Crypto Market Today: Bitcoin and Ether Face Hurdle, BNB Eyes Breakout

Bitcoin

After a downside break, bitcoin price extended decline below the $49,200 support. The price settled below the $49,500 level and the 21 simple moving average (H1).

The bears even pushed the price below the $48,200 and $48,000 support levels. However, the bulls protected the $47,500 support zone. As a result, there was a fresh increase above $49,000.

There was a clear move above a key bearish trend line with resistance near $49,300 on the hourly chart. It is now trading above $49,000 and the 21 simple moving average (H1). On the upside, the price is facing resistance near $50,000, above which it could continue to rise.

Ether (ETH)

Ether started a major decline after there was a clear break below the $4,250 support and the 21 simple moving average (H1). The price even broke the $4,120 level and tested the $4,025 support zone.

The price is now recovering and trading above $4,100. There was a push above the $4,150 level and the 21 simple moving average (H1). On the upside, the price could face resistance near the $4,200 level. The main resistance is near the $4,250 level, above which the bulls could gain strength in the coming sessions.

BNB

BNB started a downside correction from the $680 resistance zone. The price traded below the $600 support zone, but the bulls were active near the $500 level. A base was formed, and the price is now rising above $550.

There was a clear break above the 50% Fib retracement level of the downward move from the $650 swing high to $500 swing low. It is now facing resistance near the $590 zone and the 21 simple moving average (daily).

There is also a crucial contracting triangle forming with resistance near $625 on the daily chart. It coincides with the 76.4% Fib retracement level of the downward move from the $650 swing high to $500 swing low.

A close above the $600 and $625 levels may perhaps send the price towards the $700 resistance zone. If not, there is a risk of a downside break below the $550 and $500 support levels. The next major support is near $420.

ADA and DOT price

Cardano (ADA) is stuck near the $1.30 level. An initial hurdle is near the $1.35 level. A close above the $1.35 level may perhaps start a major increase. Conversely, the price could dive below the $1.30 support level.

Polkadot (DOT) is consolidating near the $28.00 level. An immediate support is near the $27.50 level. On the upside, the bulls need to gain strength above $28.00 and $28.50. The main resistance is still near $30.00, above the price could rise towards $33.50.

A few trending coins are CEL, QNT and LRC. Out of these CEL rallied above USD 3.85 and it might even clear the USD 4.00 resistance.