Crypto Market Analysis 2/18: BTC, ETH, XRP, BNB, SOL, DOGE, BCH, ADA, HYPE, XMR Price Forecasts
Bitcoin's price action reveals weakening support between $65,000 and $68,000 according to technical analysis, with potential for a further decline to the $50,000 territory if this critical zone fails to hold.
Key highlights:
- Bitcoin continues to face downward pressure, with potential for accelerated losses if support at $65,118 gives way.
- Multiple leading altcoins are showing signs of recovery attempts, though bearish traders continue to sell into strength.
The bulls controlling Bitcoin (BTC) are working to defend the $67,000 price level, though selling pressure from bears has persisted. On a more optimistic note for bullish traders, certain market analysts suggest BTC could be in the process of establishing a bottom.
Market analyst Jelle noted in an X platform post that nearly all significant BTC bottoms throughout history have formed within the range defined by the 200-week simple moving average ($58,371) and the 200-week exponential moving average ($68,065). The current BTC trading activity near the 200-week EMA indicates that the bottom formation process could be underway.
In a comparable observation, Matrixport shared via an X post that BTC appears to be establishing a sustainable bottom. According to Matrixport, when their daily sentiment indicator's 21-day moving average falls beneath zero and begins reversing upward, this pattern suggests diminishing selling pressure. While this doesn't eliminate the possibility of near-term price declines, the data points toward BTC potentially nearing another critical turning point.
Wells Fargo analyst Ohsung Kwon provided another optimistic outlook for BTC. In a research note reviewed by CNBC, Kwon suggested that extra funds from tax refunds, primarily benefiting higher-income earners, may flow into equities and BTC, potentially reviving the "YOLO" investment approach.
Will BTC and leading altcoins successfully breach overhead resistance barriers? Let's examine the technical charts of the top 10 cryptocurrencies to determine potential outcomes.
Bitcoin price forecast
BTC has been establishing higher lows over the short term, yet bulls have been unable to drive the price beyond the breakdown point at $74,508.
Purchasing pressure is expected to mount another effort to break through the overhead barrier at the 20-day EMA ($72,282) and the $74,508 threshold. Should they accomplish this objective, the BTC/USDT pair could advance toward the 50-day SMA ($83,129).
Bears are expected to pursue alternative strategies. They will work to protect the 20-day EMA and drive the Bitcoin price beneath the nearest support level at $65,118. If successful in this endeavor, the pair could plunge to the substantial support zone at $60,000.
Ether price forecast
The purchasing side has kept Ether (ETH) positioned above the nearest support level at $1,897, demonstrating consistent buying activity during price declines.
Purchasing pressure will make another push to surpass the overhead obstacle at the 20-day EMA ($2,183). If successful, the ETH/USDT pair could initiate a more robust recovery movement toward the 50-day SMA ($2,707).
Alternatively, should the Ether price reverse direction and fall beneath $1,897, this would indicate that bears are working to seize control. The pair could then decline to the crucial support level at $1,750. Buyers are anticipated to defend the $1,750 threshold vigorously, since a close beneath this level could push the pair down to $1,537.
XRP price forecast
XRP (XRP) has been consolidating just beneath the 20-day EMA ($1.52), demonstrating that bulls maintain ongoing pressure.
This development enhances the probability of a successful breakout above the 20-day EMA and the breakdown threshold of $1.61. The XRP price could subsequently advance to the 50-day SMA ($1.80), suggesting the XRP/USDT pair may continue trading within the channel for an extended period.
Buyers must drive the price beyond the downtrend line to signal a possible reversal in the short-term trend. Conversely, a more significant decline could commence if the price reverses and drops beneath the support line.
BNB price forecast
BNB (BNB) has been consolidating within a tight range over recent days, reflecting uncertainty between bullish and bearish market participants.
Should the BNB price reverse downward and drop beneath the $570 support level, this would signal the continuation of the bearish trend. The BNB/USDT pair could then extend its decline toward the psychologically significant level at $500.
Buyers must push and sustain the price above the 20-day EMA ($676) to indicate diminishing selling pressure. The pair could then advance to $730 and later to $790.
Solana price forecast
Solana (SOL) is encountering resistance in the vicinity of the breakdown threshold of $95, signaling that bears remain active at elevated price levels.
The bearish side will work to consolidate their position by driving the Solana price beneath the $76 support threshold. Should they accomplish this, it would indicate that bears have successfully converted the $95 level into resistance. The pair could then retest the Feb. 6 low of $67.
Buyers must overcome the $95 overhead resistance to demonstrate a potential reversal. If they succeed in this effort, the SOL/USDT pair could ascend toward the 50-day SMA ($116), where sellers are anticipated to establish a robust defense.
Dogecoin price forecast
Dogecoin (DOGE) has been consolidating just beneath the 20-day EMA ($0.10), reflecting an absence of aggressive selling at reduced price levels.
This pattern enhances the probability of an advance beyond the 20-day EMA. The DOGE/USDT pair could subsequently ascend to the 50-day SMA ($0.12). Sellers will work to stop the recovery at the $0.12 threshold, though if bulls successfully breach the resistance, the Dogecoin price could surge to the $0.16 level.
Conversely, if the price turns downward from the $0.12 resistance level, this suggests a potential range formation in the immediate term. The pair could oscillate between $0.08 and $0.12 for several days.
Bitcoin Cash price forecast
Bitcoin Cash (BCH) has been trapped between the moving averages, demonstrating uncertainty regarding the next directional trajectory.
The upward-sloping 20-day EMA ($547) combined with the RSI positioned slightly above the midpoint indicates a potential upside breakout. Should this materialize, the Bitcoin Cash price could rally toward $600 and subsequently to $630.
In opposition to this scenario, if the price turns downward and breaks beneath the 20-day EMA, this signals that bears have overcome the bulls. This development could initiate a correction toward the subsequent support at $500.
Hyperliquid price forecast
Hyperliquid (HYPE) completed trading below the 20-day EMA ($30.26) on Tuesday, demonstrating selling pressure at higher price levels.
Buyers will work to keep the Hyperliquid price positioned above the 50-day SMA ($27.74), though if bears gain the upper hand, the HYPE/USDT pair could decline toward the strong support at $20.82. The flattening 20-day EMA combined with the RSI positioned just beneath the midpoint suggests range-bound trading between $20.82 and $35.50 for an extended period.
The initial indication of strength for bulls would be a close above the $32.50 threshold. This development would create opportunities for a rally toward the $35.50 to $38.42 resistance zone.
Cardano price forecast
Cardano (ADA) has been holding near the 20-day EMA ($0.29), demonstrating that bulls have sustained their pressure.
The probability of a successful breakout above the 20-day EMA appears elevated. Should this occur, the ADA/USDT pair could advance toward the downtrend line, which is anticipated to function as formidable resistance. If buyers successfully penetrate the downtrend line, the Cardano price could rally toward $0.44 and later to $0.50.
Sellers must drive the price beneath the support line to reclaim control. Should they achieve this objective, the pair could slump toward $0.15.
Monero price forecast
Monero (XMR) continues trading beneath the breakdown threshold of $360, though a positive indicator is that bulls have prevented the price from falling beneath the immediate support at $309.
Buyers must drive the Monero price beyond the 20-day EMA ($366) to secure the advantage. The XMR/USDT pair could subsequently ascend to the 50-day SMA ($449), where bears are anticipated to intervene.
On the bearish side, a break and close beneath the $309 level signals that bears maintain control. The pair could then retest the vital $276 support. A powerful rebound from the $276 level could result in range-bound trading for several days.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.