Key points:
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Bitcoin bulls are struggling to sustain intraday rallies, indicating that every minor rise is being sold off.
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Some major altcoins are showing weakness, signaling a decline from their strong support levels.
Bitcoin (BTC) bulls pushed the price above $68,300 but are struggling to sustain the higher levels. Absent a major rally in the coming days, BTC will likely record its fifth consecutive red monthly candle. This is the longest losing streak since 2018/19, when BTC fell for six consecutive months. A minor positive for the bulls is that the losing streak in 2018/19 was followed by a 131.6% rally over the next five months, according to CoinGlass data.
Another signaling indicator a possible upward rally These are the Bollinger bands. According to crypto analyst Dorkchicken, the monthly Bollinger Bands are at their “tightest” level on record. All previous such cases resulted in a bullish breakout, except for the drop from $20,000 to $16,000 in 2022.
Although signs point to a possible rise, traders should closely monitor BTC exchange-traded fund (ETF) flows to gauge institutional activity. US spot BTC ETFs recorded $403.9 million in net outflows this weekaccording to data from SoSoValue. Unless Friday sees strong inflows, reversing the losses of the past three days, ETFs are on track for a five-week outflow streak. A sustainable recovery can be difficult without the participation of institutions.
Could buyers push BTC and select major altcoins above their general resistance levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Prediction
BTC bulls held the price above immediate support at $65,118, indicating demand at lower levels.
Buyers will need to push Bitcoin price above the 20-day exponential moving average ($71,247) to gain the upper hand. If they succeed, the BTC/USDT pair could rise to the breakout level of $74,508. Sellers should aggressively defend the $74,508 level as a break above suggests the pair may have formed a near-term bottom. The pair could then rise to the 50-day simple moving average ($82,258).
Sellers will need to drop the price below the $65,118 level to signal strength. The pair could then retest the February 6 low at $60,000, which is likely to attract strong buying from the bulls.
Ether Price Prediction
Ether (ETH) consolidated between the $1,750 level and the $2,111 level, indicating uncertainty over the next directional move.
There is minor support at $1,897, but if the level breaks, the ETH/USDT pair could fall to the $1,750 support. Buyers are expected to fiercely defend the $1,750 level as a close below could send the pair tumbling to $1,537.
The bulls will be back in control upon a close above the $2,111 resistance. If they succeed, Ether price could rally up to the 50-day SMA ($2,665). Sellers could again attempt to stop the recovery at the 50-day SMA, but if buyers prevail, the pair could rise as high as $3,045.
XRP Price Prediction
The failure of bulls to push XRP (XRP) above the 20-day EMA ($1.50) suggests a lack of demand at higher levels.
The XRP/USDT pair may slide towards the support line, which is a crucial level to watch. If XRP price rises sharply from the support line and breaks above the 20-day EMA, it suggests that the pair could remain in the descending channel for some more time. Buyers will need to cross the downtrend line to signal a short-term trend change.
On the contrary, a breakout and close below the support line indicates that the bears are in control. The pair could then fall to $1.11 and then to $1.
BNB Price Prediction
BNB (BNB) gradually slid towards the $587 to $570 support zone, indicating that the bears are in control.
If BNB price declines and slides below the support zone, the BNB/USDT pair could begin the next leg of the downtrend to the psychological level at $500.
This bearish view will be negated in the short term if the bulls push the price above the $669 resistance. If this happens, the pair could reach the $730 breakdown level and then the 50-day SMA ($797). Such a move suggests that the pair may have reached its lowest level in the near term.
Solana Price Prediction
Solana (GROUND) bulls attempt to keep price above immediate support at $76, but rebound lacks strength.
This increases the risk of a breakout below the $76 level. If this happens, the SOL/USDT pair could fall to the February 6 low of $67. Buyers should mount a strong defense at the $67 level, as a close below could send the pair tumbling to $50.
The first sign of strength will be a breakout and close above the $95 breakout level. This indicates that the bears are losing their grip. Solana price could then move up to the 50-day SMA ($114).
Dogecoin Price Prediction
Buyers are trying to push Dogecoin (DOGE) above the 20-day EMA ($0.10), but the bears held firm.
A minor positive in favor of the bulls is that they have not given up much ground to the bears. This increases the possibility of a breakout above the 20-day EMA. If this happens, the DOGE/USDT pair could rally back to the $0.12 breakout level.
Contrary to this assumption, if Dogecoin price declines and falls below $0.09, it suggests that the bulls have given up. This could send the pair down to the critical support of $0.08.
Bitcoin Cash Price Prediction
Bitcoin Cash (BCH) fell below the 20-day EMA ($548), indicating that bears are trying to take charge.
If Bitcoin Cash price remains below the 20-day EMA, the BCH/USDT pair could fall to the next major support at $500. Buyers should vigorously defend the $500 level, as a close below could open the door for a fall to vital support at $443.
Bulls will need to push and sustain price above the 50-day SMA ($575) to signal strength. The pair could then jump to $600, then to $631. Buyers are expected to face aggressive selling in the $631-$670 area.
Related: Here’s what happened in crypto today
Hyperliquid price prediction
Hyperliquid (THRESHING) bounced off the 50-day SMA ($27.89) on Thursday, indicating that bulls are buying on dips.
Buyers will need to drive the hyperliquid price above $32.50 to take control. The HYPE/USDT pair could then gain momentum and reach the resistance zone of $35.50 to $38.42.
On the contrary, if the price declines from the 20-day EMA ($30.01) and crosses below the 50-day SMA, it suggests that the bulls are losing their grip. The pair could then fall towards the $20.82 support, where buyers should intervene.
Cardano Price Prediction
Buyers struggle to push Cardano (ADA) above the 20-day EMA ($0.28), but a minor positive is that they haven’t given up much ground to the bears.
The bulls will once again attempt to push Cardano price above the 20-day EMA. If they succeed, the ADA/USDT pair could advance towards the strong overhead resistance on the downtrend line. Buyers will need to close above the downtrend line to signal a potential near-term trend change.
The sellers will likely have other plans. They will strive to pull the price below the support line, indicating the resumption of the downtrend. The next stop on the downside will likely be $0.15.
Monero Price Prediction
Monero (XMR) consolidated into a downtrend, indicating that the bears kept up the pressure.
Sellers will attempt to strengthen their position by bringing the price of Monero below the $309 level. If they succeed, the XMR/USDT pair could fall all the way to the $276 level. Buyers should defend the $276 level with all their might, as a close below could send the pair tumbling to $247.
On the upside, bulls will need to drive and sustain price above the 20-day EMA ($360) to signal strength. The pair could then rise to the 61.8% Fibonacci retracement level of $414.
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