Price analysis 2/26: BTC, ETH, ADA, BNB, DOT, XRP, LTC, LINK, BCH, XLM
Every balderdash market place witnesses periodic pullbacks, where the weaker hands sell anticipating a top and the stronger hands accumulate for the long term. Data from Coinbase Pro shows two large Bitcoin (BTC) outflows this week, suggesting that institutions are probable continueing to buy the electric current dip.
Comparing historical data, on-concatenation analytics resource Whalemap, recently said that previous macro tops in Bitcoin in 2017 and 2019 coincided with thousands of large Bitcoin transactions worth $5-7 meg. However, the researchers believe there is "no such FOMO in sight for BTC."
JPMorgan strategists Joyce Chang and Amy Ho recently endorsed a 1% allotment to Bitcoin in multi-asset portfolios "to reach any efficiency gain in the overall adventure-adjusted returns of the portfolio."
With gold and the Due south&P500 both seeing a downturn in the brusque term, investors looking to hedge their portfolios may look for alternatives such as cryptocurrencie, which may limit the downside for Bitcoin.
While information suggests that the downside is limited, allow's analyze the charts of the height-10 cryptocurrencies to determine where buyers may pace in.
BTC/USD
In that location is a tug of state of war currently going on between the bulls and the bears. The bulls attempted to resume the upwards-move on Feb. 25, merely could not sustain the higher levels. Bitcoin reversed management and broke below the 20-day exponential moving average ($48,159), which shows selling by the bears at college levels.
However, the long tail on today's candlestick shows that bears are not able to sustain the cost below the 20-day EMA. This suggests traders are ownership on dips.
The flat 20-twenty-four hour period EMA and the relative strength index (RSI) near the midpoint suggest a possible consolidation in the near term. The support of the said range could exist at $41,959.63, which is just to a higher place the 50-day simple moving average ($40,914).
If bears tin sink the toll below the l-day SMA, the selling could intensify and the pair could even drop to $28,850.
Conversely, if the bulls can propel the cost above $52,040.95, a retest of $58,341.03 may be on the cards.
ETH/USD
Ether (ETH) could not ascent above the 20-twenty-four hour period EMA ($i,686) on February. 24, which suggests the bears are defending this level. The biggest altcoin turned south on February. 25 and fell to the 50-day SMA ($one,498).
Although the price dipped below the 50-day SMA today, the bears could non intermission the Feb. 23 intraday depression at $1,350. This shows a lack of selling force per unit area at lower levels.
The bulls have pushed the price back in a higher place the 50-mean solar day SMA. If they tin sustain the momentum and propel the ETH/USD pair to a higher place the xx-solar day EMA, it could enhance the prospects of retesting $two,000.
On the other hand, if the toll over again turns down from the 20-twenty-four hour period EMA, information technology volition advise a change in sentiment from buying the dips to selling the rallies. If the bears break the $one,350 back up, the pair may drop to $i,000.
ADA/USD
Cardano (ADA) is in a strong uptrend and has cleaved into the pinnacle-iii cryptocurrencies by market capitalization for the first time. The bulls attempted to push the price to a higher place $i.xx on February. 25 but failed. Yet, the bulls successfully flipped $0.9817712 to support today, which suggests aggressive buying on every modest dip.
The buyers have driven the price in a higher place the $1.20 overhead resistance, indicating the resumption of the uptrend. The altcoin could now rally to the side by side target objective at $i.25.
Both moving averages are sloping up and the RSI in the overbought territory, suggesting that bulls are in control.
This bullish view volition be invalidated if the ADA/USD pair fails to sustain the breakout and sharply reverses management, breaking below the 20-day EMA ($0.92).
BNB/USD
The failure of the bulls to push Binance Coin (BNB) above the downtrend line on Feb. 24 may have attracted another tour of profit-booking by traders. The altcoin has pared most of the gains made on Feb. 19.
If the current rebound sustains, the bulls will make one more endeavour to push button the toll to a higher place the downtrend line. If they succeed, it will suggest that the short-term correction could be over. The BNB/USD pair may then ascent to $300 and then to $348.6969.
The upsloping xx-day EMA ($192) and the RSI in the positive zone suggest bulls accept the upper mitt. Falling beneath the downtrend line and the 20-day EMA would invalidate this bullish scenario. Such a motion could pull the price down to $118.
DOT/USD
Polkadot's (DOT) sharp recovery on Feb. 23 faltered on Feb. 24 equally the bulls could not push and sustain the price above the resistance line of the ascending channel. This may have attracted profit-booking from the dipbuyers.
The buyers are currently attempting to defend the 20-day EMA ($30.30). If they manage to sustain the bounce, the DOT/USD pair will again try to break out of the resistance line of the channel and retest the all-time high at $42.2848.
Conversely, if the pair once more goes downwards below the resistance line of the channel, the bears volition try to sink the price under the twenty-day EMA. If they succeed, the pair may drop to the back up line of the channel.
The 20-solar day EMA is gradually sloping up and the RSI is above 61, indicating a minor advantage to the bulls.
XRP/USD
The long tail on the February. 23 candlestick shows buying on dips, but the bulls could non keep up the momentum and push XRP toll higher up the 20-24-hour interval EMA ($0.048) on Feb. 24. This showed that demand dried up at higher levels.
The price has again dipped back to the 50-day SMA ($0.40). A lack of a potent rebound could attract farther selling and the XRP/USD pair may drop to $0.359. A intermission below this back up could articulate the path for a autumn toward $0.25.
Contrary to this supposition, if the pair sustains the current bounce, the bulls will make i more effort to push the price above the $0.l overhead resistance. If they succeed, the pair may consolidate between $0.65 and $0.359 for a few days.
LTC/USD
Litecoin (LTC) rallied above the 20-day EMA ($192) on Feb. 25, but the bulls failed to sustain the higher levels as seen from the long wick on the day's candlestick. This suggests that traders are booking profits at college levels.
Nevertheless, the long tail on today's candlestick suggests that bulls are buying the dips to the fifty-solar day SMA ($166). If the bulls tin push the price above the 20-24-hour interval EMA and the $205.186 overhead resistance zone, the LINK/USD pair may rise to $230.
Contrary to this assumption, if the bulls fail to sustain the current rebound, the pair may U-plow and drib beneath the 50-day SMA and the uptrend line. If that happens, the pair may slide to $120.
LINK/USD
Chainlink (LINK) could not climb dorsum into the ascending channel on Feb. 24, attracting profit-booking from the aggressive bulls who may accept purchased the dip on Feb. 23. The altcoin turned downwards on Feb. 25 and dipped back to the fifty-day SMA ($24.70) today.
The downsloping 20-day EMA ($28.80) and the RSI in the negative zone suggest bears have the upper hand. If the price slips below the 50-day SMA, the refuse could extend to the disquisitional support at $20.111.
Contrary to this assumption, if the current rebound off the 50-day SMA sustains, the bulls volition make one more attempt to push the price higher up the 20-day EMA. If they succeed, the LINK/USD pair may begin a new uptrend.
BCH/USD
The relief rally in Bitcoin Greenbacks (BCH) could non fifty-fifty rise to the 20-solar day EMA ($578) on February. 24 and 25, indicating a lack of urgency among the bulls to buy at these levels. The price turned down on Feb. 25 and dropped to the uptrend line.
The downsloping 20-day EMA and the RSI in the negative zone suggest bears are in command. If the sellers sink the price below the uptrend line, the BCH/USD could start a deeper correction to $370.
On the contrary, if the bulls tin can build up on the current rebound off the uptrend line, the pair may rising to the 20-twenty-four hours EMA. A breakout of this resistance could button BCH cost to $631.71.
XLM/USD
Stellar Lumens (XLM) could non ascension above the 20-day EMA ($0.430) on Feb. 24 and 25, which shows the bears are selling on rallies to this resistance. The altcoin pulled back on Feb. 25 and fell to the critical support level at $0.35.
The downsloping 20-twenty-four hours EMA and the RSI in the negative territory suggest advantage to the bears. If the sellers tin sink the toll below the support line of the descending aqueduct, the XLM/USD pair may turn down to $0.23.
Conversely, if the bulls can sustain the current rebound off $0.35, the pair may rise to the twenty-day EMA. A breakout of this resistance volition suggest the bulls are back in the game. The pair could then rally to the resistance line of the channel.
The views and opinions expressed here are solely those of the author and practise not necessarily reverberate the views of Cointelegraph. Every investment and trading move involves risk. You should bear your own enquiry when making a conclusion.
Market data is provided past HitBTC substitution.
Source: https://cointelegraph.com/news/price-analysis-2-26-btc-eth-ada-bnb-dot-xrp-ltc-link-bch-xlm
Posted by: boydollourety.blogspot.com
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