Price analysis 2/12: BTC, ETH, XRP, SOL, BNB, DOGE, ADA, LINK, AVAX, SUI

Bitcoin ( BTC ) is witnessing a tough battle between the bulls and the bears near the $95,000 level. Bitcoin fell close to $94,000 after January’s Consumer Price Index rose 0.5% for the month and 3% from a year ago. The numbers were higher than economists’ estimates of 0.3% and 2.9%, reducing hopes of a rate cut by the US Federal Reserve. However, a minor positive for Bitcoin is that the bulls quickly pushed the price back above $95,000.

Bitcoin has been stuck in a range for several weeks, but gold has been charging higher. Analysts expect Bitcoin to eventually follow gold higher and make a new all-time high. Capriole Investments founder Charles Edwards said in a post on X that Bitcoin “almost always” copies or exceeds gold’s breakout within three to six months. 

Crypto market data daily view. Source: Coin360

Over the long term, ARK Invest CEO Cathie Wood is uber-bullish on Bitcoin. Wood said in a video on Feb. 11 that the odds of Bitcoin hitting $1.5 million by 2030 have increased because institutional investors are increasing exposure to digital assets.

Will Bitcoin turn lower and slump to $90,000, or will buyers push the price toward the psychologically critical level of $100,000? How are the altcoins placed? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin has been range-bound between $90,000 and $109,588 for several weeks, indicating uncertainty about the next directional move.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The downsloping 20-day exponential moving average ($98,441) and the relative strength index (RSI) in the negative territory indicate a slight edge to the bears. If the price maintains below $94,000, the BTC/USDT pair may decline to the crucial support at $90,000. Buyers are expected to fiercely defend the $85,000 to $90,000 zone.

A break and close above the moving averages will tilt the short-term advantage in favor of the bulls. The pair may rise to $102,500 and thereafter to $106,500.

Ether price analysis

Ether ( ETH ) is trying to form a higher low near $2,500, but the relief rally is expected to face significant selling at the breakdown level of $2,850.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

If the price turns down and breaks below $2,500, it will suggest that the sentiment remains negative, and traders are selling on every minor rally. The ETH/USDT pair could collapse to $2,350 and later to $2,250.

On the other hand, a break and close above the breakdown level of $2,850 suggests that the bulls are back in the game. The pair could attempt a rally to the 50-day simple moving average ($3,193), which is expected to act as a stiff resistance.

XRP price analysis

XRP ( XRP ) has been trading below the moving averages since Feb. 4, but a minor positive is that the bulls have managed to keep the price above $2.26.

XRP/USDT daily chart. Source: Cointelegraph/TradingView

That has formed a tight range between $2.26 and $2.54, indicating indecision between the bulls and the bears. If the price dives below $2.26, it will suggest that the bears have asserted their supremacy. The XRP/USDT pair may fall to the solid support at $1.90.

Alternatively, a break and close above the moving averages suggests that the bulls have absorbed the supply. That clears the path for a possible upmove to $2.91, where the bears are expected to step in.

Solana price analysis

Solana’s ( SOL ) recovery from the $175 support met with strong selling at the 20-day EMA ($208) on Feb. 10.

SOL/USDT daily chart. Source: Cointelegraph/TradingView

The downsloping 20-day EMA and the RSI in the negative zone suggest that the bears are in command. Sellers will try to strengthen their position by pulling the price below the $187 support. If they succeed, the SOL/USDT pair could descend to the solid support at $175.

If buyers want to prevent the decline, they will have to push the price above the moving averages. The pair may then rise to $220, indicating a possible range formation between $175 and $260.

BNB price analysis

BNB ( BNB ) recovered sharply and closed above the 20-day EMA ($635) on Feb. 11, indicating solid buying at lower levels.

BNB/USDT daily chart. Source: Cointelegraph/TradingView

The flattish 20-day EMA and the RSI just above the midpoint indicate that the bears are losing their grip. Buyers will try to take advantage of the situation and push the price above the 50-day SMA ($675). If they do that, the BNB/USDT pair could rise to $725.

The immediate support on the downside is $635 and then $596. A break and close below $596 suggests that the bears are back in the game. The pair may decline to $557, where the buyers are likely to emerge.

Dogecoin price analysis

Dogecoin ( DOGE ) has been falling inside a descending channel pattern, but the bulls will try to aggressively defend the $0.23 support.

DOGE/USDT daily chart. Source: Cointelegraph/TradingView

The relief really is likely to face selling at the 20-day EMA ($0.28). If the price turns down sharply from the 20-day EMA, it will indicate that the bears remain in control. Sellers will then make another attempt to sink the DOGE/USDT pair to $0.20.

Instead, a break and close above the 20-day EMA suggests solid buying near the support line. The pair could then rise to the 50-day SMA ($0.32), where the bears are expected to mount a strong defense.

Cardano price analysis

Buyers are trying to push Cardano ( ADA ) back above the breakdown level of $0.80, but the bears are unlikely to give up easily.

ADA/USDT daily chart. Source: Cointelegraph/TradingView

If the bulls do not give up much ground from $0.80, the possibility of a break above the 20-day EMA ($0.81) increases. That opens the doors for a rally to the 50-day SMA ($0.92). Buyers will have to overcome the barrier at the 50-day SMA to signal that the ADA/USDT pair may have bottomed out in the short term.

This positive view will be invalidated in the near term if the price turns down and breaks below $0.65. The pair may then slump to $0.50.

Related: Here’s what happened in crypto today

Chainlink price analysis

Chainlink ( LINK ) has been trading below the $19.25 level for a few days, but the bears have failed to start the next leg of the downward move. This suggests that selling dries up at lower levels.

LINK/USDT daily chart. Source: Cointelegraph/TradingView

Buyers will have to push and sustain the LINK/USDT pair above the moving averages to suggest that the break below $19.25 may have been a bear trap. Until then, rallies are likely to be sold into.

On the downside, a break and close below $17.44 will signal that the bears have flipped the $19.25 level into resistance. That increases the risk of a fall to the Feb. 3 panic low of $15.40.

Avalanche price analysis

Avalanche ( AVAX ) has been in a downtrend for several days, but the bulls are trying to arrest the decline at $22.35.

AVAX/USDT daily chart. Source: Cointelegraph/TradingView

On the upside, the buyers may find it difficult to pierce the 20-day EMA ($28.82). If the price turns down sharply from the 20-day EMA, the bears will again attempt to sink the AVAX/USDT pair below the $22.35 support. If they manage to do that, the pair may plunge to $17.50.

Conversely, a break and close above the 20-day EMA will suggest that the bulls are trying to make a comeback. There is minor resistance at $30.59, but it is likely to be crossed. The pair may rise to the 50-day SMA ($34.70).

Sui price analysis

Sui ( SUI ) bounced off the $2.86 level, but the long wick on the Feb. 11 candlestick shows selling at the 20-day EMA ($3.55).

SUI/USDT daily chart. Source: Cointelegraph/TradingView

The bears will try to sink the SUI/USDT pair to the solid support at $2.86. Buyers are expected to defend this level with vigor because a break below $2.86 could open the gates for a drop to $2.39.

The bulls will have to push and maintain the price above the 20-day EMA to suggest that the correction may be over. The pair could then attempt a rally to the 50-day SMA ($4.20), which is again expected to behave as a strong hurdle.

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.