Bitcoin and Ethereum in Trouble, ALGO New FIFA Partner

  • price Bitcoin Still struggling under $39,000.
  • Ethereum Facing barriers near $2900, XRP could test the $0.632 resistance.
  • ALGO Received 19% of the news of the partnership with FIFA.

Bitcoin price has started consolidation above $38,000. BTC bid to the upside but faced sellers near $39,200. Currently (04:06 UTC) it is trading around $38,500 and remains at risk of further decline. Bitcoin is almost unchanged in one day and is down 5% in one week.

Likewise, most major digital currencies face many obstacles. ETH is facing resistance near $2900 while XRP may struggle near $0.632. ADA is looking to break out of the $0.80 resistance level.

Total market value

Bitcoin Ethereum
Source: tradingview.com

Bitcoin price

After closing above $38,000, the bitcoin price surged and even surpassed $39,000. However, the bears were active near the $39,200 area. As a result, the price pared its gains and fell below $38,800. On the downside, initial support is near the $38,200 level. The next major support is near $38,000, below which the price could drop sharply.

There is immediate resistance to the upside near the $39,000 level. The main obstacle is forming near the $39,200 level, above which the price could rise towards $40K.

Ethereum price

Ethereum price recovered above the $2,850 resistance and pushed above $2,880, but there was no continuation to the upside. The price remains below the $2,900 level and is consolidating losses currently around $2,850. ETH is unchanged in one day and has fallen by 5% in one week. The main resistance is still near the $2,920 level, above which the price could start a nice rally.

On the downside, immediate support is near the $2,815 level. The next major support is near the $2,800 level, which the price could revisit at $2,750 below it.

ADA, BNB, SOL, DOGE and XRP price

Cardano (ADA) is moving higher towards the $0.80 resistance level. A close above this level could send the price to $0.820. The next major resistance is near the $0.85 level.

Binance coin (BNB) is consolidating near the $390 level. On the upside, the main breakout area is near the $398 and $400 levels. On the downside, the $380 level is an important support.

Solana (SOL) settled below the $90 level. On the downside, initial support is near the $85 level. The next major support is near the $82 level.

Dogecoin (DOGE) is consolidating above the $0.130 level. It is now facing resistance near the $0.133 level. The first major resistance is forming near the $0.135 level.

XRP price is moving towards the $0.632 resistance level. If there is a clear move above $0.632, the price may try to move above $0.65 in the next range.

More altcoins today

Some altcoins are in the green, including LUNA, AVAX, LTC, LEO, ALGO, SAND, HNT, OKB, MINA, and XEM.

Among them, ALGO rose by 19% and surpassed the $0.70 level after FIFAthe world soccer governing body, said it has partnered with a blockchain technology company Algorand To agree on a technical sponsorship and partnership agreement. According to their announcement, Algorand will become FIFA’s official blockchain platform and provide the official blockchain-powered wallet solution. In addition, Algorand will be a regional supporter of the FIFA World Cup Qatar 2022™ in North America and Europe, and an official sponsor of the FIFA Women’s World Cup Australia and New Zealand 2023™.

Overall, the bitcoin price is facing hurdles below the $39,000 and $39,200 levels. If Bitcoin drops below $38,000, there is a risk of a stronger decline in the next few sessions.

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