In this article, as Kriptokoin.com, we will include analyst Rakesh Upadhyay’s predictions about BTC, ETH, BNB, XRP, ADA, SOL, AVAX, LUNA, DOGE and DOT cryptocurrencies. We would like to state that the realization of the predictions is not certain and each investor is responsible for doing his own research.
BTC, ETH and BNB forecasts
BTC and altcoins gave a few bullish signals on Feb. 23 but traders are still above for Bitcoin to start the reversal. He says the level he needs to close is $38,000. Bitcoin (BTC) and several altcoins instantly bounced from support levels after buyers tried to stop the current decline. Can Bitcoin and altcoins sustain the relief rally or will the bears bounce back and stop the rally? Let’s examine the charts of the top 10 cryptocurrencies to find out.
BTC/USDT. Bitcoin bounced off the initial support at $36,250 and the bulls will now attempt to push the price above the overhead resistance zone between $39,600 and the 50-day simple moving average (SMA) ($40,615). If they do, the BTC/USDT pair could rally to $45,821 while the bears are likely to form stiff resistance. The long wick on the February 23 candlestick indicates that the bears are attempting to turn $39,600 into resistance. The downward sloping moving averages and the relative strength index (RSI) in the negative region suggest that the bears have prevailed. A break and close below $36,250 will signal a resumption of the downward move.
ETH/USDT. Ether (ETH) bounced off psychological support at $2,500 on Feb. 22. The bulls are pushing the price above the $2,652 breakout, suggesting strong buying at the lower levels. Buyers will now try to push the price above the moving averages. If successful, the ETH/USDT pair could rise towards the resistance line of the symmetrical triangle pattern. The bulls will have to push the price above the triangle to signal the start of a new uptrend. Alternatively, if the price drops from the moving averages, the bears will try to push the pair below the support line of the triangle. If they succeed, it will suggest that the symmetrical triangle is acting as a continuation pattern. The pair could decline further to $2,159 and later to $2,000.
BNB/USDT. BNB bounced off the strong support at $350 on February 22, showing that the bulls are not giving up and continue to buy lower. The bulls will now try to push the price above the downtrend line of the descending channel. If they do, the BNB/USDT pair could rise to the 50-day SMA ($416). This is an important level for the bears to defend because a break above it could signal a possible change in trend. The pair could rally to $445 later.
XRP/USDT. Ripple (XRP) bounced off $0.66 on Feb. 2 and the bulls pushed the price above the 50-day SMA ($0.72). Buyers will now try to clear the overhead barrier at $0.75. If they manage to do so, the XRP/USDT pair could rise to the downtrend line. The bulls will need to push the pair above this line to indicate that the bulls are back in the game. The pair could rally to $0.91 later. Alternatively, if the price drops from $0.75, it indicates that the bears have turned the level into resistance. The bears will then attempt to push the price below $0.66 and extend the decline to $0.60.
ADA/USDT. Cardano (ADA) retraced the strong support near $0.80, which shows that buyers are trying to stop the decline. The price can now reach the breakdown level at $1. If buyers hold and sustain the price above $1, it means the markets are rejecting the lower levels. The bulls will then try to push the price to the resistance line of the descending channel. A break and close above the channel will signal a possible trend reversal. Contrary to this assumption, if the price drops below $1, it indicates that the bears have turned this level into resistance.
SOL, DOGE and AVAX estimates
SOL/USDT. Solana (SOL) bounced off the $81 support on Feb. 22, noting that buyers are trying to maintain this level. The RSI is showing signs of forming a positive divergence, indicating that the bearish momentum may weaken. If buyers hold and sustain the price above the 20-day EMA ($97), the SOL/USDT pair could rally towards the resistance line of the descending channel. This level could act as a major hurdle, but if the bulls break it, the pair could rally to $122. A break and close above this resistance will complete the double bottom pattern. This bullish setup has a target target of $163.
AVAX/USDT. AVAX fell below the moving averages on February 20, but the bears failed to develop this advantage. Strong buying near $67 resulted in a rebound and the price reached the moving averages. If buyers push and sustain the price above the moving averages, the AVAX/USDT pair could rise to the downtrend line. Bears are likely to defend this level aggressively. If the price falls from the downtrend line but bounces off the moving averages, it will indicate that traders are buying on the dips. Conversely, if the price declines from the current level, the bears will try to push the pair below $67 and resume the downtrend.
LUNA/USDT. Terra’s LUNA token broke and closed above the 20-day EMA ($54) on Feb. 22; this was the first indication that the sellers were losing control. Continuous buying pushed the price to the downtrend line of the descending channel. The 20-day EMA has flattened out and the RSI has bounced into the positive territory, suggesting a small advantage for buyers. A break and close above the 50-day SMA ($62) will indicate a possible trend reversal. The LUNA/USDT pair could later rise to $70, where it could meet bears resistance again. Contrary to this assumption, if the price drops from the 50-day SMA, it will signal that the bears are trying to defend the overhead resistance.
DOGE/USDT. Dogecoin (DOGE) recovered strong support at $0.12 on February 12, showing that the bulls have not given up yet and are buying on the dips. The relief rally is likely to face strong resistance in the moving averages, but the positive divergence on the RSI is in favor of the buyers. If the bulls propel and sustain the price above the 50-day SMA ($0.14), the DOGE/USDT pair could rally to $0.17. A break and close above this level will complete the double bottom pattern with a target target of $0.22.
DOT/USDT. Polkadot (DOT) bounced from support at $15.80, stating that the bulls did not give up and continued to buy lower. The RSI is showing signs of forming a positive divergence, suggesting that selling momentum may weaken. The DOT/USDT pair can now rise to the downtrend line, which could possibly act as a strong resistance. If the price drops from this level, the bears will try to push the pair back below $15.80 and resume the downtrend.
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