Bitcoin and Ether Turn Red, Why ADA Remains At Risk

Bitcoin

After a fresh bearish reaction, Bitcoin price extended decline below the $42,000 support level. There was a clear move below the $40,850 support level and the 21 simple moving average (H1).

The price dived towards $40,000, but the bulls appeared near $40,120. Recently, there was a minor upward move, but the price faced sellers near $40,950. It started another decline and traded below a key bullish trend line with support near $40,800 on the hourly chart.

The next major support sits near the $40,120 level, below which there is a risk of a larger decline towards $38,500. If there is a fresh recovery, the price could face resistance near the $40,950 level. The main resistance is now forming near the $41,800 level.

Ether (ETH)

Ether also failed to surpass the $3,200 resistance zone. There was a fresh bearish reaction below the $3,000 support zone. The price declined below the $2,960 support zone and the 21 simple moving average (H1).

It tested the key $2,855 support zone and is currently consolidating losses. On the upside, there is a key bearish trend line forming with resistance near $2,960 level on the hourly chart. The next key barrier is $3,000, above which the price could start a steady increase.

If not, ether price might slide below the $2,855 support level. The next key support is near $2,840, below which the bears might aim a test of $2,800.

Cardano (ADA)

Cardano (ADA) started a major decline from well above the $1.50 level. ADA declined below a couple of important support levels and extended decline below $1.20.

However, it found support near the $0.950 zone. A base was formed near $0.950 and the price started a recovery wave. There was a clear move above the 23.6% Fib retracement level of the downward move from the $1.654 swing high to $0.937 low.

The price spiked above the $1.20 level, but the bears remained active. The price failed to clear the 50% Fib retracement level of the downward move from the $1.654 swing high to $0.937 low.

ADA started a fresh decline and traded below a rising channel with support near $1.10 on the daily chart. ADA settled below the $1.10 level and the 21-day simple moving average. It is slowly moving lower and declining towards a major support at $1.00 and $0.950. Any more losses might send the price towards the $0.850 level.

On the upside, the price is facing resistance near the $1.10 level and the 21-day simple moving average. The next major resistance is $1.20, above which it could rise towards $1.32.

BNB and DOT price

Binance Coin (BNB) is moving lower towards the $400 support zone. A clear break and close below $400 could push the price towards the $382 level. The next major support is near the $375 level.

Polkadot (DOT) is down 4% and is trading well below the $18.80 level. An immediate support is near the $18.00 level. The next major support is near $17.50, below which the price could dive towards $16.80.

A few coins are showing positive signs, including KLAY, NEO, and QTUM. Out of these NEO is gaining pace above the USD 26.50 level.