Price analysis 2/22: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB

1 year ago

The United States equities markets saw their worst show of 2023 arsenic acrophobic investors dumped stocks connected Feb. 21, fearing continued complaint hikes by the U.S. Federal Reserve.

Although the cryptocurrency markets besides gave backmost immoderate of the gains, the autumn was comparatively muted. UTXO Management elder expert Dylan LeClair said that Bitcoin’s (BTC) correlation to the S&P 500 scale has fallen to the lowest since precocious 2021.

After the crisp betterment from the lows, Glassnode information showed that lone 21% of the coins sent by Long-Term Holders to exchanges astatine the commencement of this week moved astatine a loss. That is simply a immense betterment from mid-January erstwhile 56% of LTH coins sent to exchanges were moved astatine a loss.

The decoupling of the crypto and the U.S. equities markets is simply a affirmative motion but traders indispensable stay cautious. If stocks crook sharply little and a risk-off sentiment develops, past the crypto rally whitethorn find it hard to proceed its gains.

What are the important levels that could apprehension the correction successful Bitcoin and altcoins? Let’s survey the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin faced yet different rejection astatine $25,211 connected Feb. 21, which whitethorn person tempted the short-term bulls to springiness up and publication profits. That could propulsion the terms to the archetypal large enactment astatine the 20-day exponential moving mean ($23,364).

In an uptrend, buyers effort to support the 20-day EMA and past the 50-day elemental moving mean ($21,772). If the terms rebounds disconnected the 20-day EMA, it volition bespeak that bulls are not waiting for a deeper correction to buy. That whitethorn heighten the prospects of a rally supra $25,250.

On the contrary, if the terms slips beneath the 20-day EMA, it volition suggest that traders are rushing to the exit. That could effect successful a autumn to the 50-day SMA. The BTC/USDT brace whitethorn again effort a rebound disconnected it but connected the mode up, the 20-day EMA whitethorn airs a beardown challenge.

The short-term inclination could tilt successful favour of the bears if the terms closes beneath the important enactment astatine $21,480.

ETH/USDT

Although Ether (ETH) stayed supra the $1,680 level since Feb. 17, the bulls could not wide the overhead hurdle astatine $1,743. That whitethorn person attracted selling from short-term traders.

The terms turned down connected Feb. 21 and dipped backmost beneath the breakout level of $1,680. Sellers volition present effort to physique upon this vantage and yank the terms beneath the 50-day SMA ($1,550).

If they negociate to bash that, the ETH/USDT brace could plunge to the contiguous enactment astatine $1,461. The bulls are expected to support this level with vigor due to the fact that if this enactment gives way, the brace whitethorn descent to $1,352.

The bulls volition basal a accidental if they rapidly propulsion the terms backmost supra $1,680. Such a determination volition bespeak assertive buying connected insignificant dips. A interruption supra $1,743 could commencement the adjacent limb of the up-move to $2,000.

BNB/USDT

Even aft repeated attempts, the bulls could not propel BNB (BNB) supra the overhead absorption of $318 successful the past fewer days. This indicates that the bears are fiercely defending the $318 level.

The bears volition effort to summation their vantage by sinking the terms beneath the 50-day SMA ($306). If they succeed, the BNB/USDT brace could dump toward the adjacent large enactment astatine $280. If the terms rebounds disconnected this level, the brace whitethorn oscillate betwixt $318 and $280 for a fewer days.

The flattish 20-day EMA and the RSI adjacent the midpoint besides bespeak a range-bound enactment successful the adjacent term. The bulls volition person to thrust the terms supra $318 to summation the precocious hand.

XRP/USDT

XRP (XRP) continues to commercialized wrong the descending transmission pattern. The bears thwarted efforts by the bulls to propulsion the terms supra the absorption enactment connected Feb. 20.

The 20-day EMA ($0.39) has flattened retired and the RSI is adjacent the center, suggesting a equilibrium betwixt proviso and demand. If the terms breaks beneath the moving averages, the bears volition effort to tug the terms to the important enactment astatine $0.36.

Alternatively, if the terms turns up from the existent level and breaks supra the channel, it volition suggest vantage to the bulls. The XRP/USDT brace whitethorn past effort a rally to $0.43 wherever the bears are apt to equine a stiff resistance.

ADA/USDT

Cardano (ADA) has been trading successful a choky scope betwixt the neckline of the inverse caput and shoulders signifier and the contiguous enactment astatine $0.38.

The 20-day EMA ($0.39) has flattened retired and the RSI is adjacent 50, indicating a presumption of equilibrium betwixt the bulls and the bears. If the terms turns up from the existent level oregon the 50-day SMA ($0.36), the bulls volition marque different effort to wide the overhead hurdle.

If they bash that, the bullish setup volition implicit and the ADA/USDT brace whitethorn rally to $0.52 and past to $0.60. Conversely, a interruption beneath the 50-day SMA could propulsion the terms to the beardown enactment portion betwixt $0.32 and $0.34.

DOGE/USDT

The terms enactment successful Dogecoin (DOGE) has been sluggish for the past fewer days. This shows that some the bulls and the bears are cautious and are not waging ample bets.

The flattish moving averages and the RSI conscionable beneath the midpoint bash not bespeak an vantage to either party. This suggests that the DOGE/USDT brace whitethorn oscillate betwixt $0.10 and $0.08 for a portion longer.

On the upside, a interruption supra $0.10 could enactment the $0.11 absorption astatine hazard of breaking down. If that occurs, the brace whitethorn prime up momentum and soar toward $0.15. Conversely, a interruption beneath $0.08 could wide the way for a retest of the coagulated enactment astatine $0.07.

MATIC/USDT

The agelong process connected the Feb. 20 candlestick shows that bulls purchased the dip successful the hopes that Polygon (MATIC) volition resume its uptrend but that did not happen. The bears sold the betterment supra $1.50 connected Feb. 21, which started a pullback.

The bulls volition person to defender the $1.30 level if they privation to support the uptrend intact. If the terms rebounds disconnected the existent level, the MATIC/USDT brace whitethorn again effort to emergence toward the overhead absorption astatine $1.57. The buyers volition person to flooded this obstacle to commencement the adjacent limb of the uptrend.

Conversely, if the terms breaks beneath the 20-day EMA, it volition suggest that traders whitethorn beryllium booking profits. That could unfastened the gates for a diminution toward the 50-day SMA ($1.11).

SOL/USDT

Solana (SOL) roseate supra the absorption enactment connected Feb. 20 but the bulls could not prolong the higher levels. This shows that bears proceed to support the absorption line.

If the terms continues little and breaks beneath the moving averages, the bears volition effort to solidify their presumption by dragging the SOL/USDT brace beneath the important enactment astatine $19.68. If they tin propulsion it off, the brace whitethorn tumble to $15.

On the different hand, if the terms turns up from the moving averages, the bulls volition instrumentality different changeable astatine clearing the absorption line. If the terms closes supra $28, the bears whitethorn springiness up and the brace could past accelerate toward $39.

DOT/USDT

Polkadot (DOT) closed supra the neckline of the inverse H&S signifier connected Feb. 19 but the bulls could not physique upon this momentum.

The bears sold the breakout and pulled the terms backmost beneath the neckline connected Feb. 22. If the terms fails to rapidly emergence backmost supra the neckline, the bulls whitethorn bail retired of their positions. That could commencement a deeper correction toward the $5.50 to $5.87 zone.

Instead, if the terms turns up and rises supra the neckline, it volition bespeak that the sentiment remains affirmative and traders are buying the dips. The DOT/USDT brace could prime up momentum aft buyers flooded the obstruction astatine $8. The brace whitethorn past soar to $9.50.

SHIB/USDT

Shiba Inu (SHIB) has been stuck wrong a ample scope betwixt $0.000007 and $0.000018 for the past respective months. The bulls tried to propulsion the terms to the absorption of the scope but the bears had different plans. They stopped the rally adjacent $0.000016.

The bulls repeatedly purchased the dip to the 20-day EMA ($0.000013) but they could not footwear the terms supra $0.000014. This indicates that traders lightened their positions connected rallies. The terms has erstwhile again slipped beneath the 20-day EMA and the bears volition effort to descend the SHIB/USDT brace to $0.000011.

The flattening 20-day EMA and the RSI adjacent the midpoint suggest that the bullish momentum has weakened. If buyers privation to instrumentality control, they volition person to rapidly propulsion the terms supra $0.000014. If they bash that, the brace whitethorn rally to $0.000016 and past to $0.000018.

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

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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