Analyst Rakesh Upadhyay’s current forecasts for Bitcoin, ETH, BNB, ADA, Solana, XRP, LUNA, DOT, AVAX and DOGE cryptocoin.com‘in. Bitcoin is struggling to hold the $40,000 level, but several analysts say cryptocurrencies may leave equities in the coming months. Bitcoin (BTC) was sold on February 17, along with the US stock markets amid the Ukrainian crisis. Can the bulls hold key support levels? Let’s examine the charts of the top 10 cryptocurrencies to find out.
Levels for Bitcoin, ETH and BNB
The analyst opinions, which we will give in detail below, are only estimations and it is highly recommended that each investor do their own research.
BTC/USDT. Bitcoin fell below the moving averages on February 17, showing that the bears are not in the mood to give up and are selling on rallies. The price is near $39,600, which is an important level for the bulls to defend. The relative strength index (RSI) has slipped into negative territory and the 20-day exponential moving average (EMA) ($41,635) has started to decline. This suggests that the bears are trying to gain the upper hand. A break and close below $39,600 could increase selling pressure and the BTC/USDT pair could drop to $36,250. If the price bounces back from the current level, the bulls will try to push the pair back above the moving averages.
ETH/USDT. Ether (ETH) has turned down near the neckline of the inverse head and shoulders formation that developed on Feb. 16. This suggests that the bears are trying their best to override the possible reversal setup. The ETH/USDT pair can now decline to strong support at $2,652. This is an important level for the bulls to defend as a break below it could open the doors further down to $3,476. Contrary to this assumption, if the price bounces back from the current level, the bulls will try to push the price back above the neckline and sustain it.
BNB/USDT. BNB bounced back from the 50-day simple moving average (SMA) ($430) on February 16 and dropped below the 20-day EMA ($408) on February 17. The BNB/USDT pair has been consolidating between $390.50 and $445.40 for the past few days. The flat 20-day EMA and RSI just below the midpoint suggest a balance between supply and demand. This balance will turn in favor of the bears if the price breaks and stays below $390.50. This could open the doors for a possible drop to $357.40.
XRP/USDT. The failure of the bulls to sustain Ripple (XRP) above $0.85 may have led to profit booking by short-term traders. This brought the price down to strong support at $0.75. Buyers are likely to defend the zone between the moving averages. If the price bounces off this support zone, the XRP/USDT pair could rally to $0.85. A break and close above this level might challenge the resistance at $0.91. The slowly rising 20-day EMA and the RSI near the midpoint offer a small advantage for buyers.
Cardano (ADA) has been stuck between the 20-day EMA ($1.09) and psychological support at $1 for the past few days. This narrow range trading is likely to result in a strong directional move in the next few days. The downward sloping moving averages and the RSI in the negative zone indicate that the path of least resistance is to the downside. If the bears sink and keep the price below $1, the ADA/USDT pair may resume its downtrend. The pair could decline further to $0.80 and then to $0.68.
SOL/USDT. Solana (SOL) bounced back from the 20-day EMA ($103) on Feb. 16 and the bears will now attempt to push the price below the minor support at $90.72. If this happens, the decline could extend to strong support at $80.83. The slowly descending 20-day EMA and the RSI in the negative territory suggest that the bears have the upper hand. A break and close below $80.83 could signal a resumption of the downtrend. The SOL/USDT pair could then drop to the support line of the channel. On the contrary, if the price rises above the current level, buyers will try to push the pair above the 20-day EMA and challenge the resistance line of the descending channel.
AVAX/USDT. AVAX broke and closed above the downtrend line on February 16, but the bulls failed to develop this advantage. The strong selling of the bears at the higher levels pushed the price below the downtrend line. The bulls are trying to defend the moving averages. If the price bounces back from the current level, buyers will try to push and sustain the AVAX/USDT pair above the downtrend line and $98.77. Such a move would suggest a rally to $117.53. Conversely, if the price breaks below the moving averages, the bullish line will be tested. A break and close below this support could accelerate selling and the pair could slide back to $76.14 and then $65.
Levels for LUNA and DOGE
LUNA/USDT. Terra’s LUNA token broke and closed above the 20-day EMA ($55) on Feb. 15, but the bulls were unable to sustain higher levels. This may have attracted selling from short-term traders who pushed the price below the 20-day EMA. Both moving averages are sloping down and the RSI is in the negative territory, suggesting that the bears have prevailed. If the sellers push the price below $49, the LUNA/USDT pair could drop to strong support at $43.44. Buyers are expected to aggressively defend the zone between $43.44 and $37.50.
DOGE/USDT. Dogecoin (DOGE) bounced back from the 50-day SMA ($0.15) on Feb. 16, suggesting that the bears are selling at relief rallies to this resistance. There is a minor support at $0.13. If the price bounces off this level, the bulls will again try to push the DOGE/USDT pair above the 50-day SMA. If they are successful, the pair could rally to the overhead resistance at $0.17. The 20-day EMA ($0.14) and the RSI in the negative zone point to a minor advantage for sellers. If the price drops below $0.13, the pair could drop to the strong support at $0.12, where buyers will step in to stop the decline.
DOT/USDT. Polkadot (DOT) bounced back from the 20-day EMA ($19.82) on Feb. 17, suggesting that sentiment is downside and traders are defending overall resistance levels. The bears will now try to push the price down to $16.81 which is an important support to watch out for. If the price bounces back from this level, the bulls will again try to push the DOT/USDT pair above the downtrend line. If they are successful, the pair could rally to $23.19. Alternatively, if the bears pull the price below $16.81, the sell-off could intensify and the pair could extend its decline towards the next support at $10.37.
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