BTC, ETH, BNB, XRP, ADA, SOL, AVAX, LUNA, DOGE, DOT price analysis 2/18

Bitcoin is battling to stay over $40,000, but some analysts believe cryptocurrencies will decouple from stocks in the coming months.

On Feb. 17, Bitcoin (BTC) fell along with the stock market in the United States after reports that Russia had expelled Bart Gorman, the second highest-ranking American official from the US Embassy in Moscow, and that US President Joe Biden had warned that the threat of a Russian invasion of Ukraine remained “very high.”

Although the short-term correlation between Bitcoin and US equity markets remains significant, Pantera Capital CEO Dan Morehead recently stated in a newsletter that “markets will decouple soon.” The rate hikes by the US Federal Reserve will be negative for bonds, stocks, and real estate, according to Morehead, and cryptocurrencies may be the “ideal place” to store wealth.

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While traders are obsessed on short-term price action, Jurrien Timmer, Fidelity Investments’ director of Global Macro, dismissed it as noise. Timmer drew parallels between the expansion of Bitcoin and Apple’s networks, concluding that Bitcoin’s price may rise above $100,000 in the long run.

 

Bitcoin and several other major altcoins are at a crossroads. Will the bulls be able to hold the critical support levels? To discover out, let’s look at the charts of the top ten cryptocurrencies.

 

  • BTC/USDT

On Feb. 17, Bitcoin fell below its moving averages, showing that bears aren’t about to give up and are selling on rallies. The price is at $39,600, which is a key support level for the bulls.

 

The 20-day exponential moving average ($41,635) has begun to move down as the relative strength index (RSI) has slid into negative territory. This indicates that bears are seeking to get an advantage.

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If the BTC/USDT pair breaks and closes below $39,600, selling pressure will increase, and the pair might drop to $36,250.

 

If the price rises above the moving averages, the bulls will try to push the pair above them once more. If they succeed, the pair might eventually recover above $45,821, but first, buyers must break this barrier to signify a possible trend change.

 

  • ETH/USDT

On Feb. 16, Ether (ETH) dropped from around the neckline of a building inverse head and shoulders pattern. This shows that bears are attempting to disprove the possibility of a reversal scenario.

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The ETH/USDT pair might now drop to $2,652, which is a strong support level. This is a critical mark for the bulls to hold because a break below it might lead to a further drop to $3,476.

 

In contrast to this notion, if the market bounces off the present level, the bulls will try to push the price above the neckline and keep it there. If this occurs, it will signal the start of a new upward trend. However, the prospects for such a shift are now poor.

 

  • BNB/USDT

On February 16, Binance Coin (BNB) fell below the 20-day exponential moving average ($408) and broke below the 50-day simple moving average ($430).

For the previous three days, the BNB/USDT pair has been stabilising between $390.50 and $445.40. The 20-day EMA is flat, and the RSI is just below the midway, indicating that supply and demand are in balance.

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If the price breaks and holds below $390.50, the balance will shift in favour of the bears. This might lead to a likely price reduction of $357.40. A break and close over $445.40, on the other hand, might pave the way for a surge above $500. The range-bound action is likely to continue till then.

 

  • XRP/USDT

Short-term traders may have profited because the bulls were unable to keep Ripple (XRP) above $0.85. This dragged the price down to $0.75, a key support level.

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The zone between the moving averages is likely to be defended by buyers. The XRP/USDT pair could surge to $0.85 if the market bounces off this support zone. A break and closing above this level could put pressure on the $0.91 resistance level. The 20-day EMA is gradually rising, while the RSI is nearing the midway, indicating a little edge for buyers.

If the price falls below the 50-day SMA ($0.73), this bullish view will be invalidated. A move like this might set off numerous stop-losses, ending in a drop to $0.65 and eventually $0.60.

 

  • ADA/USDT

For the previous few days, Cardano (ADA) has been stuck between the 20-day EMA ($1.09) and psychological support at $1. Within the next few days, this tight-range trading is expected to result in a major directional move.

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The negative RSI and downsloping moving averages signal that the path of least resistance is to the bottom. The ADA/USDT pair could restart its downturn if the bears dive and hold the price below $1. After that, the pair may drop to $0.80 and eventually to $0.68.

If the price rises from its current level, the bulls will attempt to push the pair above the moving averages, contrary to popular belief. If they do so, the pair may rally to the channel’s resistance line.

 

  • SOL/USDT

On Feb. 16, Solana (SOL) fell below the 20-day EMA ($103), and bears are now attempting to push the stock below the minor support level of $90.72. If that happens, the fall might extend to $80.83, which is a solid support level.

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Bears have the upper hand, as evidenced by the steadily downsloping 20-day EMA and the RSI in negative territory. The return of the decline might be signalled with a break and closing below $80.83. The SOL/USDT pair might potentially fall to the channel’s support line.

If the price rises over the current level, buyers will attempt to push the pair above the 20-day EMA and challenge the descending channel’s resistance line. A break and closing above this level could signify the conclusion of the decline.

 

  • AVAX/USDT

On February 16, Avalanche (AVAX) broke and closed above the downtrend line, but the bulls were unable to extend their lead. At higher levels, bearish selling has sent the price back below the downtrend line.

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The bulls are fighting to keep the moving averages in place. Buyers will attempt to push and sustain the AVAX/USDT pair above the downtrend line and $98.77 if the price rebounds from its present level. A move like this might lead to a rally to $117.53.

The uptrend line will be tested if the price breaks below the moving averages. If the pair breaks and closes below this support, selling could escalate, and the pair could drop to $76.14 before falling to $65.

 

  • LUNA/USDT

On Feb. 15, Terra’s LUNA token broke and closed above the 20-day EMA ($55), but the bulls were unable to maintain the gains. This may have prompted short-term traders to sell, bringing the price back below the 20-day EMA.

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The RSI is in the negative zone, and both moving averages are trending down, indicating that bears have the upper hand. If sellers push the price below $49, the LUNA/USDT pair might fall below $43.44, which is solid support. The buyers are likely to vigorously defend the zone between $43.44 and $37.50.

If the price bounces off the current level, the bulls will seek to push the pair over the 20-day EMA once more. If they succeed, the pair may rally to the channel’s downtrend line.

 

  • DOGE/USDT

On Feb. 16, Dogecoin (DOGE) fell below the 50-day SMA ($0.15), implying that bears are selling on relief rallies to this level.

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At $0.13, there is some small support. The bulls will try to push the DOGE/USDT pair above the 50-day SMA if the market bounces off this level. If they succeed, the pair might advance to $0.17, which is the overhead resistance.

The negative RSI and flattish 20-day EMA ($0.14) indicate a little advantage for sellers. If the price falls below $0.13, the pair may fall to the strong support level of $0.12, where buyers are expected to jump in and stop the slide.

 

  • DOT/USDT

On Feb. 17, Polkadot (DOT) declined from the 20-day EMA ($19.82), indicating that market sentiment remains negative and traders are defending overhead resistance levels.

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The bears will now attempt to bring the price down below $16.81, a key support level to watch. If the price rises over this level, the bulls will try to push the DOT/USDT pair above the downtrend line once more. If they are successful, the price of the pair might jump to $23.19.

Alternatively, if bears push the market below $16.81, selling could get more intense, and the pair’s drop might extend to the next support level at $10.37. The negative RSI and downsloping moving averages signal that the path of least resistance is to the bottom.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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