Bitcoin and Ethereum Inch Higher, LUNA and AVAX Outperform
Bitcoin price formed a base above the USD 39,500 zone. As a result, BTC started a steady upward move above the USD 40,500 resistance. It is currently (03:39 UTC) showing positive signs above USD 41,300 and might eye a move above the USD 42,000 resistance zone. BTC is up 3% in a day, trimming its weekly losses to 4%.
Similarly, most major altcoins are also trying to recover. ETH traded above the USD 3,100 resistance level. XRP was able to surpass the USD 0.732 resistance level. ADA might gain pace if it settles above USD 1.0.
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After another test of USD 39,250, bitcoin price formed a base for a stronger increase. BTC started an upward move, climbed above the USD 40,500 resistance and it even moved above the USD 41,000 level. An immediate resistance on the upside is near the USD 41,850 level. The next key resistance is now forming near the USD 42,500 level, above which there are chances of a trend change.
On the downside, an initial support is near the USD 40,800 level. The next major support is near USD 40,500, below which the price might start another decline.
Ethereum price also followed a positive path. It was able to clear the USD 3,080 resistance zone and is now testing the USD 3,120 level. The next key resistance might be near the USD 3,180 level, above which the price could even rise above USD 3,200 and face the main hurdle at USD 3,250. ETH is up 2% in a day and is down almost 2% in a week.
If there is a downside correction, the price might find support near USD 3,080. The next major support is near the USD 3,050 level, below which the price could extend losses.
Cardano (ADA) started an increase above the USD 0.95 resistance zone. It even tested the USD 0.98 level. The bulls are attempting a
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