Recovery Isn’t Over Yet, TRX Could Take-off

Key Insights:

• Bitcoin could rise again unless it breaks the $19,950 support.
• Ether (ETH) is showing positive signs above $1,060.
• TRX eyes more upsides above the $0.0665 resistance.

Bitcoin

After a short-term recovery wave, bitcoin price failed to clear the $21,750 resistance zone. BTC formed a top and started a fresh decline below the $21,000 level.

There was a clear move below the $20,600 support area and a connecting bullish trend line on the hourly chart. However, the bulls were active near the $19,950 support zone. The price is now rising above the $20,600 level and the 21 simple moving average (H1).

The first major resistance is near the $21,000 level. The main resistance sits at $21,750, above which the price could recover towards $22,800.

Ethereum (ETH)

ETH also followed a similar pattern after it failed to clear the $1,200 resistance zone. The price started a fresh decline below the $1,150 support level and the 21 simple moving average (H1).

There was a clear move below a key bullish trend line with support near $1,145 on the hourly chart. It tested the $1,060 support zone, where the bulls emerged. Ether price is now rising above the $1,100 level and the 21 simple moving average (H1).

On the upside, the price could face sellers near the $1,150 and $1,155 levels. The main resistance is now near the $1,200 zone, above which the price could rally 5%-8%.

Tron (TRX)

TRX formed a strong base above the $0.0480 level and started a steady increase. There was a steady increase above the $0.0500 level.

There was a move above the 38.2% Fib retracement level of the downward move from the $0.0920 swing zone to $0.0480 low. TRX price is now trading near a key resistance at $0.0665 (the previous breakdown support).

A clear move above the $0.0665 level could send the price towards the $0.0720 resistance zone or the 21-day simple moving average. Any more gains might clear the path for a surge towards the $0.0850 level.

If there is no upside break above the $0.0665 resistance, the price could trim gains and restart decline towards the $0.050 support zone.

ADA, BNB, and DOT price

Cardano (ADA) is showing a few bearish signs below the $0.500 support zone. The next major support is near $0.462, where the bulls might emerge.

Binance Coin (BNB) failed to continue higher above $225 and started a fresh decline. It seems like the bulls might make another attempt to clear $225 and $230.

Polkadot (DOT) retreated lower and settled below the $8.00 support. The next major support sits near the $7.45 level.

A few trending coins are DOGE, UNI, and WAVES. Out of these, UNI is up over 10% and eyeing more gains towards the $6.50 resistance.