Price analysis 2/9: BTC, ETH, BNB, SOL, XRP, ADA, AVAX, DOGE, DOT, LINK
Rising inflows into the spot Bitcoin ETFs have improved investors' sentiment toward the crypto market and could a factor in BTC price and altcoins moving higher.
Bitcoin
BTC
$59,589
is on the move, and the exchange-traded funds (ETFs) investors are cheering the rise by buying more. The spot Bitcoin ETFs witnessed their third largest inflows on Feb. 8, totaling $403 million. This brings the total inflows into the ETFs to more than $2.1 billion since the launch on Jan. 11.
BlackRock and Fidelity’s spot Bitcoin ETFs have each amassed more than $3 billion in assets under management. Comparing the first-month performance of all ETF launches in the past 30 years, Bloomberg ETF analyst Eric Balchunas said in a Feb. 8 post on X (formerly Twitter) that BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) are in “league of own,” occupying the top two spots by a wide margin.
The bullish move is not limited to Bitcoin alone, as select altcoins have also started to move up, breaking above their respective overhead resistance levels. This indicates that the sentiment is improving in the entire crypto space.
Could Bitcoin maintain its positive momentum, triggering further rally in select altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Repeated failures by the bears to sink the price below the 20-day exponential moving average ($43,352) in the past few days attracted strong buying by the bulls on Feb. 7.
Buyers asserted their supremacy by pushing the price above the $44,700 resistance on Feb. 8. This clears the path for a potential rally to the psychologically important level of $50,000, where the bears are expected to mount a strong defense.
However, if buyers do not give up much ground from $50,000, the rally could continue toward $52,000. The bears will regain control after they sink and sustain the price below $41,884. The BTC/USDT pair could then plummet to $37,980.
Ether price analysis
Ether
ETH
$3,180
broke and closed above the $2,400 overhead resistance on Feb. 7, completing a bullish ascending triangle pattern.
The bears tried to tug the price back below the breakout level on Feb. 8, but the bulls held their ground. The pattern target of the bullish setup is $2,632. If the price turns down from $2,632 but finds support at the 20-day EMA ($2,358), it will indicate a positive sentiment. That will enhance the prospects of a break above $2,717.
The bears will have to pull the price back below the moving averages to trap the aggressive bulls. That may result in long liquidation, pulling the ETH/USDT pair to $2,100.
BNB price analysis
BNB
BNB
$532
bounced off the 50-day SMA ($305) on Feb. 7 and broke above the downtrend line on Feb. 8, invalidating the bearish descending triangle pattern.
The failure of a bearish pattern is a bullish sign as buyers waiting on the sidelines make an entry. Buyers kicked the price above $320, opening the gates for a retest of the $338 resistance. If this level is scaled, the BNB/USDT pair could pick up momentum and rally to $360.
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Contrarily, if the price turns down from the current level or $338, it will indicate profit booking at higher levels. A drop below the moving averages suggests the pair may swing between $288 and $338 for a while.
Solana price analysis
Solana
SOL
$144
turned up from the moving averages on Feb. 7, and the bulls are trying to drive the price above the stiff overhead resistance at $107.
If they succeed, the SOL/USDT pair will complete a bullish inverse head-and-shoulders pattern. The pair could first rise to the Dec. 25 high of $126 and thereafter attempt a rally to the pattern target of $135.
This positive view will be invalidated in the near term if the price turns down sharply and plunges below $92. That may start a downward move to $79, where the bulls are likely to make an entry.
XRP price analysis
The bears could not sink and maintain XRP
XRP
$0.53
below the $0.50 support, indicating that the bulls are defending the level.
The price has recovered to the 20-day EMA ($0.52), a significant level to watch out for in the near term. If buyers clear this hurdle, the XRP/USDT pair could start its journey to the downtrend line. A break and close above the downtrend line will indicate that the bulls are back in the driver’s seat. The pair may then jump to $0.67.
The crucial support on the downside is at $0.50. A close below this level will indicate that the bears have the upper hand. The pair may then slide to $0.46.
Cardano price analysis
The long tail on Cardano’s
ADA
$0.43
Feb. 7 candlestick shows solid buying by the bulls near the crucial support at $0.46.
The bulls pushed the price above the 20-day EMA ($0.51) on Feb. 8 and are trying to challenge the downtrend line of the descending channel. If buyers overcome this barrier, the ADA/USDT pair could climb to $0.60 and subsequently to $0.68.
This optimistic view will be negated in the near term if the price turns lower from the downtrend line and breaks below the 20-day EMA. That will indicate aggressive selling on rallies and keep the price inside the channel for a while longer.
Avalanche price analysis
Avalanche
AVAX
$25.81
slipped below the 20-day EMA ($34.92) on Feb. 6, but the bears could not sustain the lower levels. This suggests that the traders are viewing the dips as a buying opportunity.
The bulls will try to strengthen their position by maintaining the price above the downtrend line of the channel. It will signal a short-term trend change if they manage to do that. The AVAX/USDT pair could start an up move to $44 and then to the critical resistance at $50.
Time is running out for the bears. If they want to make a comeback, they will have to yank the price below $32.30. The pair may then continue to oscillate inside the descending channel for a few more days.
Related: US Bitcoin ETFs make up to 15% of BTC spot trading — Coinbase
Dogecoin price analysis
Dogecoin
DOGE
$0.11
continues to trade inside the symmetrical triangle pattern, indicating indecision between the bulls and the bears about the next directional move.
The bulls pushed the price above the 20-day EMA ($0.08) on Feb. 7, opening the doors for a possible rise to the downtrend line. Sellers have vigorously defended the level in the past; hence, they will again try to halt the rally at this level.
If the price reverses direction from the downtrend line, it will suggest that the DOGE/USDT pair may extend its stay inside the triangle for some more time. Contrarily, if buyers pierce the downtrend line, the pair may pick up momentum and soar toward the $0.10 to $0.11 resistance zone.
Polkadot price analysis
The failure of the bears to sink and sustain Polkadot
DOT
$6.20
below the neckline of the head-and-shoulders pattern may have attracted buyers who pushed the price above the 20-day EMA ($6.92) on Feb. 7.
The DOT/USDT pair has reached the 50-day SMA ($7.40), which is likely to act as a strong resistance. Buyers will have to overcome this barrier to indicate that the corrective phase may be over. The pair could then march toward $8.58.
Alternatively, if the price turns down sharply from the 50-day SMA, it will signal that the bears are aggressively defending the level. The pair may then slide toward the support at $6.50 and later to $6.
Chainlink price analysis
Chainlink
LINK
$13.10
has been consolidating after breaking out of the stiff overhead resistance at $17.32 on Feb. 2.
The upsloping 20-day EMA ($16.87) and the RSI in the positive territory show that bulls have an edge. Buyers will try to arrest the decline at the breakout level of $17.32. If that happens, the possibility of the resumption of the uptrend increases. The LINK/USDT pair could then surge to $21.79.
Contrarily, if the price continues lower and breaks below the 20-day EMA, it will suggest that the recent breakout may have been a bull trap. The pair may then slump to the 50-day SMA ($15.48).
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