Bitcoin and Ether Dips Supported, BNB Could Surge To $500

Key Insights

• Bitcoin corrected lower, but remained supported near $42,900.
• Ether is holding gains above $2,870.
• BNB broke a major trend line and might eye a sharp increase.

Bitcoin

After a bearish reaction from $45,000, bitcoin price corrected lower below $44,200. There was a clear move below the $44,000 level and the 21 simple moving average (H1).

The price traded below the $43,400 support zone, but the bulls were active near the $42,900 support zone. The price is slowly rising and is back above the 21 simple moving average (H1). An immediate resistance is near the $44,200 level.

A move above $44,200 could resend the price towards the $45,000 resistance. If not, it could start a fresh decline towards $42,900. The next major support is near the $42,800 level and a key bullish trend line on the hourly chart. A downside break below the trend line might call for a move towards the $41,900 level.

Ether (ETH)

Ether also started a downside correction from the $3,035 zone. It declined below the $2,930 support level and the 21 simple moving average (H1).

The bulls appeared near the key $2,870 support zone. Ether price is now rising and trading above the 21 simple moving average (H1). An immediate resistance is near the $2,950 level.

The main resistance is near the $3,000 zone and a connecting bearish trend line on the hourly chart. A proper move above trend line resistance and $3,035 could push the price further higher. On the downside, there is a strong support forming near $2,870 and $2,855.

BNB

BNB formed a support base above the $320 level. The bulls protected sharp losses below the $300 handle. The price started a steady recovery wave above the $350 resistance.

There was a clear move above the 50% Fib retracement level of the downward move from the $445 swing high to $325 low. There was also a break above a crucial bearish trend line at $400 on the daily chart.

BNB price settled above $400 and the 21-day simple moving average. It is now consolidating above the 61.8% Fib retracement level of the downward move from the $445 swing high to $325 low.

The recent breakout and price action suggests BNB could be setting up for a sharp increase towards $445. The next major resistance for the bulls could be $500. If there is no upside break, the price could start a fresh decline below the $400 level. The next major support is near $350.

ADA and DOT price

Cardano (ADA) extended decline below the $0.925 support, but the bulls protected $0.900. If the price stays above $0.920, it could rise towards $0.950 or even $0.965.

Polkadot (DOT) is consolidating above the $18.50 level. An immediate resistance is near $19.20. A successful break above the $19.20 level might pump the price towards the $20.00 level.

A few trending coins are NEAR, ALGO, ETC, and VET. Out of these VET surged 10% and might continue to rise towards $0.0585.