Will profit-booking bring prices down, or will Bitcoin and altcoins extend their recovery rally? Let’s find out.
BTC/USDT
On Feb. 7, Bitcoin broke over the 50-day simple moving average and surpassed the $45,456 overhead barrier. The price turned down from this level, proving solid resistance. On Feb. 8, the BTC/USDT pair produced a Doji candlestick pattern, signaling that bulls and bears are uncertain.
ETH/USDT
On Feb. 7, Ether broke and closed above the channel’s resistance line, indicating that the downturn may be finished. Bears were able to hold the 50-day SMA on Feb. 8, but they could not get the price back into the channel.
BNB/USDT
On Feb. 18, Binance Coin went down from the downtrend line, signaling significant bearish resistance. The price has plummeted to the 20-day exponential moving average, a crucial support level to monitor.
XRP/USDT
Ripple soared and closed above the 50-day SMA on Feb. 7, indicating that the downtrend may be coming to an end. Traders are taking profits at $0.91, implying a small drop or consolidation. The moving averages are about to cross positively; the RSI is overbought.
ADA/USDT
On Feb. 8, the bulls attempted to push Cardano over the 50-day SMA, but the bears remained firm. The price was dragged back to the 20-day EMA due to this. The price has been locked between the moving averages for some time now. The RSI is barely over the middle, and the moving averages are flat.
SOL/USDT
On Feb. 7, Solana broke and closed above the overhead resistance at $116. However, the bulls were unable to continue the relief rally any higher. On Feb. 8, the bears dragged the market back below $116. The buyers are still trying to defend the 20-day EMA, which they haven’t given up on yet.
LUNA/USDT
The LUNA token’s relief rally met a brick wall at the 20-day EMA. This indicates that bears are selling on rallies to significant resistance levels, implying that sentiment remains negative.
The LUNA/USDT pair might lose strength and eventually decline to the strong support of $43.44.
AVAX/USDT
Avalanche rose on Feb. 8 to hit the downtrend line. However, the lengthy wick on the day’s candlestick indicates that bears vigorously defend the above resistance. The bulls promptly recovered and sought to push the price above the 50-day simple moving average.
