Key Insights:
- Bitcoin could gain pace if it clears $40,000.
- Ether (ETH) is facing hurdles near $2,600.
- RUNE surged over 15% and might rise further towards $10.00.
Bitcoin
After a downside break below $38,000, bitcoin price found support near $37,500. BTC started a decent recovery wave above the $38,000 level.
The bulls were able to push the price above the $38,500 and the 21 simple moving average (H1). There was also a break above a key bearish trend line with resistance near $38,750 on the hourly chart.
However, the price faces a key hurdle near the $39,250 zone. The main barrier is still near the $40,000 level. A clear move above the $40,000 zone could open the doors for a fresh increase. If not, the bitcoin price might resume decline to $37,000.
Ethereum (ETH)
ETH spiked and tested the $2,500 support zone. The bulls appeared near $2,500 and protected heavy losses. The price is now rising and trading above $2,550.
There was a break above a connecting bearish trend line at $2,570 on the hourly chart. Ether even climbed above $2,585 and the 21 simple moving average (H1). However, it is facing a strong resistance near the $2,600 zone.
A successful close above $2,600 might set the pace for more gains. The next key hurdle is $2,670, above which the bulls might take control. If there is no upside break, the price could start a fresh decline towards the $2,500 and $2,450 levels.
THORChain (RUNE)
RUNE formed a strong support base above the $3.30 level. As a result, it started a steady increase above the $4.00 and $4.50 resistance levels to move into a positive zone.
More importantly, there was a clear move above a crucial bearish trend line with resistance near $5.65 on the daily chart. The price settled above the $6.50 level and the 21-day simple moving average. The price even surged above the 50% Fib retracement level of the downward move from the $9.55 swing high to $3.10 low.
RUNE is now up over 20% and trading above $7.20. If the bulls remain in action, they could push the price above the 76.4% Fib retracement level of the downward move from the $9.55 swing high to $3.10 low.
The next major stop could be $10.00. If there is a downside correction, the bulls might remain active near the $6.50 and $6.20 levels.
ADA, BNB, and DOT price
Cardano (ADA) is stuck near the $0.80 level. To start a major increase, the price must clear the $0.82 and $0.835 resistance levels in the near term.
BNB is trading well below the $385 pivot level. The main support sits near the $354 level. If there is a downside break, the bears might aim for a test of $320.
Polkadot (DOT) is showing a few bearish signs below the $18.00 level. If there is no move above $18.00, the price may perhaps slide to $16.50.
A few trending coins are EGLD, KLAY, and GRT. Out of these, GRT is eyeing a break above the $0.365 resistance zone.