Bitcoin (BTC) and other major cryptocurrencies are facing a critical juncture as traders try to establish the $36,000 level as support. Failure to do so could potentially trigger a broader market correction. Let’s dive into the price analysis of BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, and MATIC.
BTC/USD
Bitcoin has been struggling to sustain its bullish momentum above $36,000. The failure to establish this level as a strong support could result in a pullback to the $34,000 support level. On the upside, if BTC breaks above the $38,000 level, it could trigger a rally toward $42,000.
ETH/USD
Ethereum (ETH) is currently in a consolidation phase above the $2,800 support level. If ETH remains above this level, it could continue its upward trend and aim for the $3,000 resistance level. However, a break below $2,800 could open the doors for a drop to $2,650.
BNB/USD
Binance Coin (BNB) is trading in a range between $440 and $480. It needs to break above the $480 resistance to gain momentum for a move towards $520. On the downside, a break below $440 could lead to a decline to $400.
XRP/USD
After a strong rally, XRP has been consolidating near the $1.20 resistance level. If XRP breaks above this resistance, it could rise towards $1.35. Conversely, a break below the $1.08 support could result in a drop to $1.00.
SOL/USD
Solana (SOL) has been displaying impressive strength, hitting new highs above $240. The next target on the upside could be $272, followed by $300. However, if there is a pullback, the $200 level may act as strong support.
ADA/USD
Cardano (ADA) has been consolidating near the $2.40 resistance level. It needs to clear this hurdle to start a new rally towards $2.60 and $2.80. Failure to do so might result in a drop to $2.20.
DOGE/USD
Dogecoin (DOGE) has also been consolidating in a range between $0.26 and $0.31. A breakout above $0.31 could push DOGE towards $0.35, while a break below $0.26 might lead to a decline to $0.20.
TON/USD
TON Crystal (TON) has been in a strong uptrend, and it recently surpassed the $0.38 resistance. It could now target $0.44 and $0.50. On the downside, the $0.38 level may provide support.
LINK/USD
Chainlink (LINK) has been in a consolidation phase around $28. A break above $30 could open the doors for a move towards $33. On the downside, $26 is a crucial support level.
MATIC/USD
Polygon (MATIC) has been showing strength and hitting new all-time highs above $2.20. The next possible targets for MATIC are $2.50 and $3.00. On the downside, $2.00 is a key support area.
In conclusion, Bitcoin and several major cryptocurrencies are reaching crucial levels that could determine the next market direction. Traders will closely monitor the support and resistance levels mentioned above, as they could provide important signals for potential price movements.