18 Oct Bitcoin and Ethereum Struggle, SOL and SHIB Move Higher
- Bitcoin price failed to settle above USD 62,000 and declined.
- Ethereum struggled to clear USD 4,400, XRP topped near USD 1.15.
- RUNE and HOT are up over 18%, SHIB jumped by 7%.
Bitcoin price failed to gain momentum above the USD 62,500 and USD 62,650 resistance levels. As a result, BTC started a fresh decline below the USD 61,200 support. It is currently (04:33 UTC) trading above USD 61,300 and it might continue moving down.
Besides, most major altcoins are also moving lower. ETH failed to surpass USD 4,400 and declined. XRP spiked towards the USD 1.15 resistance level before a fresh drop. ADA is now trading below the USD 2.00 level.
Total market capitalization
Recently, bitcoin price attempted a clear upside break above the USD 62,500 resistance zone. However, BTC failed to gain strength and started a fresh decline. It broke the key USD 61,200 support zone. On the downside, an initial support is near the USD 60,250 level. The main support is now forming near the USD 60,000 level, below which the price might start a stronger decline.
If there is a fresh increase, an immediate resistance is near the USD 61,200 level. The main weekly resistance is now forming near USD 62,500, above which the price may perhaps gain bullish momentum.
Ethereum price failed to settle above USD 4,400. It started a fresh decline below the USD 4,350 level. There was a break below the USD 4,280 support level. The next key support is near USD 4,200. A downside break below USD 4,200 could lead the price towards USD 4,120.
On the upside, an initial resistance is near the USD 4,320 level. The next major resistance is near USD 4,400, above which the price could accelerate higher towards the USD 4,500 level.
ADA, BNB, SOL, SHIB, and XRP price
Cardano (ADA) spiked above the USD 2.00 level. However, the price failed to settle above USD 2.00 and started a fresh decline. The price is trading below USD 1.95 and it could continue to move down towards USD 1.88. The next major support is near the 1.85 level. An immediate resistance is near USD 1.98, above which the price might rise towards the USD 2.05 level in the near term.
Binance Coin (BNB) settled above the USD 500 resistance. It is now facing resistance near the USD 550 level. A close above USD 550 could push the price towards the USD 580 and USD 600 levels.
Solana (SOL) is up 6% and is trading above the USD 200 level. The price is consolidating gains and it might start an increase towards USD 220. Any more gains may possibly push the price towards the USD 240 level in the near term.
SHIB is up over 7% and it broke the USD 0.000070 level. An initial resistance is near the USD 0.000075 level, above which the price might rise towards the USD 0.000080 level.
XRP price surpassed the USD 1.12 resistance level. However, it failed to clear the USD 1.15 resistance and started a fresh decline. If the bears remain in action, the price might revisit USD 1.02.
Other altcoins market today
Many altcoins are up over 5%, including HOT, XDC, QTUM, ICX, AMP, RUNE, GRT, FTM, AR, OMG, and XMR. Out of these, HOT gained over 24% and it broke the USD 0.013 level.
Overall, bitcoin price is showing a few bearish signs below USD 62,000 in the near term. If BTC settles below USD 60,000, there could be a sharper decline.