More

    Bitcoin and Ethereum Recover Ground, COMP Dives On ‘Unusual Activity’ News

    • Bitcoin price gained pace for a move above the USD 43,200 resistance.
    • Ethereum broke the USD 3,000 resistance, XRP inches towards USD 1.
    • COMP is the worst performer among the top 100 coins today.

    Bitcoin price started recovering above the USD 42,500 resistance. BTC broke the USD 43,200 level to move into a positive zone. It is currently (04:55 UTC) trading above USD 43,500, but it might face resistance near USD 44,400.

    Similarly, most major altcoins are also recovering. ETH jumped by almost 4% and it was able to clear the USD 3,000 resistance. XRP is back above USD 0.950, while ADA is consolidating below USD 2.15 and it could face hurdles near USD 2.20.

    Total market capitalization

    Source: https://www.tradingview.com

    Bitcoin price

    After forming a base above USD 42,000, bitcoin price started a steady increase. BTC broke the USD 43,000 and USD 43,200 resistance levels. The price is now showing positive signs, with an immediate hurdle near the USD 44,000 level. The next key resistance is near the USD 44,400 level, above which the price could even clear USD 45,000.

    On the downside, an immediate support is near USD 43,000. The next key support is now forming near USD 42,500, below which the price could test USD 42,000.

    Ethereum price

    Ethereum price gained pace above the USD 2,950 resistance level. ETH is up almost 4% and is trading above USD 3,000. If the bulls remain in action, the price could rise towards the USD 3,100 level. The next major breakout zone is near the USD 3,120 and USD 3,150 level.

    If there is a downside correction, an initial support is at USD 2,980. The first major support is now forming near the USD 2,820 level.

    ADA, LTC, DOGE, and XRP price

    Cardano (ADA) is consolidating near the USD 2.12 level. If ADA gains pace for a move above the USD 2.15 level, it could revisit the key USD 2.20 resistance. To continue higher, the price must clear the USD 2.20 resistance. If not, the key breakdown support is near USD 2.02 and USD 2.00.

    Litecoin (LTC) is up over 4% and it broke the USD 150 resistance. The next major resistance is near USD 155. A close above this level may possibly lead the price towards the USD 165 level. Conversely, the price could decline in a range towards the USD 140 level.

    Dogecoin (DOGE) is attempting a recovery above the USD 0.202 level. An immediate resistance is near the USD 0.205 level. If there is a clear break above USD 0.205, the price could test the USD 0.212 pivot level. On the downside, the USD 0.200 level is a major support.

    XRP price remained above USD 0.900 and managed to climb above the USD 0.950 resistance. It may test the USD 0.980 level, but the main hurdle is at USD 1.0. A close above this level is needed to start a steady increase in the near term.

    Other altcoins market today

    Many altcoins are up over 5%, including OMG, ZIL, BNB, LEO, QTUM, DYDX, HT, FIL, ICP, AXS, DCR, XLM, XTZ, and MATIC. Out of these, OMG rallied 18% and it tested the USD 11.20 level. 

    Meanwhile, COMP is down by 9% in a day, dropping below USD 304, as Compound confirmed that “unusual activity has been reported regarding the distribution of COMP following the execution of Proposal 062,” while Compound founder Robert Leshner said that “the impact is bounded; at worst, 280k COMP tokens,” which is now worth almost USD 86m. However, COMP is now recovering losses after it dropped below USD 290 earlier today.

    Overall, bitcoin price is gaining pace above the USD 43,000 level. If BTC settles above USD 43,500, it could even attempt a move above the USD 44,000 level.

    _____ 

    Find the best price to buy/sell cryptocurrency:

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Atlantis Exchange Received 30,000,000 Advanced Bitcoin as Liquidity

    SEATTLE, WA, May 20, 2022 /24-7PressRelease/ — Atlantis Exchange is pleased to announce that a deposit of 30,000,000 Advanced Bitcoin (“aBTC”), a green cryptocurrency...

    These indicators show how the equities sell-off is influencing crypto prices to fall down

    Cryptocurrencies experienced on May 10 a large market crash, losing over 10% in a single day of most of the coins. This is the...

    Xendit Raises $300M to Grow Payments Platform

    Southeast Asia payments platform Xendit closed a $300 million Series D funding round that brings its total investment capital since 2015 to $538 million,...

    Top Cryptocurrency Prices Today, May 20: After crypto crash, Bitcoin, ETH, Solana, ADA, Polkadot, Matic rise upto 6%

    Top Cryptocurrencies of the World Prices Today in India (May 20, 2022): The global crypto market cap recovered 2.87% in the last 24 hours...

    Ethereum to Merge in August as Final Testing Begins

    The Merge is a milestone upgrade that transitions the Ethereum network consensus mechanism from proof-of-work mining to proof-of-stake (PoS). It is a significant step...

    Newsletter

    Subscribe to stay updated.