14 Apr 2022 · 2 min read

Bitcoin and Ethereum Face Key Breakout Zone, DOGE Jumps on Musk News

 

  • Bitcoin price is facing a major hurdle near USD 41,500.
  • Ethereum struggled near USD 3,150, XRP might face resistance near USD 0.75.
  • DOGE accelerated following an announcement from Elon Musk.

Bitcoin price gained pace after it cleared the USD 40,500 resistance zone. BTC even surpassed the USD 41,200 resistance before correcting lower. It is currently (11:10 UTC) trading near USD 41,000 and is up 3% in a day.

Similarly, most major altcoins are facing important hurdles. ETH climbed above the USD 3,100 level but faced hurdles near USD 3,150. XRP may perhaps face a strong selling interest near USD 0.75. ADA is still trading below the key USD 1.0 resistance zone.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a clear move above USD 40,500, bitcoin price extended increase. BTC was able to clear the USD 41,000 and USD 41,200 levels. It even spiked above USD 41,500, but there was no upside continuation. The price is now consolidating and might make another attempt to clear USD 41,500. The next key resistance is now forming near the USD 42,000 level, above which the price might gain bullish momentum.

On the downside, an initial support is near the USD 40,500 level. The next major support is near USD 40,000, below which the price might resume its decline. 

Ethereum price

Ethereum price gained pace above the USD 3,080 resistance zone. ETH extended its increase and failed to move above the USD 3,150 level, dropping below USD 3,100. ETH is still up almost 2% in a day. If the bulls return in the near term, the price could rise towards USD 3,200. The next key resistance might be near the USD 3,250 level.

If there is a downside correction, the price might find bids near USD 3,050. The next major support is near the USD 3,000 level, below which the price could resume decline.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) gained pace above the USD 0.95 resistance zone. However, the price failed to test the USD 1.0 resistance. ADA is now consolidating gains above USD 0.95. A downside break below USD 0.95 may perhaps send the price to USD 0.90.

BNB extended its increase above the USD 420 resistance. However, the price failed to continue higher above the USD 425 resistance. It is now consolidating below USD 420, with a major support at USD 412.

Solana (SOL) is still struggling to clear the key USD 112 resistance zone. If there is a bearish reaction, the price might decline and test the USD 100 support zone.

DOGE is trading above the USD 0.142 resistance zone and is up more than 5%, as Elon Musk announced his offer to buy Twitter. The next major resistance is near the USD 0.150 level, above which the price may perhaps accelerate higher in the coming sessions. DOGE is now up almost 2% in a week.

XRP price is trading above the USD 0.70 level. The key breakout zone is near the USD 0.75 level. A close above USD 0.75 might start a steady increase towards the USD 0.80 level.

Other altcoins market today

Many altcoins are in the green zone, including LUNA, AVAX, DOT, NEAR, MATIC, LTC, ZIL, UNI, BCH, FTT, ALGO, XLM, and MANA. Out of these, ZIL gained 17% and broke the USD 0.124 level.

Overall, bitcoin price is trading in a positive zone above the USD 40,500 resistance zone. To continue higher, BTC must surpass USD 41,500 and USD 42,000 in the near term.

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