Bitcoin and ETH Remain At Risk, Why WAVES Could Rally

Key Insights:

• Bitcoin gained bearish momentum below $30,850 and $30,000.
• Ether (ETH) declined heavily below the $1,915 support.
• WAVES could rally if there is a close above the $10.00 resistance.

Bitcoin

After struggling above the $32,000 zone, bitcoin price started a fresh decline. There was a sharp move below the $30,850 support level and the 21 simple moving average (H1).

There was a break below the key bullish trend line at $31,500 on the hourly chart. The bears gained strength for a push below the $30,000 level. The price is now consolidating losses above the $29,450 support zone.

If there is a clear move below the $29,450 support, bitcoin price might resume losses. The next major support sits near the $28,550 level.

Ethereum (ETH)

ETH also followed a similar pattern from the $2,015 resistance zone. There was a sharp move below the $1,915 support level and the 21 simple moving average (H1).

The price even declined below the $1,800 level and tested the $1,765 zone. Recently, there was a minor recovery, but the bears remained active near $1,845. Ether resumed decline and traded below a key bullish trend line at $1,820 on the hourly chart.

The price is now consolidating losses above the $1,765 support zone. The next major support sits near the $1,680 level. On the upside, the price must clear $1,845 to start a decent recovery.

WAVES

WAVES started a strong decline after it topped near the $60.00 level. There was a major drop below the $30.00 and $20.00 support levels.

It even moved below the $10.00 level and the 21-day simple moving average. Finally, there was a spike below the $5.00 level and the price tested the $4.00 zone. It is now forming a base and up over 10%. There was a move above the $8.50 resistance.

There was a break above a major bearish trend line with resistance near $9.00 on the daily chart. The next major resistance sits near the $10.00 zone.

A close above the $10.00 zone might start a fresh increase. In the stated case, WAVES price might rise towards the $20.00 level. If there is no upside break, the price could revisit the $6.00 support. The next key support sits at $4.00.

ADA, BNB, and DOT price

Cardano (ADA) trimmed gains after a strong rally to $0.685. It is now trading below $0.600 and might attempt a fresh increase.

BNB is consolidating near the $300 level. A daily close above the $305 level may perhaps open the doors for a fresh increase.

Polkadot (DOT) is down over 8% and trading below the $9.80 level. If there is a break below $9.30, the price could revisit the $9.00 support.

A few trending coins are ICP, KCS, and GLM. Out of these, GLM rallied over 35% and broke the $0.35 resistance zone.