Bitcoin and Ethereum Consolidate Gains, XLM and WAVES Outperform

    10 May 2021

    Bitcoin price gained pace above USD 59,000, but it failed to extend its move to USD 60,000. BTC started a downside correction and traded below USD 58,500. It is currently (12:20 PM UTC) holding the USD 57,500 support and it still might rise again to test USD 60,000 in the near term.

    Besides, most major altcoins are trading above major supports. ETH rallied further to a new all-time high near USD 4,175 before correcting lower. XRP/USD is holding the USD 1.55 support and it could start a fresh increase to USD 1.60.

    Ethereum price

    Ethereum price remained strong and it even broke the USD 4,100 level. ETH traded to a new all-time high at USD 4,175 before it corrected lower. The price declined below USD 4,100, but it is still well above the USD 4,000 support zone.

    As long as the price is above USD 4,000, it could climb towards USD 4,150 and USD 4,200. If not, there is a risk of a drop towards the USD 3,800 support zone.

    BNB, LTC, DOGE, and XRP price

     Binance Coin (BNB) spiked above the USD 685 resistance, but there was no test of USD 700. BNB formed a high near USD 692 before it corrected lower. It is now trading above the USD 650 support and it might start a fresh increase towards the USD 700 level.

    Litecoin (LTC) started a downside correction from well above the USD 400 level. LTC declined below USD 392, but it is stable above the USD 380 support level. Any more losses may possibly lead the price towards the USD 365 support zone. On the upside, a close above USD 400 might trigger another rally. Dogecoin (DOGE) is recovering and it is trading above the USD 0.500 level. An initial resistance is near the USD 0.525 level. The main hurdle is near the USD 0.550 level, above which the price might revisit the USD 0.600 resistance zone in the near term.

    XRP price spiked above the USD 1.60 level before it corrected lower. The price is now consolidating above the USD 1.55 support. It seems like the bulls are preparing for a fresh increase towards the USD 1.60 level in the near term.

    Other altcoins market today

    A few altcoins climbed over 8%, including SHIB, TEL, XLM, REV, WAVES, ONE, LSK, ICX, BCH, FTM, and AVAX. Out of these, XLM is surging above USD 0.70 and it could soon test USD 0.80. WAVES surpassed the USD 38 level.

    To sum up, bitcoin price is showing positive signs above the USD 57,500 level. BTC might consolidate in a range, but it could attempt a break above USD 60,000.

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