ALGO And NEAR Jump In Price While BTC, ETH Trend Lower

ALGO and NEAR jump in price while Bitcoin price extended its decline below $47,000 as we can see more in today’s altcoin price news.

ALGO and NEAR jump in price by 6% and 11% respectively but Ethereum tested the $3850 level and XRP approached the $0.80 support. Bitcoin’s price failed to start the recovery wave and gain more pace below the $48,500 support. The BTC extended drop led the coin below ,500 and now shows bearing signs close to ,800.
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Most major altcoins are also moving lower and ETH traded below the $3880 and $3650 support levels while XRP settled below $0.85 and could revisit the $0.80 as ADA approached $1.30.

Over the past three sessions, BTC price saw a strong decline below the $50,000 price level and the price broke a few supports near the $48,500 to enter the bearish zone. It even managed to break the $46,500 support zone before recovering but on the downside, the initial support was near the $46,000 level and the next major support is close to the $45,000 below which there’s a stronger risk of moving towards $42,000. On the upside, the price could face resistance near the $47,500 level, and the main breakout resistance formed near the $48,500 level.

Ethereum’s price also extended the drop below the $3720 level. The ETH price broke the $3650 support and traded close to the $3550 and it is now consolidating the losses near the $3700 with the next key resistance being close to $3750 above whcih the price could test the $3880. if there are more losses, the price could find bids near $3600 and the next key support is close to the $3550 level below which the price could dive to $3320. Cardano’s ADA dropped over 7% and there was another move below $1.32 so the price was now trying to recover but if there’s a downside break as the price could test the $1.28 level.

Binance Coin broke the $525 support level and extended the drop and it is now trading below the $520 price level while the next major support is close to the $500 price level. Solana dropped 4% and there’s a clear move below the $175 but the price is now consolidating above the $168 with a downside break below this level calling for more losses. DOGE traded below the $0.172 support zone and the price is trying to recover with a possible move higher. XRP’s price is trading below $0.85 and if the bears remain in action, the price could drive towards the $0.80 support zone.

Most altcoins were down 8% including QNT, UNI, RUNE, BAT, KDA, ENJ, VET, and AAve. In the meantime, ALGO jumped 6% in one day and reached $1.58 while NEAR increased by 11% in one day or 38% per week and it is trading near $14.9.