Price analysis 2/14: BTC, ETH, SOL, BNB, XRP, ADA, AVAX, DOGE, LINK, DOT
Bitcoin’s ( BTC ) market capitalization reached $1 trillion on Feb. 14, buoyed by the strong demand from the newly launched spot Bitcoin exchange-traded funds. Data shows the ETFs recorded more than $600 million in inflows on Feb. 13 alone.
Bitcoin ETFs bought 10 times more Bitcoin than what miners produced on Feb. 12. Pomp Investments founder Anthony Pompliano said in an interview with CNBC that roughly $200 billion in Bitcoin is tradable as 80% of the total supply has been dormant. Pomp added that the Bitcoin ETFs have devoured 5% of Bitcoin’s entire tradeable supply within 30 days of their launch.
The sharp rally in Bitcoin sent the Crypto Fear and Greed Index score to 79 on Feb. 13, showing “extreme greed.” The last time the index entered the “extreme greed” zone was in mid-November 2021 when Bitcoin reached the all-time high of $69,000. During strong bull phases, the sentiment may remain in the extreme greed zone for an extended period, but the higher the price goes, the greater the risk of a correction.
Therefore, traders should keep a close watch on the technicals of Bitcoin to spot a possible reversal in the near term. Could Bitcoin extend its rally above $52,000, or will traders book profits, starting a short-term correction? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin started the next leg of the uptrend after breaking out of the $48,970 resistance on Feb. 12. The bears tried to tug the price back below the breakout level and trap the aggressive bulls, but the long tail on the Feb. 13 candlestick shows strong buying at lower levels.
Although the upsloping 20-day exponential moving average ($45,826) indicates advantage to buyers, the overbought levels on the relative strength index (RSI) suggest the BTC/USDT pair may have run up too fast. That could start a short-term correction or consolidation in the next few days.
The $52,000 level is likely to act as a significant hurdle for the bulls. If the price turns down from the overhead resistance and breaks below $48,970, it will suggest the formation of a short-term top. The pair may then skid to the 20-day EMA. A break below this support will suggest that the bulls are losing their grip.
Contrarily, if buyers catapult the price above $52,000, the pair could climb to $60,000.
Ether price analysis
Ether ( ETH ) picked up momentum after breaking above the $2,400 resistance, indicating solid buying by the bulls.
The bulls shoved the price above the $2,717 resistance on Feb. 14, signaling the resumption of the uptrend. If buyers sustain the breakout, the ETH/USDT pair could skyrocket to the psychologically important level of $3,000. This level may witness profit booking by the short-term traders.
Time is running out for the bears. They will have to yank and sustain the price below $2,600 to weaken the bulls. The pair may then fall to the 20-day EMA ($2,462).
Solana price analysis
The bulls successfully defended the retest of the breakout level of $107 in Solana ( SOL ), indicating that the sentiment has turned positive.
There is a minor resistance at $117, but that is likely to be crossed. If that happens, the SOL/USDT pair could rise to the stiff overhead resistance at $127. This level may act as a formidable hurdle, but if the bulls prevail, the rally could reach the pattern target of $135.
The first sign of weakness will be a break and close below the moving averages. That will signal selling at higher levels and may trap the aggressive bulls. The pair could then descend toward the solid support at $80.
BNB price analysis
The bulls purchased the dip to the 20-day EMA ($314) on Feb. 12, indicating that lower levels are attracting buyers in BNB ( BNB ).
The upsloping moving averages and the RSI near the overbought zone indicate that the path of least resistance is to the upside. The BNB/USDT pair could reach the overhead resistance at $338. If this level is conquered, the pair could accelerate toward $360 and subsequently to $400.
On the contrary, if the price turns down sharply from $338, it will indicate that bears are active at higher levels. A break below the moving averages could start a deeper pullback to the essential support at $288.
XRP price analysis
XRP ( XRP ) continues to witness a tough battle between the bulls and the bears near the 20-day EMA ($0.52), indicating uncertainty about the next directional move.
The flattish 20-day EMA and the RSI near the midpoint do not give a clear advantage either to the buyers or sellers. If the price turns down from the current level and breaks below $0.50, the advantage will tilt in favor of the sellers. The XRP/USDT pair could then dive to the vital support at $0.46.
On the upside, the bulls will have to drive and maintain the price above the stiff overhead resistance at the downtrend line to gain the upper hand. The pair could then march toward $0.67.
Cardano price analysis
Buyers pushed Cardano ( ADA ) above the descending channel pattern on Feb. 12 but have struggled to start an upward move.
The upsloping 20-day EMA ($0.52) and the RSI in the positive territory give a slight edge to the bulls. If the price maintains above $0.57, the ADA/USDT pair is likely to jump to $0.60 and then to $0.68.
Instead, if the price turns down and slips below the moving averages, it may trap several aggressive buyers. That could cause long liquidation, resulting in a drop to the strong support at $0.46.
Avalanche price analysis
Avalanche ( AVAX ) has been facing selling at $42, but a positive sign is that the bulls have not ceded much ground to the bears.
This indicates that the bulls anticipate another leg higher. The rising 20-day EMA ($37.12) and the RSI in the positive territory indicate the possibility of a break above $42. If that happens, the AVAX/USDT pair could surge to $50.
The first support on the downside is at the 20-day EMA. A break below this level will suggest that the buying pressure could be reducing. The pair could then slide to the crucial support at $32.
Related: Bitcoin bulls flirt with $69K BTC price target as crypto market nears $2T
Dogecoin price analysis
Dogecoin ( DOGE ) has been trading near the moving averages for the past few days, indicating a balance between buyers and sellers.
The flattish 20-day EMA ($0.08) and the RSI just above the midpoint do not give a clear advantage either to the bulls or the bears. Buyers will gain the upper hand if they overcome the obstacle at the downtrend line. That may open the doors for a possible rally to the $0.10 to $0.11 resistance zone.
The advantage will tilt in favor of the bears if they sink and sustain the price below the uptrend line. The DOGE/USDT pair could then plunge to $0.07 and later to the critical support at $0.06.
Chainlink price analysis
Chainlink ( LINK ) has pulled back in an uptrend, indicating profit booking by short-term traders near $20.85.
During strong uptrends, the pullbacks usually do not last for more than three days because the bulls jump in to buy on every minor dip. If the price turns up and breaks above $20.85, the LINK/USDT pair could soar to the pattern target of $21.79.
The bears are likely to have other plans. They will try to pull the price below the 20-day EMA ($18.09), which will be the first sign of weakness. The pair may then retest the breakout level of $17.32.
Polkadot price analysis
After facing resistance at the 50-day SMA ($7.28) for several days, the bulls finally propelled Polkadot ( DOT ) above the overhead hurdle on Feb. 13.
The rise above the 50-day SMA increases the likelihood of the failure of the H&S pattern. That may attract buyers who will try to drive the price to $8.58. This level may witness strong selling by the bears.
If bears want to make a comeback, they will have to sink and sustain the price below the 20-day EMA ($7.08). If they do that, the DOT/USDT pair could plummet to the robust support at $6.
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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