Price analysis 2/21: BTC, ETH, BNB, XRP, ADA, SOL, AVAX, LUNA, DOGE, DOT

2 years ago

Bitcoin (BTC) dipped beneath $38,000 connected Feb. 21 but the bulls are attempting to apprehension the diminution and commencement a recovery. The sustained weakness successful 2022 seems to person toned down expectations of a beardown rally.

Huobi crypto speech co-founder Du Jun said that if the Bitcoin halving rhythm repeats, past the existent weakness could beryllium the commencement of a carnivore market. Jun believes that the next Bitcoin bull rhythm is expected to statesman either astatine the extremity of 2024 oregon astatine the opening of 2025.

In the abbreviated term, crypto markets are apt to beryllium influenced by the geopolitical developments betwixt Russia and Ukraine, cues from the U.S. Federal Reserve connected its tightening rhythm and the show of the assets perceived arsenic risky.

Could Bitcoin and prime altcoins retrieve from the caller lows oregon volition the selling prime up momentum? Let’s analyse the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin plunged and closed beneath the cardinal enactment astatine $39,600 connected Feb. 20. The selling resumed contiguous and the bears pulled the terms to $37,213.63.

The crisp selling successful the past fewer days has pulled the comparative spot scale (RSI) into the antagonistic territory and the 20-day exponential moving mean ($40,986) has turned down. This indicates the way of slightest absorption is to the downside.

The buyers are attempting to propulsion the terms backmost supra the breakdown level astatine $39,600. This is an important level to ticker retired for due to the fact that if bears flip this level into resistance, the selling could intensify and the BTC/USDT brace could driblet to the $36,250 to $35,507.01 enactment zone.

Conversely, if bulls propulsion and prolong the terms supra $39,600 and the moving averages, it volition bespeak beardown request astatine little levels. That could unfastened the gates for a imaginable rally to $45,821.

ETH/USDT

Ether (ETH) re-entered the descending transmission connected Feb. 18. This was the archetypal denotation that the betterment was faltering. The bulls tried to propulsion the terms backmost supra the transmission connected Feb. 19 but the bears kept up the pressure.

The ETH/USDT brace broke and closed beneath the captious enactment astatine $2,652 connected Feb. 20 but the sellers could not physique upon this advantage. This indicates beardown buying astatine little levels. The terms has rebounded sharply contiguous and the buyers are trying to propulsion the brace supra the absorption enactment of the channel.

If they succeed, the brace could situation the moving averages. A interruption and adjacent supra the 50-day elemental moving mean ($2,971) could beryllium the archetypal motion of strength.

Conversely, if the terms turns down from the existent level and plummets beneath $2,652, the brace whitethorn descent to $2,316 and past $2,159.

BNB/USDT

The bulls tried to propulsion Binance Coin (BNB) backmost supra the downtrend enactment of the descending transmission connected Feb. 19 but the bears did not relent.

The selling renewed connected Feb. 20 and the bears pulled the terms beneath the beardown enactment astatine $390.50. This could person triggered stops of traders who whitethorn person purchased the interruption and adjacent supra the channel. The agelong wick connected today’s candlestick indicates that bears are trying to flip the $390.50 level into resistance.

If bears propulsion the terms beneath $357.40, the BNB/USDT brace could driblet to the beardown enactment portion astatine $330 to $320. The bulls volition person to propulsion and prolong the terms supra the 50-day SMA ($422) to bespeak that the bears whitethorn beryllium losing their grip.

XRP/USDT

Ripple (XRP) bounced disconnected the $0.75 enactment connected Feb. 18 but the alleviation rally again faltered adjacent the overhead absorption astatine $0.85 connected Feb. 19. This indicates that bears are defending this level aggressively.

Renewed selling connected Feb. 20 has pulled the terms to the beardown enactment portion betwixt the moving averages. If this enactment portion cracks, respective stops whitethorn beryllium deed and the XRP/USDT brace could descent to $0.65 and aboriginal to $0.60.

Conversely, if the terms rebounds disconnected the enactment zone, the bulls volition effort to propulsion the brace supra the downtrend enactment and the overhead absorption astatine $0.85. If they negociate to bash that, the brace could rally to the intelligence level astatine $1.

ADA/USDT

Cardano (ADA) broke and closed beneath the intelligence level astatine $1 connected Feb. 18. This suggests the resumption of the downtrend. The bulls pushed the terms backmost supra $1 connected Feb. 19 but failed to prolong the higher levels.

The agelong wick connected today’s candlestick indicates that bears proceed to support the $1 level and are trying to flip it into resistance. If the terms sustains beneath $1, the selling could prime up and the ADA/USDT brace could diminution to the adjacent beardown enactment astatine $0.80.

Alternatively, if the terms turns up from the existent level and rises supra the 50-day SMA ($1.15), it volition bespeak that markets person rejected the little levels. That could enactment arsenic a carnivore trap, resulting successful a imaginable abbreviated squeeze. The brace could past rally to $1.60.

SOL/USDT

Solana (SOL) formed a long-legged Doji candlestick signifier connected Feb. 20, indicating indecision among the bulls and bears. The bulls attempted to resoluteness the uncertainty to the upside contiguous but the bears successfully defended the 20-day EMA ($100).

Both moving averages are sloping down and the RSI is trading beneath 38, indicating that bears person the precocious hand. The sellers volition present effort to descend the SOL/USDT brace beneath the beardown enactment astatine $80.83.

If they succeed, the brace could resume its downtrend. The adjacent enactment connected the downside is astatine $66. This bearish presumption volition invalidate successful the abbreviated word if the terms breaks and sustains supra the 20-day EMA.

The bulls volition past effort to propulsion the brace supra the absorption enactment of the transmission and awesome a imaginable inclination change.

AVAX/USDT

Avalanche (AVAX) plummeted beneath the moving averages and the uptrend enactment connected Feb. 20, suggesting that the higher levels proceed to pull selling by the bears.

The bulls tried to propulsion the terms backmost supra the uptrend enactment contiguous but the agelong wick connected the candlestick suggests that bears are defending the breakdown level. If the terms breaks and sustains beneath $74.70, the AVAX/USDT brace could further gaffe to $65.

The RSI has dipped into the antagonistic portion and the 20-day EMA ($82) has started to crook down, indicating that bears person the precocious hand. This antagonistic presumption volition invalidate if the terms rebounds disconnected the existent level and breaks supra the downtrend line. That could effect successful a rally to the intelligence level astatine $100.

LUNA/USDT

The agelong process connected the Feb. 20 candlestick indicates that buyers are defending the contiguous enactment astatine $46.50. Terra’s LUNA token could present emergence to the 20-day EMA ($54) wherever the bears are expected to equine a beardown defense.

If the terms erstwhile again turns down from the 20-day EMA, the prospects of a interruption beneath the beardown enactment portion astatine $46.50 to $43.44 increase. That could descend the LUNA/USDT brace to the captious enactment astatine $37.50.

Conversely, if bulls propulsion and prolong the terms supra the 20-day EMA, the brace could emergence to the downtrend enactment of the descending channel. The bulls volition person to propulsion and prolong the brace supra the 50-day SMA ($63) to bespeak a imaginable alteration successful trend.

DOGE/USDT

Dogecoin (DOGE) attempted to emergence supra the 20-day EMA ($0.14) connected Feb. 19 but the agelong wick connected the candlestick suggests that bears are defending this resistance.

Both moving averages are sloping down and the RSI is successful the antagonistic zone, indicating that bears person the precocious hand. The longer the terms sustains beneath the moving averages, the greater the likelihood of a driblet to the beardown enactment astatine $0.12.

The bulls are expected to support this level aggressively due to the fact that a interruption beneath it could effect successful a diminution to the intelligence enactment astatine $0.10.

This antagonistic presumption volition invalidate successful the abbreviated word if the terms turns up and rises supra the 50-day SMA ($0.15). That could propulsion the DOGE/USDT brace to $0.17.

DOT/USDT

Polkadot’s (DOT) nonaccomplishment to rebound disconnected the beardown enactment astatine $16.81 indicates a deficiency of request astatine higher levels. This increases the anticipation of a further slide.

If bears propulsion and prolong the terms beneath $16.81, the selling could accelerate and the DOT/USDT brace could driblet to $13 and aboriginal retest the captious enactment astatine $10.37. The downsloping moving averages and the RSI beneath 37 bespeak the way of slightest absorption is to the downside.

The archetypal motion of spot volition beryllium a interruption and adjacent supra the downtrend line. Such a determination could unfastened the doors for a imaginable up-move to the 50-day SMA ($21.67) and aboriginal to $23.19.

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.

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