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Bitcoin and Ethereum Trim Losses, AAVE & SUSHI Outperform

Cryptocurrency
17.05.2021
42
Bitcoin and Ethereum Trim Losses, AAVE & SUSHI Outperform

Bitcoin price extended its decline towards the key USD 42,000 support. BTC tested USD 42,200 before it started a recovery wave. It is currently (12:20 PM UTC) back above USD 45,000 and is showing signs of a possible further recovery.

Similarly, most major altcoins are inching higher. ETH traded close to USD 3,100 before correcting higher above USD 3,450. XRP/USD performed well and it trimmed most of its losses to climb above USD 1.50.

Total market capitalization

Bitcoin price

After a major decline, bitcoin price remained well bid above the USD 42,000 support. BTC tested USD 42,200 and started a steady recovery wave. The price climbed above the USD 43,800 and USD 45,000 resistance levels. The first major resistance is near the USD 46,500 level. The main resistance for a larger upward move is now near the USD 48,000 level. On the downside, an initial support is near the USD 44,500 level. The first key support is near the USD 43,200 level. The main support is now near the USD 42,000 zone.

Ethereum price

Ethereum price spiked below the USD 3,200 level, but the bulls appeared near USD 3,120. ETH started a fresh increase and it broke the USD 3,350 and USD 3,450 resistance levels. It even climbed above USD 3,500 and it seems like the bull might attempt to clear the USD 3,650 resistance. On the downside, an initial support is near the USD 3,450 level. The next major support is near the USD 3,380 level.

BNB, LTC, DOGE, and XRP price

Binance Coin (BNB) tested the USD 485 support and it recovered above the USD 500 level. BNB even cleared the USD 525 resistance and it could soon attempt a break above the USD 550 level. If there is a fresh decline, the USD 525 level might provide support.Litecoin (LTC) is still below the key USD 300 pivot level. If LTC climbs above the USD 300 level, there are chances of a steady increase. In this case, the price could rise towards the USD 325 and USD 330 levels. On the downside, the USD 265 level is a strong support.Dogecoin (DOGE) remained stable near the USD 0.450 level. It recovered and broke the USD 0.500 resistance. If the bulls remain in action, the price might rise towards the USD 0.532 and USD 0.540 levels.XRP price was able to trim most of its losses. It is now back above the USD 1.50 level. It seems like the bulls are now eyeing a steady move towards the USD 1.55 level. On the downside, the USD 1.50 level is a decent support base.

Other altcoins market today

Many altcoins are still down over 8%, including ICP, QTUM, OMG, STX, BTG, SC, WAVES, DASH, DOT, ICX, HT, EOS, BSV, ONT, FTM, XEM, and CAKE. Meanwhile, SUSHI and AAVE are up by 3%-6%, becoming the best performing cryptoassets among the top 100 coins today. Smaller altcoins, such as REV and CELO gained up to 20%.

To sum up, bitcoin price is recovering losses and trading above USD 45,000. If BTC settles above USD 46,500, it could target the USD 48,000 resistance zone.

Author:cryptonews
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