Bitcoin (BTC) broke above the psychological resistance of $40,000 on Feb. 4 and held the level throughout the weekend. This has increased the value of the total crypto market from $1.78 trillion on February 3 to nearly $2 trillion on February 6. So, can altcoins also participate in this rise? Which altcoin projects are worth watching this week? As Kriptokoin.com, we report analyst Rakesh Upadhyay’s analysis on various altcoins…
Analyst: Leading altcoin Ethereum can see these levels
Upadhyay starts his altcoin analysis from Ethereum. ETH broke above the 20-day EMA ($2,839) on February 4 and reached the resistance line of the descending channel. It is stated that this level has acted as a strong resistance before and therefore the bears can again try to defend this point with all their might. If the price breaks from the zone between the resistance line and the 50-day SMA ($3,256), it will indicate that the bears continue to sell higher.
The ETH/USDT pair could drop to the 20-day EMA and then to $2,652. The analyst thinks that the bulls will then make an attempt to push the pair above the top zone, in which case a trend change may be in question. A break below $2,652 indicates that the pair could continue trading inside the channel for a few more days.
The 4-hour chart shows the price rising within an ascending channel pattern. The 20-EMA and 50-SMA are up and the RSI is in the positive zone, indicating the bulls have prevailed. If the bulls push the price above the channel, the momentum could increase further and the pair could rally to $3,400 where bears are expected to form stiff resistance. Conversely, if the price breaks below the 20-EMA, the pair could drop to the support line of the channel.
What does the analyst say about Near Protocol (NEAR)?
The NEAR protocol (NEAR) bounced from the psychological support zone from $10 to $9.50 and broke the 20-day EMA ($12.58) barrier on Feb. The bears tried to push the price below the 20-day EMA on Feb. 5, but the bulls held their ground. The upside has resumed today and the bulls are trying to push the price above the 50-day SMA ($14). If they do, the NEAR/USDT pair could climb to $15.05 and then to $16.36. The analyst thinks that the bears can establish a strong defense in this region.
On the other hand, if the price drops from the current level, the bears will try to push the pair below the 20-day EMA. If they succeed, it means that the bears will continue to sell in the rallies. The pair could then drop to $10 once again. If the price bounces back from the 20-EMA, the bulls can be considered accumulating on the dips, which could increase the likelihood of a break above the 200-SMA. If this happens, $16.36 could be reached with the up move.
What’s next for the price of the leading metaverse altcoin project Decentraland (MANA)?
Decentraland (MANA) broke above the 20-day EMA ($2.70) on Jan. 31 but bounced back from the 50-day SMA ($2.93) on Feb. 1. The bears tried to push the price below the 20-day EMA but failed. According to the analyst, this indicates that the 20-day EMA has returned to support. The upside continued and the bulls pushed the price above the 50-day SMA on Feb. If the bulls sustain the price above the 50-day SMA, Upadhyay suggests that the MANA/USDT pair could rise to the overhead resistance at $4. Conversely, if the price drops, the pair could retest strong support at the 200-day SMA ($2.03).
The 4-hour chart shows that both the 20-EMA and 50-SMA are sloping and the RSI is in the overbought zone. This indicates that the bulls have the upper hand. Any dip from the current level could find support in the moving averages. On the upside, buyers may face stiff resistance at $3.40 and later at $4. However, if it falls below the moving averages, it will be invalid. The pair could decline to $2.40 later.
Expectations for LEO price
UNUS SED LEO (LEO) completed an ascending triangle pattern when it closed above $3.92 on Feb. 1. Buying resumed on February 4 and the price rallied to an all-time high of $5.44. However, the long wick on the daily candlestick indicates profit booking at higher levels. Generally speaking, corrections in an uptrend are short-lived, noting that the long tail of today’s candlestick indicates aggressive buying at lower levels. If it is broken above $5.44, $5.81 and then $6 are expected. Alternatively, it is noted that there may be a correction to $4.06.
The 4-hour chart shows the pair correcting in an uptrend. The bulls defended the 20-EMA and are trying to push the pair above the psychological level at $5. If they do, the pair could retest its all-time high at $5.44. However, if the price drops below $4.38, the pair could drop to $4.20.
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