Analyst Rakesh Upadhyay’s current forecasts for Bitcoin, ETH, BNB, ADA, Solana, XRP, LUNA, DOT, AVAX and DOGE cryptocoin.com‘in. BTC price stalled at the 61.8% Fibonacci Retracement level. This triggered a pullback in altcoins and slowed this week’s exit. Let’s examine the charts of the top 10 cryptocurrencies to identify short-term price action. All predictive analyzes in this article belong to the analyst and the probability of realization is highly doubtful. It is highly recommended that every investor do their own research.
Current forecasts for Bitcoin, ETH, BNB and ADA
Bitcoin (BTC) and US stock markets are facing selling on Feb. 16 as investors appear to be reducing their positions in assets they perceive as risky amid NATO accusations that Russia is continuing to build troops on the Ukrainian border. However, long-term fundamentals continue to strengthen. PwC Luxembourg said in a recent report that 61% of 123 Luxembourg-based financial players have embarked on or plan to begin their “crypto journey”. JPMorgan has opened a virtual lounge at the Metajuku Mall in Decentraland, taking the first step into the metaverse that the bank believes will present a $1 trillion opportunity.
BTC/USDT. Bitcoin bounced off the 20-day exponential moving average (EMA) ($41,938) on Feb. 14, but the bulls failed to push the price towards the overhead resistance at $45,821. This indicates that higher levels continue to attract selling. The moving averages have completed a bullish crossover and the relative strength index (RSI) is in the positive territory, suggesting that the sentiment is positive. The bulls are likely to buy the dips from the 20-day EMA. If the price rises from the current level or bounces back from the 20-day EMA, buyers will try to push the price above the neckline of the inverted head and shoulders (H&S) pattern. If they are successful, the bullish setup will complete, signaling a possible reversal.
ETH/USDT. Ether (ETH) broke and closed above the moving averages on Feb. 15, but the bulls are struggling to keep the price above the 50-day simple moving average (SMA) ($3,068). This shows that the bears continue to sell in the rallies. According to the analyst, sellers will now try to push the price below the moving averages. If successful, the ETH/USDT pair could decline to strong support at $2,652. Conversely, if the price bounces back from the moving averages, it indicates that traders are piling on the dips. The bulls will then attempt to push the price above $3,283.66.
BNB/USDT. Binance Coin (BNB) broke above the 20-day EMA ($410) and downtrend line on Feb. 15, but the bulls failed to break the hurdle at the 50-day SMA ($434). The bears are trying to defend the 50-day SMA and push the price below the 20-day EMA. If they manage to do so, the aggressive bulls could fall into the trap and the BNB/USDT pair could drop to $390.60. On the other hand, if the price bounces back from the 20-day EMA, it will indicate that the sentiment has turned from selling on rallies to buying on dips.
XRP/USDT. Ripple (XRP) has been facing stiff resistance near $0.85 for the past few days. The bears will now try to push the price towards the breakout level at $0.75. The moving averages have completed a bullish crossover and the RSI is in the positive zone, suggesting that the bulls have a slight edge. Buyers are likely to aggressively defend the 20-day EMA ($0.76). If the price bounces back from this level, the bulls will again attempt to break through the overhead barrier at $0.85. If this happens, the XRP/USDT pair could rally to $0.91 and later to the psychological level of $1.
ADA/USDT. Cardano (ADA) bounced back from $1 support on February 14 and reached the 20-day EMA ($1.11) on February 15. The bears do not want to give up their advantage and aggressively defend this level. If the price stays below the 20-day EMA, sellers will make another attempt to break and sustain the ADA/USDT pair below the critical support at $1. Frequent retesting of a support level tends to weaken it. If the support is broken, selling could intensify and the pair could drop to $0.80.
Current forecasts for Solana, Dogecoin and LUNA
SOL/USDT. Solana (SOL) bounced on Feb. 14 and reached the 20-day EMA ($105) on Feb. 15, but the bulls are facing stiff bears resistance at this level. This shows that sentiment is negative and traders are selling on rallies. The 20-day EMA has started falling and the RSI is below 43, which indicates that the bears have prevailed. If the selling pressure continues, Solana could decline to strong support at $80.83. The bulls are likely to defend this support strongly. If Solana price bounces back from this level, the pair could consolidate between $80.83 and $116 for a few days.
AVAX/USDT. AVAX bounced off the bullish line on February 14th and rose to the downline on February 15th. The bulls pushed the price above the bearish line on February 16, but the long wick on the candlestick indicates that the bears were selling in February. The moving averages are close to completing the bullish crossover and the RSI is toppling the overhead resistance around 62. This shows that the bulls have the upper hand. If buyers sustain the price above the downtrend line, the AVAX/USDT pair could start a rally towards $117.53.
LUNA/USDT. Terra’s LUNA token broke and closed above the 20-day EMA ($56) on Feb. 15, but the bulls are struggling to sustain higher levels. This shows that the bears continue to sell in the rallies. The bears pulled the price below the 20-day EMA and will now attempt to break the support at $54.20. If this happens, the LUNA/USDT pair could drop to $49.39. If this support also breaks, the next stop could be $43.44. Conversely, if the price rises above $54.20, the pair could continue its recovery rally towards the downtrend line of the descending channel.
DOGE/USDT. Dogecoin (DOGE) broke and closed above the 20-day EMA ($0.14) on Feb. 15, but the recovery is again facing strong selling at the 50-day SMA ($0.15). The 20-day EMA has flattened out and the RSI is just below the midpoint, suggesting a balance between supply and demand. If the bulls push the price above the 50-day SMA and close, the DOGE/USDT pair could challenge the overhead resistance at $0.17. If the bulls clear this hurdle, the pair could gain momentum and rally to $0.22.
DOT/USDT. The long tail on Polkadot’s (DOT) February 14 candlestick indicates that the bulls are buying on dips near the strong support at $16.81. The recovery reached the 20-day EMA ($20.16) on Feb. 15, but the bulls were unable to break through. This shows that the bears have not given up yet and have formed a strong defense in the region between the 20-day EMA and the downtrend line. If the price continues to decline, the bears will try to push the DOT/USDT pair below $16.81 and continue the downtrend.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.