around the $0.178 and $0.180 levels. If there is no upside breakout, the price could test the $0.165 level as support. The next major support is found around the $0.150 level.
XRP price is rising and testing the $1.00 level. A clear move above $1.00 could push the price up. The next major resistance is at around $1.05, above which the price could test $1.12.