Crypto Market Analysis 2/20: Bitcoin, Ethereum, Ripple, Binance Coin, Solana, Dogecoin, Bitcoin Cash, Cardano, Hyperliquid, Monero Forecasts
Bitcoin and leading altcoins continue to face resistance as buying momentum weakens, indicating that sellers remain positioned to defend higher price levels.
Key points:
Buyers in the Bitcoin market are finding it difficult to maintain intraday gains, suggesting sellers are actively stepping in at each minor price increase.
Several prominent altcoins are displaying bearish signals, pointing toward potential declines to key support zones.
The Bitcoin (BTC) market saw buying pressure that elevated prices beyond $68,300, though maintaining these elevated levels has proven challenging for buyers. Without a significant upward move in the coming days, BTC appears headed for its fifth straight month of losses. This would mark the most extended downward streak since the 2018/19 period when BTC declined for six consecutive months. However, buyers can take some encouragement from the fact that the 2018/19 losing run was subsequently followed by a 131.6% upward surge across the next five months, based on CoinGlass data.
An additional metric suggesting a potential upward movement is the Bollinger Bands indicator. Crypto analyst Dorkchicken points out that the monthly Bollinger Bands have reached their "tightest" compression in recorded history. Historically, all comparable situations have led to bullish breakouts, with the sole exception being the decline from $20,000 to $16,000 witnessed in 2022.
While various indicators suggest a potential upward trajectory, market participants should maintain vigilance regarding BTC exchange-traded funds (ETFs) flow patterns to assess institutional market sentiment. The US spot BTC ETF market has experienced net outflows totaling $403.9 million throughout the current week, based on SoSoValue tracking data. Barring substantial inflows on Friday that would offset the previous three days' losses, the ETF sector is trending toward a fifth consecutive week of outflows. A meaningful and sustained price recovery may prove challenging in the absence of active institutional buying.
Will purchasing activity be sufficient to drive BTC and major altcoins beyond their resistance barriers? Let's examine the technical charts of the leading 10 cryptocurrencies for insights.
Bitcoin price prediction
BTC buyers have successfully kept prices above the nearest support level at $65,118, demonstrating that purchasing interest exists at these lower price points.
For buyers to establish control, they must drive the Bitcoin price beyond the 20-day exponential moving average ($71,247). Should they accomplish this objective, the BTC/USDT pair could advance toward the breakdown zone of $74,508. Sellers are anticipated to mount vigorous defense at the $74,508 threshold, since surpassing this level would indicate the pair has potentially established a near-term bottom. Following that, the pair could rise toward the 50-day simple moving average ($82,258).
For sellers to demonstrate dominance, they must drive the price beneath the $65,118 threshold. Should this occur, the pair may descend to retest the Feb. 6 low of $60,000, a level expected to draw significant buying interest from bulls.
Ether price prediction
Ether (ETH) has been trading within a consolidation range between $1,750 and $2,111, reflecting market indecision regarding the forthcoming directional trend.
A modest support level exists at $1,897, though if this zone fails to hold, the ETH/USDT pair could descend toward the $1,750 support level. Market participants on the buy side are likely to mount a determined defense at $1,750, since a closing price beneath this point might send the pair down to $1,537.
Buyers would regain market control with a close surpassing the $2,111 resistance barrier. Achieving this milestone could propel the Ether price upward to the 50-day SMA ($2,665). Sellers may once more try to stall the upward movement at the 50-day SMA, though if buyers maintain dominance, the pair could climb to $3,045.
XRP price prediction
The inability of bulls to elevate XRP (XRP) above the 20-day EMA ($1.50) indicates insufficient buying pressure at elevated price levels.
The XRP/USDT pair could decline toward the support line, representing a critical level warranting close observation. Should the XRP price rebound sharply from the support line and penetrate above the 20-day EMA, this would suggest the pair may continue trading within the descending channel pattern for an extended period. Bulls must break through the downtrend line to indicate a reversal in the short-term trend.
Alternatively, a break and closing price below the support line would confirm bear control. Subsequently, the pair might tumble toward $1.11 and potentially continue to $1.
BNB price prediction
BNB (BNB) has been steadily declining toward the support zone ranging from $587 to $570, suggesting sellers maintain market control.
Should the BNB price reverse downward and fall beneath the support zone, the BNB/USDT pair could initiate the subsequent phase of its downtrend, targeting the psychological threshold at $500.
This negative outlook would be invalidated in the immediate term if bulls succeed in pushing prices above the $669 resistance level. Such a development could trigger a surge toward the breakdown level at $730, followed by the 50-day SMA ($797). This movement would indicate the pair has potentially established a short-term price floor.
Solana price prediction
Solana (SOL) buyers are working to keep prices above the immediate support at $76, though the recovery attempt shows limited momentum.
This situation increases the probability of a breakdown beneath the $76 threshold. Should this scenario unfold, the SOL/USDT pair might plunge toward the Feb. 6 low at $67. Buying interest is anticipated to emerge strongly at the $67 level, as a closing price below this point could drive the pair down to $50.
The initial indication of bullish strength would be a break and close above the breakdown zone at $95. This development would suggest bears are relinquishing control. The Solana price could then advance toward the 50-day SMA ($114).
Dogecoin price prediction
Market participants are working to drive Dogecoin (DOGE) above the 20-day EMA ($0.10), though bears have successfully maintained their defensive position.
A slightly encouraging sign for bulls is their ability to limit downside concessions to bears. This dynamic enhances the likelihood of a breakout above the 20-day EMA. Should this transpire, the DOGE/USDT pair could rally toward the breakdown zone at $0.12.
In contrast to this scenario, if the Dogecoin price reverses downward and breaks beneath $0.09, it would indicate bulls have surrendered control. This could send the pair plummeting to the crucial $0.08 support level.
Bitcoin Cash price prediction
Bitcoin Cash (BCH) has declined below the 20-day EMA ($548), signaling that bears are working to establish dominance.
If the Bitcoin Cash price remains below the 20-day EMA, the BCH/USDT pair could drop to the subsequent major support at $500. Purchasing interest is expected to defend the $500 level aggressively, since a close beneath this threshold may trigger a decline toward the essential support at $443.
Bulls must push and sustain prices above the 50-day SMA ($575) to demonstrate strength. This achievement could propel the pair to $600 and subsequently to $631. Buyers should anticipate encountering significant selling pressure within the zone from $631 to $670.
Hyperliquid price prediction
Hyperliquid (HYPE) rebounded from the 50-day SMA ($27.89) on Thursday, demonstrating that bulls are actively purchasing during price dips.
For buyers to take command, they must elevate the Hyperliquid price beyond $32.50. The HYPE/USDT pair could then gain upward momentum and climb toward the resistance zone spanning $35.50 to $38.42.
Conversely, should the price reverse from the 20-day EMA ($30.01) and fall below the 50-day SMA, this would indicate bulls are weakening. The pair could then decline toward the $20.82 support level, where buying activity is expected to materialize.
Cardano price prediction
Market participants are encountering difficulty pushing Cardano (ADA) beyond the 20-day EMA ($0.28), though encouragingly, they have avoided surrendering substantial ground to sellers.
Bulls will make another effort to propel the Cardano price beyond the 20-day EMA. If successful, the ADA/USDT pair could advance toward the formidable overhead resistance at the downtrend line. Bulls must secure a close above the downtrend line to signal a possible reversal in the short-term trend.
Sellers likely have different intentions. They will attempt to pull the price beneath the support line, signaling the downtrend's continuation. The subsequent downside target is likely to be $0.15.
Monero price prediction
Monero (XMR) has been consolidating within a downward trend, demonstrating that bears have sustained their selling pressure.
Sellers will work to consolidate their position by driving the Monero price below the $309 threshold. Accomplishing this goal could send the XMR/USDT pair downward to the $276 level. Buyers are anticipated to defend the $276 level with maximum effort, as a close beneath it could plunge the pair to $247.
Regarding upside potential, bulls must drive and sustain the price above the 20-day EMA ($360) to signal emerging strength. The pair could then ascend to the 61.8% Fibonacci retracement level at $414.
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.