Price analysis 2/16: BTC, ETH, SOL, BNB, XRP, ADA, AVAX, DOGE, LINK, DOT
Price analysis 2/16: BTC, ETH, SOL, BNB, XRP, ADA, AVAX, DOGE, L…
Cointelegraph
Price analysis 2/16: BTC, ETH, SOL, BNB, XRP, ADA, AVAX, DOGE, LINK, DOT
Feb 17, 202400:58 GMT+6:30
BTCUSD
BTCUSDT
ETHUSDT
SOLUSDT
Bitcoin
BTCUSD
rallied above $52,000 this week and the rally shows no signs of tiring out. That indicates continued demand for Bitcoin at every higher level. A report by on-chain data analytics firm CryptoQuant said they estimate that more than “75% of new investment into Bitcoin” comes from the spot Bitcoin exchange-traded funds.
However, nothing goes up forever. Several analysts suspect the rally is getting overheated in the near term. It is difficult to call a top when the momentum is strong, but every euphoric moment eventually peaks and is followed by a sharp correction.
Cointelegraph
Macroeconomic factors could act as a headwind for the market rally in the near term. On Jan. 16, CME Group’s FedWatch Tool was showing a 63% probability of a 25 basis points rate cut by the Federal Reserve in their March meeting, but that expectation has dwindled to 10.5% after the Consumer Price Index and the Producer Price Index numbers for January remained above market forecasts.
Could Bitcoin start a correction in the near term, and will that pull down the altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin has been facing resistance near $52,000, but the bulls have not ceded ground to the bears, indicating that they are not hurrying to book profits.
Cointelegraph
The upsloping 20-day exponential moving average ($46,947) indicates that the bulls have the upper hand, but the relative strength index (RSI) above 81 suggests that the rally may have run up too fast in the near term.
If the price turns down from the current level and snaps back from $48,970, it will signal that the bulls have flipped the level into support. That will increase the possibility of the continuation of the up move.
If the price maintains above $52,000, the
BTCUSDT
pair could rally to $60,000, which is likely to act as a formidable hurdle. Conversely, the pair will be in danger of a short-term reversal if it skids below the 20-day EMA.
Ether price analysis
The bulls propelled Ether (ETH) above the $2,717 resistance on Feb. 14, indicating the resumption of the uptrend. The next target objective on the upside is the psychologically important level of $3,000.
Cointelegraph
The sharp up move of the past few days has pushed the RSI into the overbought territory, indicating that the rally may be overheated in the short term. That could result in a minor correction or consolidation in the next few days.
If the price bounces off $2,717, it will suggest that the sentiment remains bullish and traders are viewing the dips as a buying opportunity. Instead, if the price turns down and slips below $2,717, it will suggest that the bulls are losing their grip. The
ETHUSDT
pair could decline to the 20-day EMA ($2,526).
Solana price analysis
Solana (SOL) turned down from $119 on Feb. 14 and is likely to retest the neckline of the inverse head-and-shoulders pattern at $107.
Cointelegraph
If the price rebounds off the neckline, it will suggest that the bulls have flipped the level into support. That will enhance the prospects of a break above $126. The
SOLUSDT
pair will then attempt a rally to the pattern target of $135.
Contrarily, if the price breaks below the neckline, it will suggest that the bears continue to sell on rallies. The bulls will again try to arrest the fall at the moving averages, but if they fail in their endeavor, the pair may slide to $93.
BNB price analysis
The failure of a bearish pattern is a bullish sign that proved correct in the case of BNB (BNB). Buyers pushed the price above the descending triangle pattern on Feb. 8 and followed that up with a break above the overhead resistance of $338 on Feb. 15.
Cointelegraph
The long wick on the Feb. 15 and Feb. 16 candlestick shows the bears are trying to halt the upward move near $366. Sellers will have to drag the price below $338 to weaken the bulls. If they do that, the
BNBUSDT
pair could drop to the 20-day EMA ($322).
Contrary to this assumption, if the price consolidates near the current level, it will suggest that the bulls anticipate the up move to continue. A break above $366 will open the doors for a possible rise to $400.
XRP price analysis
XRP (XRP) turned up from the 20-day EMA ($0.53) on Feb. 14 and broke above the 50-day SMA ($0.55) on Feb. 15, indicating steady buying at higher levels.
Cointelegraph
The price has reached the downtrend line, which is likely to witness a tough battle between the bulls and the bears. If the bulls prevail, the
XRPUSDT
pair could accelerate toward $0.67. There is a minor resistance near $0.62, but it is likely to be overcome.
Contrarily, if the price turns down sharply from the current level and breaks below the 20-day EMA, it will suggest that the bears are fiercely defending the downtrend line. The pair may thereafter descend to $0.50.
Cardano price analysis
After struggling for a few days, Cardano (ADA) picked up momentum on Feb. 14 and broke above the immediate resistance at $0.57.
Cointelegraph
The upsloping 20-day EMA ($0.54) and the RSI in the positive territory indicate that bulls have a slight edge. There is a minor resistance at $0.62, but it is likely to be crossed. The
ADAUSDT
pair could then rally to the stiff overhead resistance at $0.68.
The important support to watch on the downside is at the moving averages. A break and close below the 50-day SMA ($0.53) will suggest that the recent breakout may have been a bull trap. The pair could then plunge to the solid support at $0.46.
Avalanche price analysis
The bulls nudged Avalanche (AVAX) above the $42 overhead resistance but could not sustain the higher levels as seen from the long wick on the Feb. 15 candlestick.
Cointelegraph
The price could dip to the 20-day EMA ($37.87), which is the first line of support. If the price turns up from the 20-day EMA, it will increase the likelihood of a break above $42. If that happens, the
AVAXUSDT
pair will complete a bullish inverse H&S pattern, triggering a rally to $50.
On the contrary, if the price continues lower and breaks below the moving average, it will suggest that the pair may swing between $32 and $42 for some time.
Dogecoin price analysis
Dogecoin (DOGE) turned up from the 20-day EMA ($0.08) on Feb. 14 and broke above the downtrend line, indicating that the bulls are trying to seize control.
Cointelegraph
If the price maintains above the downtrend line, the
DOGEUSDT
pair is likely to pick up momentum and surge toward the $0.10 to $0.11 resistance zone. The bears are expected to defend this zone with vigor.
Alternatively, if the price turns down and breaks below the 20-day EMA, it will suggest that every higher level is being sold into. The pair may then decline to the uptrend line and later to the strong support at $0.07.
Chainlink price analysis
Chainlink (LINK) has been facing profit booking near $20.85, but a positive sign is that the bulls have not ceded much ground to the bears.
Cointelegraph
This suggests that the sentiment remains positive, and traders anticipate the uptrend to resume. The upsloping 20-day EMA ($18.41) and the RSI in the positive territory also indicate advantage to buyers. A break above $20.85 could open the doors for a move to the pattern target of $21.79.
The 20-day EMA is the crucial support to watch on the downside. If this level is violated, the
LINKUSDT
pair may plummet to $17.32.
Polkadot price analysis
Polkadot (DOT) has been sustaining above the 50-day SMA ($7.25) for the past two days, indicating buying from the bulls.
Cointelegraph
The moving averages are on the verge of a bullish crossover and the RSI is in the positive zone, indicating that the bulls are making a comeback. The 20-day EMA ($7.20) is likely to act as a support on dips and the bulls will try to propel the price to $8.58.
This optimistic view will be negated if the price turns down sharply and breaks below the moving averages. The pair could then slump to $6, which is likely to attract strong buying by the bulls.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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