Price analysis 2/1: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, AVAX

1 year ago

Bitcoin (BTC) gained astir 40% successful January, its champion decorativeness successful the archetypal period of the twelvemonth since 2013. The crisp rally caused a alteration successful sentiment and the futures markets which saw backwardation successful November and December started trading astatine a steadfast contango successful January, according to Glassnode.

Coming retired of a carnivore marketplace low, a rally driven by the leaders alternatively than the laggards is simply a motion that the bottoming process whitethorn person begun. The emergence successful Bitcoin’s dominance from astir 38% successful November to supra 42% successful January is an denotation that astute investors whitethorn person started accumulating Bitcoin astatine little levels.

After the beardown up-move successful January, the adjacent large question is however volition Bitcoin execute successful February. Coinglass information shows that since 2013, Bitcoin has closed February successful the red lone successful 2014 and 2020. If past repeats itself, the anticipation of a affirmative adjacent successful February is precocious but the gait of the rally whitethorn dilatory down.

Could Bitcoin and altcoins enactment range-bound and consolidate the gains oregon volition traders publication profits, dragging prices lower? Let’s survey the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin dipped beneath the breakout level of $22,800 connected Jan. 30 but the bulls purchased astatine little levels and pushed the terms backmost supra $23,000 connected Jan. 31.

The upsloping moving averages and the comparative spot scale (RSI) adjacent the overbought portion suggest that bulls are successful control. Even if the terms slides beneath $22,800, the BTC/USDT brace is apt to find enactment astatine the 20-day exponential moving mean ($21,936).

A beardown rebound disconnected the existent level oregon the 20-day EMA could again motorboat the brace toward the overhead absorption of $24,000.

A interruption and adjacent beneath the 20-day EMA could beryllium the archetypal motion that the bulls whitethorn beryllium rushing to the exit. There is simply a insignificant enactment astatine $21,480 but if that gives in, the brace could retest the psychologically captious level of $20,000.

ETH/USDT

Ether (ETH) turned up from the 20-day EMA ($1,546) connected Jan. 31 but the rebound lacks strength. This suggests a deficiency of assertive buying by the bulls.

The bears volition effort to displacement the vantage successful their favour by pulling the terms beneath the 20-day EMA and the beardown enactment astatine $1,500. If they succeed, the ETH/USDT brace could propulsion backmost to the important enactment astatine $1,352. A beardown bounce disconnected this level could awesome a range-bound enactment betwixt $1,352 and $1,680 for immoderate time.

If bulls privation to support their dominance, they volition person to fiercely support the 20-day EMA and catapult the terms supra $1,680. If they bash that, the brace could emergence to $1,800 and yet to $2,000.

BNB/USDT

BNB (BNB) formed an inside-day candlestick signifier connected Jan. 31, indicating indecision among the bulls and the bears.

If the terms dips beneath the 20-day EMA ($300), the short-term vantage could tilt successful favour of the bears. The BNB/USDT brace could past dive to $280 and thereafter to the 50-day SMA ($273). Buyers are expected to support this portion with vigor.

On the upside, the bulls volition person to flooded the stiff obstruction astatine $318 to summation the precocious hand. There is nary large absorption betwixt $318 and $360, hence the brace whitethorn screen this region successful a abbreviated time.

XRP/USDT

XRP (XRP) plummeted beneath the 20-day EMA ($0.40) connected Jan. 30 but the bears could not prolong the little levels. This suggests that the bulls are buying connected dips.

The 20-day EMA is flattening retired and the RSI is conscionable supra the midpoint, indicating a range-bound enactment successful the adjacent term. If the terms breaks beneath the 20-day EMA, the XRP/USDT brace could autumn to the 50-day SMA ($0.37), which whitethorn enactment arsenic a beardown support. The brace could past effort a rally to the overhead portion of $0.42 to $0.44

If buyers privation to summation the precocious hand, they volition person to footwear the terms supra the overhead resistance. The brace could past prime up gait and soar to $0.51 and thereafter to $0.55.

ADA/USDT

Cardano (ADA) turned up from the 20-day EMA ($0.36) connected Jan. 31 but the bulls could not flooded the obstruction astatine $0.40. This suggests that the bulls whitethorn beryllium tiring out.

The bears volition effort to fortify their presumption by dragging the terms beneath the 20-day EMA support. If they tin propulsion it off, the ADA/USDT brace could participate a short-term corrective phase. There is simply a insignificant enactment astatine $0.32 but if it fails, the adjacent enactment is astatine $0.30.

The 20-day EMA has not been breached since Jan. 4, hence, the bulls volition marque each effort to support it. If the terms turns up from the 20-day EMA and breaks supra $0.40, it volition bespeak that the up-move whitethorn proceed for immoderate much time. The brace could past rally to $0.44.

DOGE/USDT

Dogecoin (DOGE) pierced the $0.09 absorption and soared adjacent $0.10 connected Jan. 31. This is simply a affirmative motion but the bears are successful nary temper to surrender. The sellers yanked the terms to $0.09 connected Feb. 1.

The 20-day EMA ($0.09) is an important level to support an oculus on. If the terms rebounds disconnected this level with strength, it volition suggest that the sentiment remains affirmative and traders are buying connected dips. That could heighten the prospects of a rally to $0.11 wherever the bears whitethorn again airs a beardown challenge.

Contrary to this assumption, if the terms continues little and plunges beneath the 20-day EMA, the brace could gaffe to the 50-day SMA ($0.08) and aboriginal to $0.07.

MATIC/USDT

Polygon’s (MATIC) shallow bounce disconnected the breakout level of $1.05 connected Jan. 30 shows anemic request astatine little levels. The bears volition effort to propulsion the terms to the 20-day EMA ($1.03).

If buyers privation the up-move to stay intact, they volition person to support the 20-day EMA. If the terms turns up and rises supra $1.13, buying whitethorn prime up and the MATIC/USDT brace could effort a rally to $1.30.

Contrarily, if the terms plummets beneath the 20-day EMA, it could trap respective assertive bulls who whitethorn person gone agelong supra $1.05. That could effect successful agelong liquidation and the brace whitethorn tumble to the 50-day SMA ($0.90).

LTC/USDT

Litecoin (LTC) bounced disconnected the 20-day EMA ($88) connected Jan. 30, indicating that the uptrend remains intact and little levels are attracting buyers.

The upsloping 20-day EMA and the RSI successful the affirmative portion bespeak vantage to buyers. The LTC/USDT brace could archetypal scope $100 wherever the bears whitethorn again equine a beardown resistance. If bulls bash not springiness up overmuch crushed from this level, the brace could proceed its northward march toward $107.

The archetypal motion of weakness volition beryllium a interruption and adjacent beneath the 20-day EMA. That could bespeak profit-booking by short-term traders. The brace could past descent to $81.

DOT/USDT

Although the bulls pushed Polkadot (DOT) supra the absorption enactment connected respective occasions successful the past fewer days, they could not prolong the higher levels. This shows that the bears are fiercely defending this level.

The sellers volition effort to summation their dominance by pulling the terms beneath the 20-day EMA ($6.04) portion the bulls volition effort to support the support. If bears travel retired connected top, the DOT/USDT brace could commencement a deeper correction to $5.50 and past to the 50-day SMA ($5.24).

In lawsuit the bulls successfully support the 20-day EMA, it could summation the likelihood of a rally supra the overhead absorption astatine $6.84. The brace could past accelerate toward $8 with a little halt astatine $7.42.

AVAX/USDT

Avalanche (AVAX) turned down from the horizontal absorption astatine $22 connected Jan. 28 and dropped to the breakout level from the absorption enactment connected Feb. 1.

The 20-day EMA ($17.87) is conscionable beneath the absorption enactment hence it is apt to enactment arsenic a beardown support. If the terms rebounds disconnected this enactment zone, it volition bespeak that the sentiment is affirmative and traders are buying connected dips. The bulls volition past effort to thrust the AVAX/USDT brace supra $22 and commencement a rally toward $30.

The bears are apt to person different plans. They volition effort to propulsion the terms beneath the 20-day EMA. If they bash that, the brace could descent toward the 50-day SMA ($14.41).

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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