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


Bitcoin and altcoins shocked traders with a pointy bullish breakout on Feb. 28, signaling a doable change within the short-term pattern.

Bitcoin (BTC) soared above $40,000 on Feb. 28 though the S&P 500 remained mushy. This implies that the correlation between Bitcoin and the U.S. fairness markets could also be displaying the primary indicators of decoupling. If bulls maintain the value above $38,500 until the tip of the day, Bitcoin would keep away from 4 successive months of decline.

The volatility of the previous few days doesn’t appear to have shaken the resolve of the long-term traders planning to stay with their positions. Information from on-chain analytics agency Glassnode confirmed that the quantity of Bitcoin provide that final moved between three to 5 years in the past soared to greater than 2.8 million Bitcoin, which is a four-year excessive.

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Day by day cryptocurrency market efficiency. Supply: Coin360

Apparently, an experiment by Portuguese software program developer Tiago Vasconcelos to develop a synthetic intelligence buying and selling bot for Bitcoin resulted within the bot concluding that “one of the best transfer is to purchase as quickly as doable and by no means promote!”

May bulls maintain the momentum and push Bitcoin towards the subsequent overhead resistance? Will altcoins additionally be a part of the occasion? Let’s analyze the charts of the top-10 cryptocurrencies to seek out out.

BTC/USDT

Bitcoin turned down from the 50-day easy shifting common (SMA) ($40,261) on Feb. 26 however the bears couldn’t pull the value beneath $37,000. The value rebounded sharply on Feb. 28 and the bulls have cleared the overhead hurdle on the 50-day SMA.

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BTC/USDT day by day chart. Supply: TradingView

If bulls maintain the value above the 50-day SMA, the BTC/USDT pair might begin its northward journey towards the resistance line of the channel. The bears are anticipated to mount a robust protection at this stage. The bulls must push the pair above the channel to point that the correction could also be over.

The 20-day exponential shifting common (EMA) ($39,813) is flattening out and the relative power index (RSI) has risen to only above the midpoint. This means that the bulls try a robust comeback.

This optimistic view will invalidate within the quick time period if the value fails to maintain above the shifting averages. The pair might then once more drop to the help line of the channel.

ETH/USDT

Ether (ETH) turned down from the 50-day SMA ($2,865) and dropped to the help line of the triangle indicating that larger ranges proceed to draw promoting by the bears.

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ETH/USDT day by day chart. Supply: TradingView

The value has rebounded off the help line of the triangle however the bulls must push and maintain the ETH/USDT pair above the 50-day SMA to sign a doable change within the short-term pattern. If that occurs, the pair might rally to the resistance line of the triangle.

Conversely, if the value turns down from the shifting averages, it would recommend that the bears proceed to promote at larger ranges. That may enhance the potential of a break beneath the triangle. A detailed beneath the triangle might open the doorways for a doable retest at $2,300.

BNB/USDT

BNB turned down from the 20-day EMA ($385) on Feb. 26 however the worth has rebounded sharply off the sturdy help at $350 on Feb. 28. This means that the value is caught between these two ranges.

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BNB/USDT day by day chart. Supply: TradingView

Each shifting averages are sloping down and the RSI is just under the midpoint, indicating that bears have a slight edge. If the value turns down from the 20-day EMA, the potential of a break beneath $350 will increase. If that occurs, the BNB/USDT pair might drop to the $330 to $320 help zone.

Conversely, if the value rises from the present stage and breaks above the shifting averages, it would point out that the bulls try a comeback. The pair might then rally to $445.

XRP/USDT

Ripple (XRP) turned down from the downtrend line on Feb. 26, indicating that bears are defending this resistance with vigor. A minor optimistic is that the bulls are defending the help on the 50-day SMA ($0.72).

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XRP/USDT day by day chart. Supply: TradingView

If the value maintains above $0.75, the bulls will once more try and push and maintain the XRP/USDT pair above the downtrend line. In the event that they succeed, it might clear the trail for a doable rally to $0.91.

Alternatively, if the value turns down from the present stage, the bears will attempt to pull the pair beneath $0.68. If that occurs, the pair might retest the Feb. 24 intraday low at $0.62. The flattish shifting averages and the RSI simply above the midpoint don’t give a transparent benefit both to the bulls or the bears.

ADA/USDT

The bulls have sustained Cardano (ADA) above $0.82 prior to now few days however are struggling to push the value to the breakdown stage at $1. This means that demand dries up at larger ranges.

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ADA/USDT day by day chart. Supply: TradingView

The longer the value sustains beneath the shifting averages, the better the potential of a retest of the latest intraday low at $0.74. If this help cracks, the downtrend might resume and the ADA/USDT pair might plunge to $0.68.

Opposite to this assumption, if the value rises and breaks above $1, it would recommend that the markets have rejected the decrease ranges. The pair might then rise to the resistance line of the descending channel. The bulls must push and maintain the value above the channel to point that the downtrend might have ended.

SOL/USDT

Solana (SOL) has been sandwiched between the 20-day EMA ($94) and the sturdy help at $81 however this tight vary buying and selling is unlikely to proceed for lengthy.

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SOL/USDT day by day chart. Supply: TradingView

The RSI is displaying indicators of forming a optimistic divergence, signaling that the bearish momentum could also be slowing. If bulls push and maintain the value above the 20-day EMA, the SOL/USDT pair might rise to the resistance line of the descending channel.

A break and shut above the channel would be the first indication that the bears could also be dropping their grip. The pair might then rise to the overhead resistance at $122. This optimistic view will invalidate on a break and shut beneath $81.

AVAX/USDT

Avalanche (AVAX) has been oscillating close to the shifting averages for the previous three days. Though bulls pushed the value above the shifting averages on Feb. 25, they may not maintain the upper ranges. Sturdy promoting pulled the value again beneath the shifting averages on Feb. 27.

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AVAX/USDT day by day chart. Supply: TradingView

The bulls are presently trying to maintain the value above the shifting averages. In the event that they handle to do this, the AVAX/USDT pair might rally to the downtrend line of the descending channel. This stage might act as a stiff resistance but when bulls overcome it, the pair will point out that the downtrend might have ended.

Opposite to this assumption, if the value turns down from the present stage or the overhead resistance, it would recommend that bears proceed to promote on rallies. The bears might achieve power if the value slips beneath $64.

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LUNA/USDT

Terra’s LUNA token turned down from $80 however the bulls efficiently defended the instant help at $70. This means that merchants are accumulating on each minor dip.

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LUNA/USDT day by day chart. Supply: TradingView

The shopping for picked up momentum on Feb. 28 and the bulls pushed the value above the overhead resistance at $70. The upsloping 20-day EMA ($62) and the RSI within the overbought territory point out that bulls are in management.

The LUNA/USDT pair might now rise to $90 the place the bears might once more mount a robust resistance. A break and shut above this stage might propel the pair to the all-time excessive at $103.

Conversely, if the value turns down from $90, the pair might once more drop to $70 and consolidate between these two ranges for a couple of days.

DOGE/USDT

Dogecoin (DOGE) has been struggling to bounce off the sturdy help at $0.12, indicating an absence of urgency amongst bulls to purchase at larger ranges.

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DOGE/USDT day by day chart. Supply: TradingView

The longer the value clings to the sturdy help at $0.12 with out a sturdy bounce, the better the potential of a breakdown. If the bears pull the value beneath $0.12, the DOGE/USDT pair might retest the psychological help at $0.10.

This is a vital stage for the bulls to defend as a result of if it cracks, the promoting might intensify additional and the pair might slide to $0.06. The primary signal of power might be a break and shut above the 50-day SMA ($0.14). That might lead to a rally to $0.17.

DOT/USDT

Polkadot’s (DOT) restoration stalled on the downtrend line, indicating that the sentiment stays unfavorable and merchants are promoting on rallies to sturdy resistance ranges.

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DOT/USDT day by day chart. Supply: TradingView

The value might stay caught between the downtrend line and $14 for the subsequent few days. If bears pull the value beneath $14, the DOT/USDT pair might resume its downtrend and decline to the sturdy help at $10.

The consumers must push and maintain the value above the downtrend line to sign that the bears could also be dropping their grip. The pair might then rally to the overhead resistance at $23 the place the bears might mount a robust protection.

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph. Each funding and buying and selling transfer includes danger. It’s best to conduct your personal analysis when making a choice.

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