Price analysis 2/28: BTC, ETH, BNB, XRP, ADA, SOL, AVAX, LUNA, DOGE, DOT

2 years ago

Bitcoin (BTC) soared supra $40,000 connected Feb. 28 adjacent though the S&P 500 remained soft. This suggests that the correlation betwixt Bitcoin and the U.S. equity markets whitethorn beryllium showing the archetypal signs of decoupling. If bulls prolong the terms supra $38,500 till the extremity of the day, Bitcoin would avoid 4 successive months of decline.

The volatility of the past fewer days does not look to person shaken the resoluteness of the semipermanent investors readying to instrumentality with their positions. Data from on-chain analytics steadfast Glassnode showed that the magnitude of Bitcoin proviso that past moved betwixt 3 to 5 years agone soared to much than 2.8 cardinal Bitcoin, which is simply a 4 twelvemonth high.

Interestingly, an experimentation by Portuguese bundle developer Tiago Vasconcelos to make an artificial quality trading bot for Bitcoin resulted successful the bot concluding that “the champion determination is to buy arsenic soon arsenic possible and ne'er sell!”

Could bulls prolong the momentum and propulsion Bitcoin toward the adjacent overhead resistance? Will altcoins besides articulation the party? Let’s analyse the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin turned down from the 50-day elemental moving mean ($40,261) connected Feb. 26 but the bears could not propulsion the terms beneath $37,000. The terms rebounded sharply contiguous and the bulls person cleared the overhead hurdle astatine the 50-day SMA.

If bulls prolong the terms supra the 50-day SMA, the BTC/USDT brace could commencement its northward travel toward the absorption enactment of the channel. The bears are expected to equine a beardown defence astatine this level. The bulls volition person to propulsion the brace supra the transmission to bespeak that the correction whitethorn beryllium over.

The 20-day exponential moving mean ($39,813) is flattening retired and the comparative spot scale (RSI) has risen to conscionable supra the midpoint. This indicates that the bulls are attempting a beardown comeback.

This affirmative presumption volition invalidate successful the abbreviated word if the terms fails to prolong supra the moving averages. The brace could past again driblet to the enactment enactment of the channel.

ETH/USDT

Ether (ETH) turned down from the 50-day SMA ($2,865) and dropped to the enactment enactment of the triangle indicating that higher levels proceed to pull selling by the bears.

The terms has rebounded disconnected the enactment enactment of the triangle but the bulls volition person to propulsion and prolong the ETH/USDT brace supra the 50-day SMA to awesome a imaginable alteration successful the short-term trend. If that happens, the brace could rally to the absorption enactment of the triangle.

Conversely, if the terms turns down from the moving averages, it volition suggest that the bears proceed to merchantability astatine higher levels. That volition summation the anticipation of a interruption beneath the triangle. A adjacent beneath the triangle could unfastened the doors for a imaginable retest astatine $2,300.

BNB/USDT

Binance Coin (BNB) turned down from the 20-day EMA ($385) connected Feb. 26 but the terms has rebounded sharply disconnected the beardown enactment astatine $350 connected Feb. 28. This indicates that the terms is stuck betwixt these 2 levels.

Both moving averages are sloping down and the RSI is conscionable beneath the midpoint, indicating that bears person a flimsy edge. If the terms turns down from the 20-day EMA, the anticipation of a interruption beneath $350 increases. If that happens, the BNB/USDT brace could driblet to the $330 to $320 enactment zone.

Conversely, if the terms rises from the existent level and breaks supra the moving averages, it volition bespeak that the bulls are attempting a comeback. The brace could past rally to $445.

XRP/USDT

Ripple (XRP) turned down from the downtrend enactment connected Feb. 26, indicating that bears are defending this absorption with vigor. A insignificant affirmative is that the bulls are defending the enactment astatine the 50-day SMA ($0.72).

If the terms maintains supra $0.75, the bulls volition again effort to propulsion and prolong the XRP/USDT brace supra the downtrend line. If they succeed, it could wide the way for a imaginable rally to $0.91.

Alternatively, if the terms turns down from the existent level, the bears volition effort to propulsion the brace beneath $0.68. If that happens, the brace could retest the Feb. 24 intraday debased astatine $0.62. The flattish moving averages and the RSI conscionable supra the midpoint bash not springiness a wide vantage either to the bulls oregon the bears.

ADA/USDT

The bulls person sustained Cardano (ADA) supra $0.82 successful the past fewer days but are struggling to propulsion the terms to the breakdown level astatine $1. This indicates that request dries up astatine higher levels.

The longer the terms sustains beneath the moving averages, the greater the anticipation of a retest of the caller intraday debased astatine $0.74. If this enactment cracks, the downtrend could resume and the ADA/USDT brace could plunge to $0.68.

Contrary to this assumption, if the terms rises and breaks supra $1, it volition suggest that the markets person rejected the little levels. The brace could past emergence to the absorption enactment of the descending channel. The bulls volition person to propulsion and prolong the terms supra the transmission to bespeak that the downtrend whitethorn person ended.

SOL/USDT

Solana (SOL) has been sandwiched betwixt the 20-day EMA ($94) and the beardown enactment astatine $81 but this choky scope trading is improbable to proceed for long.

The RSI is showing signs of forming a affirmative divergence, signaling that the bearish momentum whitethorn beryllium slowing. If bulls propulsion and prolong the terms supra the 20-day EMA, the SOL/USDT brace could emergence to the absorption enactment of the descending channel.

A interruption and adjacent supra the transmission volition beryllium the archetypal denotation that the bears whitethorn beryllium losing their grip. The brace could past emergence to the overhead absorption astatine $122. This affirmative presumption volition invalidate connected a interruption and adjacent beneath $81.

AVAX/USDT

Avalanche (AVAX) has been oscillating adjacent the moving averages for the past 3 days. Although bulls pushed the terms supra the moving averages connected Feb. 25, they could not prolong the higher levels. Strong selling pulled the terms backmost beneath the moving averages connected Feb. 27.

The bulls are presently attempting to prolong the terms supra the moving averages. If they negociate to bash that, the AVAX/USDT brace could rally to the downtrend enactment of the descending channel. This level could enactment arsenic a stiff absorption but if bulls flooded it, the brace volition bespeak that the downtrend whitethorn person ended.

Contrary to this assumption, if the terms turns down from the existent level oregon the overhead resistance, it volition suggest that bears proceed to merchantability connected rallies. The bears could summation spot if the terms slips beneath $64.

LUNA/USDT

Terra’s LUNA token turned down from $80 but the bulls successfully defended the contiguous enactment astatine $70. This indicates that traders are accumulating connected each insignificant dip.

The buying picked up momentum contiguous and the bulls pushed the terms supra the overhead absorption astatine $70. The upsloping 20-day EMA ($62) and the RSI successful the overbought territory bespeak that bulls are successful control.

The LUNA/USDT brace could present emergence to $90 wherever the bears whitethorn again equine a beardown resistance. A interruption and adjacent supra this level could propel the brace to the all-time precocious astatine $103.

Conversely, if the terms turns down from $90, the brace could again driblet to $70 and consolidate betwixt these 2 levels for a fewer days.

DOGE/USDT

Dogecoin (DOGE) has been struggling to bounce disconnected the beardown enactment astatine $0.12, indicating a deficiency of urgency among bulls to bargain astatine higher levels.

The longer the terms clings to the beardown enactment astatine $0.12 without a beardown bounce, the greater the anticipation of a breakdown. If the bears propulsion the terms beneath $0.12, the DOGE/USDT brace could retest the intelligence enactment astatine $0.10.

This is an important level for the bulls to support due to the fact that if it cracks, the selling could intensify further and the brace could descent to $0.06. The archetypal motion of spot volition beryllium a interruption and adjacent supra the 50-day SMA ($0.14). That could effect successful a rally to $0.17.

DOT/USDT

Polkadot’s (DOT) betterment stalled astatine the downtrend line, indicating that the sentiment remains antagonistic and traders are selling connected rallies to beardown absorption levels.

The terms could stay stuck betwixt the downtrend enactment and $14 for the adjacent fewer days. If bears propulsion the terms beneath $14, the DOT/USDT brace could resume its downtrend and diminution to the beardown enactment astatine $10.

The buyers volition person to propulsion and prolong the terms supra the downtrend enactment to awesome that the bears whitethorn beryllium losing their grip. The brace could past rally to the overhead absorption astatine $23 wherever the bears whitethorn equine a beardown defense.

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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