Introduction
Bitcoin, the leading cryptocurrency, is currently consolidating after a strong rally. However, several altcoins show signs of potentially breaking out in the coming days. In this price analysis, we will examine the price movements of Bitcoin, Ethereum, Binance Coin, XRP, Solana, Cardano and Dogecoin.
Bitcoin (BTC)
After hitting a new all-time high above $67,000, Bitcoin is now undergoing consolidation. The price is currently hovering around the $63,000 support level, but if it fails to hold, the next support is at $61,500. On the upside, a clear break above $64,000 could push the price towards $65,000.
Ethereum (ETH)
Ethereum has also taken a breather after a strong rally. The price is currently consolidating above the $4,000 support level. If the support holds, the next target for Ethereum is around $4,200. On the downside, a break below $4,000 may lead to additional losses towards $3,800.
Binance Coin (BNB)
Binance Coin has been on a steady uptrend, and it is currently consolidating above the $500 support level. If the price continues to hold above this level, it could aim for a new all-time high above $550. However, a break below $500 may result in a corrective decline towards $470.
XRP
XRP has been trading within a range between $1.12 and $1.10. A break above $1.12 could push the price towards $1.20. On the other hand, a break below $1.10 may result in a drop towards $1.05.
Solana (SOL)
Solana has shown impressive strength and is currently consolidating above the $180 support level. If the price breaks above the $190 resistance, it could rally towards $200 and $220. However, if the support at $180 fails to hold, the price could correct towards $160.
Cardano (ADA)
Cardano has been in a strong uptrend and is currently trading above the $2.30 support level. If the price remains above this support, it may continue higher towards $2.45 and $2.60. On the downside, a break below $2.30 may result in a decline towards $2.20.
Dogecoin (DOGE)
Dogecoin has been consolidating between $0.25 and $0.27. A break above $0.27 could lead to a rally towards $0.30 and $0.32.