Price analysis 2/2: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX

2 years ago

Bitcoin (BTC) roseate supra $39,000 connected Feb. 1 but the sharp autumn successful the shares of PayPal whitethorn person resulted successful assertive selling by the short-term traders.

However, successful the long-term, ample investors look to beryllium viewing the diminution arsenic a buying opportunity. On-chain monitoring assets Whalemap said that whales holding betwixt 100 to 10,000 BTC have accumulated during the caller decline.

Fidelity precocious released a insubstantial dubbed “Bitcoin First” which highlights that Bitcoin is the astir “secure, decentralized signifier of asset” and is unlikely to beryllium overtaken by immoderate of the altcoins “as a monetary good.”

The study said that Bitcoin combines “the scarcity and durability of golden with the easiness of use, retention and transportability of fiat.”

Irrespective of Bitcoin’s volatility, its transaction volumes astatine the extremity of 2021 clocked an yearly maturation of astir 100% implicit the past 5 years, according to a caller NYDIG report. This boosted Bitcoin’s yearly transaction measurement to $3 trillion successful 2021, surpassing fashionable recognition paper web American Express which recorded $1.3 trillion worthy of payments and Discover which had $0.5 trillion.

Could the accumulation by the bulls bespeak that a bottommost whitethorn beryllium astir the corner? Let’s survey the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin’s betterment reached the 20-day exponential moving mean ($39,116) connected Feb. 1, which is acting arsenic a stiff resistance. This suggests that sentiment remains antagonistic and traders are selling connected rallies to the overhead absorption levels.

The bears volition present effort to propulsion the terms beneath $36,632.61. If they succeed, the assertive bulls who had purchased the caller dip whitethorn publication profits, dragging the BTC/USDT brace beneath $35,000.

The downsloping moving averages and the comparative spot scale (RSI) successful the antagonistic territory bespeak that bears person the edge.

Contrary to this assumption, if the terms rebounds disconnected $36,632.61, it volition suggest that bulls are buying connected dips. They volition past marque different effort to wide the overhead hurdle astatine $39,600.

This is an important level to ticker retired for due to the fact that if the brace sustains supra this level, the adjacent halt could beryllium the 50-day elemental moving mean ($43,421). The bulls volition person to wide this hurdle to awesome a imaginable extremity of the downtrend.

ETH/USDT

Ether (ETH) broke and closed supra the breakdown level astatine $2,652 connected Jan. 31, but the bulls could not wide the overhead hurdle astatine the 20-day EMA ($2,792). This suggests that the bears are defending this level aggressively.

If the terms slips and sustains beneath $2,652, it volition suggest that the bears are backmost successful action. The ETH/USDT brace could past driblet to $2,476 and aboriginal to the enactment enactment of the channel. The downtrend could resume connected a interruption beneath $2,159.

Conversely, if the terms rebounds disconnected the existent level, it volition suggest that bulls are buying connected dips. The buyers volition past again effort to propulsion and prolong the brace supra the 20-day EMA. If they negociate to bash that, the brace could commencement its march toward the absorption enactment of the channel.

BNB/USDT

Binance Coin (BNB) rebounded disconnected the enactment enactment of the transmission connected Jan. 31, indicating that bulls are buying connected dips. However, the bulls could not propulsion the terms to the 20-day EMA ($407).

This indicates a deficiency of request astatine higher levels. Both moving averages are sloping down and the RSI remains successful the antagonistic territory, indicating that bears person the precocious hand. The sellers volition present effort to propulsion the terms backmost beneath the enactment enactment of the channel.

If they succeed, the BNB/USDT brace could driblet to the beardown enactment portion astatine $330 to $320. Alternatively, if the terms rebounds disconnected the existent level and rises supra the 20-day EMA, it volition bespeak that the selling unit could beryllium reducing.

ADA/USDT

Cardano (ADA) continues to conflict to rebound disconnected the beardown enactment astatine $1. This indicates a deficiency of urgency among traders to accumulate astatine the existent levels.

If the bulls neglect to propulsion and prolong the terms supra the moving averages wrong the adjacent fewer days, the anticipation of a interruption beneath $1 whitethorn increase. If that happens, the ADA/USDT brace could resume its downtrend.

The archetypal enactment connected the downside is $0.80. If this level cracks, the diminution whitethorn widen to the enactment enactment of the channel. Conversely, a interruption and adjacent supra the 50-day SMA ($1.25) could effect successful a retest of the absorption enactment of the channel.

SOL/USDT

Solana (SOL) turned up connected Jan. 31 and broke supra the overhead absorption astatine $104.82 connected Feb. 1. The terms reached the 20-day EMA ($112) contiguous which is acting arsenic a beardown resistance.

The bears are attempting to propulsion the terms beneath $104.82. If they succeed, it volition suggest that bears proceed to merchantability aggressively astatine higher levels. The SOL/USDT brace could past retest the caller debased astatine $80.83.

Conversely, if the terms rebounds disconnected the existent level and rises supra $116, it volition suggest that bulls are making a comeback. The brace could past effort a rally to $130 and aboriginal to the absorption enactment of the channel.

XRP/USDT

Ripple (XRP) remains stuck betwixt $0.54 and $0.65. The effort by the bulls to commencement a alleviation rally could not adjacent situation the overhead absorption astatine $0.65. This indicates a deficiency of condemnation among the bulls to bargain astatine higher levels.

The downsloping moving averages and the RSI adjacent the oversold territory bespeak that bears are successful command. If the terms breaks beneath $0.58, the XRP/USDT brace could driblet to the beardown enactment astatine $0.54.

A interruption and adjacent beneath this level could propulsion the brace to the intelligence enactment astatine $0.50. This antagonistic presumption volition invalidate successful the abbreviated word if the terms turns up from the existent level and breaks supra the 20-day EMA ($0.66).

LUNA/USDT

Terra’s LUNA token bounced disconnected the enactment enactment of the descending transmission connected Jan. 31 but made a Doji candlestick signifier connected Feb. 1. This indicates that request dried up astatine higher levels.

The uncertainty of the Doji candlestick signifier has resolved to the downside and the bears volition present effort to propulsion the terms to the beardown enactment astatine $37.50. The downsloping 20-day EMA ($61.58) and the RSI successful the antagonistic portion bespeak that bears are successful command.

If the terms turns up from the existent level and breaks supra $54.20, it volition suggest that bulls are accumulating connected dips. The LUNA/USDT brace could past scope the 20-day EMA which whitethorn enactment arsenic a barrier. A interruption and adjacent supra this absorption volition beryllium the archetypal denotation that the bears whitethorn beryllium losing their grip.

DOGE/USDT

Dogecoin (DOGE) remains stuck betwixt $0.13 and $0.15 for the past fewer days. After failing to interruption beneath the support, the terms roseate to the 20-day EMA ($0.14) which is acting arsenic a stiff resistance.

The terms has turned down from the 20-day EMA and the bears volition again effort to descend and prolong the DOGE/USDT brace beneath $0.13. The downsloping moving averages and the RSI successful the antagonistic territory bespeak that the way of slightest absorption is to the downside.

If the terms slips and sustains beneath $0.13, the adjacent halt could beryllium $0.10. Conversely, if the terms rebounds disconnected $0.13, the brace could widen its range-bound enactment for a fewer much days. The bulls volition person to propulsion and prolong the terms supra the 50-day SMA ($0.16) to awesome a imaginable alteration successful trend.

DOT/USDT

The nonaccomplishment of the bears to propulsion Polkadot (DOT) beneath the beardown enactment astatine $16.81 successful the past fewer days could person attracted buying from the assertive bulls. This started a alleviation rally which reached the 20-day EMA ($20.74).

The agelong wick connected today’s candlestick indicates that bears are aggressively defending the 20-day EMA. The sellers volition present marque 1 much effort to descend and prolong the terms beneath the captious enactment astatine $16.81.

If that happens, the downtrend could resume and the DOT/USDT brace whitethorn driblet to the adjacent important enactment astatine $10.37.

Contrary to this assumption, if the terms turns up from the existent level and breaks supra the 20-day EMA, the brace could emergence to the 50-day SMA ($24.63).

AVAX/USDT

Avalanche’s (AVAX) alleviation rally stalled adjacent the breakdown level astatine $75.50, indicating that the inclination remains down and bears are trying to asseverate their dominance.

If bears propulsion the terms beneath $64, the AVAX/USDT brace could gradually descent toward the captious enactment astatine $51.04. This level could again enactment arsenic a beardown enactment and a rebound disconnected it whitethorn effect successful a range-bound enactment for a fewer days.

On the different hand, if the terms turns up from the existent level, the bulls volition marque 1 much effort to propulsion the terms supra the overhead absorption astatine $75.50. If they negociate to bash that, the brace could rally toward the downtrend enactment of the descending triangle.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph. Every concern and trading determination involves risk. You should behaviour your ain probe erstwhile making a decision.

Market information is provided by HitBTC exchange.

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