Bitcoin and Ethereum Rally, SOL and LUNA Accelerate

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  • Bitcoin price recovered sharply from the USD 34,500 zone.
  • Ethereum is back above USD 2,600, XRP nears USD 0.70.
  • LUNA rallied over 22%, and SOL gained 16%.

After testing the USD 34,500 yesterday, bitcoin price jumped 12% and is now (04:18 UTC) trading above USD 38,900.

Similarly, most major altcoins trimmed losses. ETH surged 11% and broke the USD 2,600 resistance. XRP is now attempting a close above USD 0.70. ADA tested USD 0.75 and moved above USD 0.85.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a strong decline, bitcoin price found support near the USD 34,500 zone. BTC formed a base above USD 35,000 and started a major recovery wave above the USD 38,000 resistance level. On the upside, the price is facing resistance near the USD 39,500 level. The next key resistance is near the USD 40,000 level, above which the price might gain bullish momentum.

If there is a downside correction, the price might test the USD 38,500 support. The next key support is near the USD 37,500 level, below which BTC may perhaps decline to USD 36,200.

Learn more: Bitcoin Shows Surprising Resilience Amid Russia Aggression-Provoked Selloff 

Ethereum price

Ethereum price also followed a similar path and started a fresh increase from the USD 2,300 zone. ETH climbed above USD 2,600 and now faces resistance near USD 2,650. The next key resistance is near the USD 2,750 zone, above which the price may perhaps test USD 2,880.

If not, it could correct lower towards the USD 2,550 support. The next key support is near the USD 2,500 zone, below which the price might test USD 2,420.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) declined sharply and tested the USD 0.75 support. It is now correcting losses and trading above USD 0.80. There was a move above the USD 0.85 level, but the bears might remain active near USD 0.90.

BNB recovered above the USD 350 level. It is now attempting an upside break above the USD 365 resistance level. If there is a clear move, the price might rise towards the USD 388 level.

Solana (SOL) is up 16% and trading above the USD 85 resistance level. The next major resistance is near the USD 95 level, above which the bulls might test the USD 100 level.

DOGE declined towards USD 0.105 before it started a recovery wave. The price is now consolidating above the USD 0.120 level. On the upside, the bulls could face resistance near the USD 0.125 level.

XRP price spiked and tested the USD 0.62 support. The price is now recovering and trading near USD 0.70. A close above USD 0.70 could set the pace for more gains.

Other altcoins market today

Many altcoins are up over 10%, including LUNA, MATIC, CRO, WBTC, FTT, BCH, UNI, MANA, HBAR, SAND, XTZ, and HNT. Out of these, LUNA rallied 22% and traded above the USD 65 level, increasing its weekly gains to 34%.

Overall, bitcoin price is gaining bullish momentum and trading above USD 38,000. If BTC clears USD 40,000, it could move into a bullish zone.

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