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Saturday, September 24, 2022

Bitcoin and Ethereum Gain Bearish Momentum, Altcoins Slide

 

  • Bitcoin dropped below USD 23,000.
  • Ethereum moved below USD 1,700, XRP might retest USD 0.35.
  • ADA and SOL are down at least 5%.

Bitcoin price started another decline below the USD 23,500 support zone and moved below the USD 23,000 level. It is currently (04:03 UTC) trading near USD 22,900 and is down over 4% in a day and almost 1% in a week.

Similarly, most major altcoins are gaining bearish momentum. ETH is down 6% and trading below the USD 1,700 level. XRP could continue to move down towards the USD 0.35 support. ADA might decline below the USD 0.50 level.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a downside break below the USD 23,200 level, bitcoin price gained bearish momentum and traded below the USD 23,000 level. On the downside, an immediate support is at USD 22,650. The next major support is near the USD 22,500 zone, below which the price could accelerate lower. In this case, the price could dive towards the USD 21,500 level.

On the upside, an initial resistance is near the USD 23,200 level. The next main resistance is now forming near the USD 23,500 level, above which the bulls could gain bullish momentum.

Ethereum price

Ethereum price started another decline below the USD 1,720 support and neared USD 1,670. ETH is down 6% in a day and up 2% in a week. On the downside, an initial support is near the USD 1,650 level. The next major support is near the USD 1,625 zone, below which the price could drop towards the USD 1,550 level.

An immediate resistance is near the USD 1,700 level. The next key resistance is near the USD 1,720 level, above which the price might rise to USD 1,800.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is gaining bearish momentum below the USD 0.520 level. The price dropped 5% in a day and is now approaching the USD 0.50 level, below which the bears might aim for a move towards the USD 0.48 level in the near term.

BNB traded below the USD 320 support level. The next major support is near the USD 312 level, below which the price might accelerate towards the USD 300 level.

Solana (SOL) is down almost 8% and trading below the USD 40 level. The price is now moving lower towards the USD 38 support level. If the bears remain in action, there could be a drop toward the USD 36.50 level.

DOGE broke the key USD 0.0700 support level. The price may struggle to stay above the USD 0.068 support zone. If there is a downside break, the price could decline toward USD 0.065.

XRP price is moving lower and trading well below the USD 0.380 resistance. The next major support is near the USD 0.350 level, below which there is a risk of a sharper decline.

Other altcoins market today

Many altcoins are gaining bearish momentum, including DOT, MATIC, SHIB, TRX, UNI, LTC, NEAR, LINK, CRO, and XLM. Meanwhile, ALGO dropped over 16% and is the worst performer among the top 100 coins today. 

Overall, bitcoin price is moving lower below USD 23,000. If BTC slides below the USD 22,500 support, there is a risk of a stronger decline.

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