Bitcoin and Ethereum Try to Recover, APE Pumps and Dumps on Musk's Move – Cryptonews

Bitcoin and Ethereum Try to Recover, APE Pumps and Dumps on Musk's Move – Cryptonews

Blockchain Crypto Market Technology
May 5, 2022 by Coinvasity
24
 Bitcoin price remained well bid above the USD 38,000 level, started a short-term upside correction above the USD 38,500 level, and is currently (11:57 UTC) testing the USD 39,000 level. BTC is up over 1% in a day and 2% in a week.Similarly, most major altcoins are facing key hurdles. ETH must clear USD 2,900
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Bitcoin price remained well bid above the USD 38,000 level, started a short-term upside correction above the USD 38,500 level, and is currently (11:57 UTC) testing the USD 39,000 level. BTC is up over 1% in a day and 2% in a week.
Similarly, most major altcoins are facing key hurdles. ETH must clear USD 2,900 and USD 2,920. XRP is still consolidating near USD 0.615. ADA managed to move above the USD 0.80 resistance level.
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After forming a base above USD 38,000, bitcoin price started an upside correction. BTC was able to surpass the USD 38,500 and USD 38,800 resistance levels and spiked above USD 39,000. The next hurdle is still near USD 39,200. A close above USD 39,200 may perhaps open the doors for a steady increase towards USD 40,000.
If there is no upside break, the price might decline below USD 38,500. The next major support is near USD 38,000, below which the price could test USD 37,500.
Ethereum price is also attempting an upside correction above USD 2,850 and is now up more than 1% in a day and 2.5% in a week. An immediate resistance is near the USD 2,880. The main major resistance is still near the USD 2,900 zone, above which it could rise steadily. 
On the downside, an immediate support is near the USD 2,800 level. The next major support is near the USD 2,750 level, below which there is a risk of a sharper decline. 
Cardano (ADA) is up 4% and there was a clear move above the USD 0.80 resistance. The next major resistance is near the USD 0.832 level, above which it could rise towards the USD 0.85 barrier.
BNB moved higher above the USD 380 support level and is now trading above USD 390. An immediate resistance is near the USD 395 level, above which it could test USD 400.
Solana (SOL) tested the USD 85 support and recently started an upside correction. To gain strength, the price must clear the USD 90 and USD 92 resistance levels. The next major resistance is USD 95.
DOGE is recovering above the USD 0.132 level. If the bulls remain in action, the price may perhaps rise towards the USD 0.135 level. On the downside, the USD 0.128 level is a decent support.
XRP price is stuck near the USD 0.615 and USD 0.620 levels. On the upside, the USD 0.632 level is a short-term resistance. The key resistance is near USD 0.65, above which the price might rise steadily.
Many altcoins are showing positive signs, including LUNA, NEAR, TRX, APE, VET, SAND, RUNE, WAVES, CRV, and ZRC. Out of these, TRX rallied over 12% and traded above the USD 0.080 level.
Meanwhile, APE rallied sharply after Elon Musk changed his Twitter profile picture with a compilation of the Bored Apes NFTs-looking monkeys pictures, later tweeting “I dunno … seems kinda fungible.” APE immediately jumped around 20% before dropping 11%. It trades at USD 15.87 and is up almost 3% in a day.  
To sum up, bitcoin price is attempting a key upside break above USD 39,200. If BTC succeeds, it could rise towards the USD 40,000 resistance zone. If not, it might resume its decline to USD 37,500.
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(Updated at 13:52 UTC to clarify that Elon Musk changed his Twitter profile picture with a compilation of the Bored Apes NFTs-looking monkeys pictures.)
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