Analyst Rakesh Upadhyay’s current forecasts for Bitcoin, ETH, BNB, ADA, SOL, XRP, LUNA, DOT, AVAX and DOGE are on Kriptokoin.com. BTC price continues to consolidate, a process that gives altcoin investors the opportunity to change their trading range and make short-term gains. Let’s examine the charts of the top 10 cryptocurrencies to identify critical support and resistance levels. It should be noted that the analyst’s estimates are not exact information. Each investor is responsible for doing their own research.
BTC, ETH and BNB outlook
Data compiled by Bloomberg shows that the BTC price is calmer compared to the Nasdaq 100 Index in 2022. Generally, periods of low volatility are followed by range expansion. Therefore, traders can remain cautious as a sharp drop in the Nasdaq 100 could accelerate selling in Bitcoin. BTC is struggling to recover its 20-day exponential moving average (EMA) ($41,493), which indicates that the sentiment has turned positive and traders are buying on the dips. The bulls will attempt to push and sustain the price above the overhead resistance at $45,821. If they do, the BTC/USDT pair will complete an inverse head and shoulders pattern. The pair may rally to the psychological level at $50,000 first, and if this level is breached, the rally could reach stiff overhead resistance at $52,088.
ETH/USDT. Ether (ETH) broke below the 20-day EMA ($2,934) and re-entered the descending channel on Feb. 11, indicating higher selling levels. A minor positive is that the price has stuck to the 20-day EMA in the last two days. The flat 20-day EMA and the relative strength index (RSI) just below the midpoint suggest a balance between supply and demand. If the price breaks and sustains above the 20-day EMA, buyers will make another attempt to push the ETH/USDT pair above the overhead resistance zone between $3,283.66 and $3,411.43. If successful, the couple will complete an inverted H&S model. This reversal setup has a target target of $4,408.
BNB/USDT. Binance Coin (BNB) broke and closed below the 20-day EMA ($407) on Feb. 11, suggesting that traders buying at lower levels can book profits. A minor positive, however, is that the bulls do not let the bears find their way and buy lows below $400. The 20-day EMA is flat but the RSI has dropped to 47, indicating a small advantage for the bears. If the price stays below $400, the probability of a drop to $347.40 increases. This negative view will be invalidated if the BNB/USDT pair rises from the current level and rises above the 50-day simple moving average (SMA) ($439).
XRP/USDT. Ripple’s (XRP) sharp rebound from the breakout level at $0.75 to low at $0.85 shows that the bears are selling on rallies. The bears will now try to push the price below $0.75. If they do, selling could intensify as traders buying at lower levels or a break above $0.75 could rush to the exit. This could push the XRP/USDT pair to $0.65 and then $0.60. On the other hand, if the price bounces off the current level or bounces back from $0.75, it will signal that bulls are accumulating near the breakout level.
ADA/USDT. Cardano (ADA) broke below the 20-day EMA ($1.11) on Feb. 11 and hit strong support at $1. Repeated testing of a support level tends to weaken it. The falling moving averages and the RSI in the negative zone suggest that the bears are in control. A break and close below $1 could signal a resumption of the downtrend. According to the analyst, the ADA/USDT pair could drop to $0.80 later. Contrary to this assumption, if the bulls manage to defend the $1 support once again, the pair will attempt to break above the moving averages.
SOL and AVAX where is the trend
SOL/USDT. Solana (SOL) continues to trade within the descending channel pattern and is gradually correcting towards the strong support at $80.83. The 20-day EMA ($106) has once again started to drop and the RSI is in the negative territory, indicating that the bears have prevailed. The SOL/USDT pair can now slide towards strong support at $80.83. This is an important level to watch out for because if it cracks, selling could intensify and the pair could drop to the support line of the channel.
LUNA/USDT. Terra’s LUNA token has been trading below $54.20 for the past three days but a small positive point is that the bulls are not allowing the price to break out and the psychological level below $50. The first sign of strength will be a break and close above the 20-day EMA ($56), which will indicate that the bears may lose control. The bulls will then try to push the price to the downtrend line of the descending channel where the bears could pose a tough challenge again. Conversely, if the bulls fail to push the price above the 20-day EMA in the next few days, the sell-off could intensify and the LUNA/USDT pair may slide towards the strong support at $43.44.
DOGE/USDT. Dogecoin (DOGE) broke below the 20-day EMA ($0.14) on Feb. 11 and closed. Attempts by the bulls to reclaim the level failed on February 12 as the price dropped from the 50-day SMA ($0.15). The 20-day EMA is flat but the RSI has dropped below 47, suggesting that the bears are trying to gain the upper hand. If the sellers sink the price below $0.14, the DOGE/USDT pair could drop to the critical support at $0.12. Contrary to this assumption, if the price rises from the current level and rises above the moving averages, it indicates that the bulls are piling up on the dips.
AVAX/USDT. Avalanche (AVAX) turned down from the downtrend line on February 10 and dropped to the bullish line, indicating that traders buying at lower levels could exit their positions. The 20-day EMA ($79) is stable and the RSI is just above the midpoint, showing an equilibrium between supply and demand. If the price breaks and stays below $75.50, the probability of a drop to $64.85 and then to $61 increases. Alternatively, if the price bounces back from the current level, the bulls will try to push the price back above the downtrend line. If they are successful, it will signal the end of the downtrend.
DOT/USDT. Polkadot (DOT) bounced back from the downtrend line on February 8 and can now decline to the strong support at $16.81. Both moving averages have started to drop and the RSI is in the negative territory, which indicates that the bears are dominating. If the bears pull the price below $16.81, the sell-off could accelerate further and the DOT/USDT pair could drop to the next major support at $10.37. Contrary to this assumption, if the price bounces back from the current level or $16.81, the bulls will try to push the pair above the downtrend line. If they do, the pair could rally to the overhead resistance at $23.19.
34585
