Cryptocurrency Price Analysis: BTC, ETH, XRP, BNB, SOL, and More on February 28
On February 28, Bitcoin experienced buying interest around $78,000, recently noted by analyst Ki Young Ju for potential recovery amid significant selling. Major cryptocurrencies are facing resistance levels, particularly Bitcoin and Ether, while whales are accumulating. Recovery opportunities exist for numerous coins, amid ongoing market volatility and investor caution.
On February 28, Bitcoin (BTC) approached $78,000 before bullish buying fueled a modest rebound. Ki Young Ju, founder and CEO of CryptoQuant, cautioned against selling after a correction, referencing Bitcoin’s recovery from a 53% decline in 2021 to reach a new all-time high. Notably, a whale named “Spoofy” acquired 4,000 Bitcoin, valued at approximately $344 million, potentially indicating market confidence during this downturn.
Bitcoin’s recent price movements are telling. Following a closure below $85,000 on February 26, the bears defended this level the following day. Despite an attempt to force BTC/USDT down to $73,777, bulls stepped in at $78,258 on February 28, striving to regain the resistance between $85,000 and $90,000 to signify a potential bottom.
Ether (ETH) showed resilience, bouncing from its support at $2,111 as bulls battled to maintain price within a larger range. Buyers aim to elevate the price further to the 20-day exponential moving average (EMA) at $2,611. Failure to hold could see ETH revisit $2,111 or drop to $2,000 and $1,900.
XRP faced pressure as it rejected the support line of a symmetrical triangle pattern, converting it into resistance. The XRP/USDT pairing fell below $2.06 before the buyers halted further decline. A successful push above the 20-day EMA may indicate renewed bullish interest.
BNB’s price rebounded at approximately $557, indicating bullish defense, with potential resistance expected at the 20-day EMA around $634. A failure to sustain above this EMA could see BNB drop to $500, while strong buying support is anticipated within the $460 to $500 range.
Solana (SOL) fell below $133 but demonstrated strong buying interest, as seen in the long-tail candlestick. Minor resistance lies at $147, but a breach could lead to a recovery towards the 20-day EMA at $169, despite potential seller challenges. A drop below $125 could result in a decline to $110.
In Dogecoin (DOGE) news, buyers struggled to reclaim prior support, leading to increased selling pressure. As the bears push for a drop to $0.15, though showing signs of oversold conditions, buyers need to elevate DOGE/USDT above $0.24 to initiate a sustainable recovery.
Cardano (ADA) is entangled in a tug-of-war between buyers and sellers at its descending channel support. Sustaining below this level might provoke further selling, with the possibility of a drop to $0.50, which, if breached, could extend to $0.33. Conversely, an upward turn could lead to resistance at the 20-day EMA.
Litecoin (LTC) exhibited indecision within a symmetrical triangle setup, with the 20-day EMA indicating delicate balance. Sustaining above this EMA could lead to a rally towards $147, while a break below the 50-day SMA opens up the potential for a drop to $80.
In Chainlink (LINK), sustained selling pressure emerged following the bulls’ failure to initiate a recovery. If prices remain below the support line, LINK may find itself heading towards $12.71 and potentially to $10. Buyers are urged to reclaim above $16 to negate downside risks.
Avalanche (AVAX) faced similar challenges, trying to recover above $22.35 before bears seized control on February 28. If the price settles below $20, it may retest robust support at $17.29. Sustaining above the 20-day EMA is crucial for any recovery, otherwise, further declines to $15 could occur.
In summary, the analysis of key cryptocurrencies as of February 28 reveals significant recovery and resistance levels, particularly for Bitcoin, Ether, and others. Market sentiment remains cautious yet optimistic, with notable whale activity in Bitcoin suggesting confidence in potential upward trends. Each cryptocurrency faces unique challenges that will dictate short-term movements, necessitating vigilant monitoring by investors.
Original Source: cointelegraph.com
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