Strong inflows into Bitcoin ETFs are fueling BTC’s price rally above $50,300. Could Bitcoin extend its upward move, pulling certain altcoins, including AVAX Coin, higher? Crypto analyst Rakesh Upadhyay examines the charts to find out.
An overview of the cryptocurrency market
cryptokoin.comAs you follow from , Bitcoin has surpassed the psychologically crucial $50,000 level thanks to strength in US equity markets and solid inflows into spot Bitcoin ETFs. Popular trader Daan Crypto Trades pointed out that net inflows into Bitcoin ETFs have been positive for 11 consecutive days. Many analysts expect the bull run to continue. However, data analyst James Van Straten warned traders of a possible correction. Van Straten said Bitcoin’s total supply in profit is approaching 95%. He noted that this “usually indicates peaks.”
Although short-term pullback risks remain, the long-term picture is encouraging. Crypto analysis platform Glassnode said certain on-chain indicators are showing signs that Bitcoin may be in the early stages of a bull market.
BTC, ETH, BNB and SOL Coin analysis
Bitcoin (BTC) price analysis
Bitcoin rallied above $48,970 on January 11. Thus, it signaled the start of the next leg of the uptrend on February 12. A close above $48,970 will confirm the breakout. Moreover, it will pave the way for a possible rally to $52,000. It is possible that the $50,000 level could act as a minor resistance. However, the leading crypto will likely surpass it. Strong momentum is likely to pave the way for a potential rally to $60,000.
Contrary to this assumption, if BTC declines and breaks below $48,970, it would indicate that the bears are selling around $50,000. This will increase the risk of a drop to $44,700.
Ethereum (ETH) price analysis
The bears attempted to halt the Ether recovery near the 61.8% Fibonacci retracement level of $2,507 on February 12. But the bulls did not relax. The rising 20-day EMA ($2,400) and the RSI in the positive zone suggest that the bulls are in command. A minor resistance lies at $2,600. However, if it exceeds this level, it is possible for ETH to reach $2,717.
The breakout level of $2,400 remains the key support to watch on the downside. If it breaks this level, sales are likely to accelerate. In this case, it is possible for ETH to drop to the strong support of $2,100. However, buyers will defend this level aggressively.
Binance Coin (BNB) price analysis
BNB broke above the downtrend line on February 8. However, the bulls are having a hard time pushing the price towards the overhead resistance at $338. BNB fell near the moving averages on February 12. However, the long tail on the candlestick indicates solid buying at lower levels. Buyers will try to clear the minor hurdle at $326. Then, it will push the price towards the stiff overhead resistance at $338.
On the contrary, if the price drops sharply and breaks below the moving average, it will indicate that the bears are attempting a comeback. In this case, BNB is likely to decline to the strong support of $288.
Solana (SOL) price analysis
The bulls pushed SOL above the neckline of the inverse H&S formation on February 10. It then tries to defend the level during the pullback on February 12. If buyers sustain the price above $107, SOL is likely to accelerate towards $117 and then $126. A break above this resistance will signal the resumption of the uptrend. The next target on the upside is $135.
Alternatively, if the price declines sharply and breaks below the moving averages, it would indicate that the break above $107 could be a bull trap. In this case, it is possible for SOL to drop to $93 and then to $80.
XRP, ADA, DOGE and AVAX Coin analysis
Ripple (XRP) price analysis
XRP recovery attempt is facing selling at the 20-day EMA ($0.52). This suggests that sentiment remains negative and traders are selling on rallies. If the price declines lower from the current level, the bears will try to sink and maintain the price below the strong support at $0.50. If they do this, it is possible for XRP to slide into the critical support at $0.46.
However, buyers will try to maintain this level vigorously. On the upside, a breakout and close above the 20-day EMA would be the first sign of strength. XRP is then likely to rise to the bearish trend line, which is likely to pose a major hurdle for the bulls. A break above this resistance will pave the way for a possible rally to $0.67.
Cardano (ADA) price analysis
ADA is witnessing a tough battle between bulls and bears near the bearish trend line of the descending channel formation. The bulls pushed the price above the channel on February 10. However, they could not build on the break on February 11. The bears tried to take advantage of the situation. Thus, it crashed the price below the 50-day SMA ($0.53) on February 12. However, the bulls held their ground. This suggests that every small dip is being bought.
Buyers will try to push ADA to $0.62 and then to $0.68. Meanwhile, the bears are likely to have other plans. They will try to push the price back below the moving averages. If they manage to do this, ADA is likely to fall to the vital support at $0.46. Buyers will try to maintain this level. Because if they can’t do that, ADA is likely to drop to $0.40.
Avalanche (AVAX Coin) price analysis
AVAX Coin faced a sell-off around $42. This shows that higher levels continue to attract sellers. The first support on the downside is in the moving averages. A bounce in price from the 20-day EMA ($36.27) would indicate that sentiment remains positive and traders are viewing dips as a buying opportunity. AVAX Coin will then try to break the barrier at $42 again. If this happens, it is possible for AVAX Coin price to rise to $50.
On the contrary, a break below the moving averages will indicate that the breakout is a fake move. AVAX Coin could decline as low as $32, which is an important level to watch out for.
Dogecoin (DOGE) price analysis
DOGE has been trading within a symmetrical triangle for the past few days. This points to indecision between bulls and bears. The 20-day EMA ($0.08) has flattened out and the RSI is near the midpoint. This shows that there is a balance between supply and demand. Buyers will need to push the price above the triangle to gain the upper hand. DOGE will likely attempt to rise to the $0.10 to $0.11 resistance zone later.
If the DOGE price falls below the uptrend line and is maintained, the advantage will be in favor of the bears. In this case, a drop to the strong support at $0.07 and eventually to $0.06 is possible. Buyers are likely to defend this level aggressively.
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