According to crypto analyst Rakesh Upadhyay, it is possible that Bitcoin may face headwinds at $52,000. However, BNB, KAS, VET and RNDR will likely continue to rise. The analyst examines the technical picture of these 4 altcoin projects along with Bitcoin.
Bitcoin (BTC) price analysis: In this case, 60 thousand dollars comes!
Bitcoin is facing a sell-off around $52,000. The bears attempted to push the price below $50,000 on February 17. However, the long tail on the candlestick indicates solid buying on declines. A shallow correction from the resistance level at $52,000 suggests that the bulls are not rushing to book profits as they expect the uptrend to continue. If the price breaks and stays above $52,000, it is possible for BTC to start its march north towards $60,000.
A small risk for the continuation of the rally is that the relative strength index (RSI) has remained in the overbought zone for some time. This suggests the rally is overheated in the near term. The bears will have to pull the price below the 20-day exponential moving average ($47,809) to indicate the beginning of a corrective phase. BTC is likely to slide towards the 50-day simple moving average ($44,441) later.
Binance Coin (BNB) price analysis: The path of least resistance for the altcoin is up
BNB is in an uptrend. However, the rally is facing headwinds near the stiff resistance at $360. One small positive point is that the bulls have not given up ground to the bears. Meanwhile, the 20-day EMA ($328) is sloping upwards. Also, the RSI is close to the overbought zone. These show that the path of least resistance is upward. If buyers establish a close above $360, it is possible for the altcoin price to start the next leg of the journey towards $400. This level is a difficult obstacle to overcome. But if it breaks through, the next stop will likely be $460.
Conversely, if the price closes below $348, short-term traders are likely to book profits. This, in turn, is possible to start a correction towards the 20-day EMA and then the 50-day SMA ($313). If BNB closes below the 50-day SMA, it will signal a short-term trend change.
Kaspa (KAS) price analysis: The bull trend has restarted for the altcoin
Kaspa (KAS) broke above the overhead resistance of $0.15 on February 17. Thus, it signaled that the bull trend had started again. The upsloping 20-day EMA ($0.13) shows an advantage for buyers. However, overbought levels on the RSI indicate that the rally has increased too quickly in the near term.
If KAS price turns down from the current level, it will likely find support at $0.15. A solid recovery from this level will increase the possibility of a rise to $0.20. On the other hand, if the price drops sharply and breaks below $0.14, it will signal that the bull trend has ended in the near term. The altcoin price is likely to drop further to the 50-day SMA ($0.11) later.
VeChain (VET) price analysis: The signal of the next leg is on!
VeChain broke above the 50-day SMA ($0.03) on February 12. Thereafter, it gained momentum, indicating aggressive buying by the bulls. VET broke above the overhead resistance of $0.04 on February 15. Thus, it signaled the start of the next leg of the uptrend. However, the long wick on the February 16 candlestick suggests that the bears are trying to stop the upward move around $0.05. If the buyers do not give up too much, the possibility of the upward movement continuing increases. If the price closes above $0.05, the altcoin price is likely to rise as high as $0.07.
Contrary to the assumption, if the price continues to decline and breaks below $0.04, it will indicate that the bulls are rushing to the exit. VET is likely to fall to the moving averages later
Render (RNDR) price analysis: $7 is the target for the altcoin
Render (RNDR) broke the overhead resistance level of $5.28 on February 15. Thus, it signaled that the bull trend had started again. The bears tried to push the price below the breakout level on February 17. However, the bulls held their ground. This shows that buyers are trying to turn the $5.28 level into support. If they are successful, it is possible for RNDR to rise to the formation target of $7.
The rally of the last few days has pushed the RSI into the overbought zone. He also hinted at the possibility of a minor correction or consolidation. A breakout and close below $5 will be a sign of weakness. Additionally, it is possible that this could trap aggressive RNDR bulls. The altcoin price is likely to drop to the 50-day SMA ($4.34) later.
The predictions in the article belong to the analyst and are definitely not investment advice. cryptokoin.com We strongly recommend that you do your own research before investing.
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