Strong inflows into Bitcoin ETFs are fueling BTC’s price rally above $50,300. Could Bitcoin extend its upside move, pushing certain altcoins, including AVAX Coin, even higher? Crypto analyst Rakesh Upadhyay examines the charts to find out.
An overview of the cryptocurrency market
cryptokoin.com As you follow from , Bitcoin has surpassed the spiritually precious $50,000 level, thanks to strength in the US stock markets and solid inflows into spot Bitcoin ETFs. Prominent trader Daan Crypto Trades pointed out that net inflows into Bitcoin ETFs have been positive for 11 consecutive days. Many analysts expect the bull run to continue. However, information analyst James Van Straten warned traders about a possible correction. Van Straten said Bitcoin’s total supply in profit is approaching 95%. He noted that this “usually indicates peaks.”
Daily cryptocurrency market performance. Source: Coin360Although short-term pullback risks remain, the long-term picture is encouraging. Crypto analytics platform Glassnode said reasonable on-chain indicators show signs that Bitcoin may be in the early stages of a bull market.
BTC, ETH, BNB and SOL Coin analysis
Bitcoin (BTC) price analysis
Bitcoin rallied above $48,970 on January 11. Thus, it signaled the start of the next leg of the uptrend on February 12. A close above $48,970 will confirm the breakout. Additionally, it will prepare the base for a possible rally to $52,000. It is possible that the $50,000 level could act as a minor resistance. However, the president will probably surpass crypto. Strong momentum is likely to pave the way for a potential rally to $60,000.
Contrary to this assumption, if BTC declines and breaks below $48,970, it would indicate that the bears are selling around $50,000. This will increase the risk of a drop to $44,700.
Ethereum (ETH) price analysis
The bears attempted to halt the Ether recovery near the 61.8% Fibonacci retracement level of $2,507 on February 12. But the bulls did not relax. The rising 20-day EMA ($2,400) and the RSI in the positive zone show that the bulls are in command. A minor resistance lies at $2,600. However, if it exceeds this level, it is possible for ETH to reach $ 2,717.
The breakout level of $2,400 remains the key support to watch on the downside. If it breaks this level, it is possible for sales to accelerate. In this case, it is possible for ETH to fall to the strong support at $2,100. However, buyers will maintain this level aggressively.
Binance Coin (BNB) price analysis
BNB broke above the downtrend line on February 8. However, the bulls are having difficulty carrying the price to the overhead resistance at $338. BNB fell near the moving averages on February 12. But the long tail on the candlestick indicates solid buying at lower levels. Buyers will try to overcome the minor drawback at $326. Subsequently, it will push the price towards the hard overhead resistance at $338.
On the contrary, if the price drops sharply and breaks below the moving average, it will indicate that the bears are attempting a comeback. In this case, it is possible for BNB to decline to the strong support of $288.
Solana (SOL) price analysis
The bulls pushed SOL above the neckline of the opposite H&S formation on February 10. Subsequently, it tries to defend the level during the pullback on February 12. If buyers keep the price above $107, it is possible for SOL to accelerate towards $117 and then $126. A break above this resistance will signal the resumption of the uptrend. The next target in the upper direction is $135.
Alternatively, if the price declines sharply and breaks below the moving averages, it would indicate that the break above $107 could be a bull trap. In this case, it is possible for SOL to drop to $93 and then to $80.
XRP, ADA, DOGE and AVAX Coin analysis
Ripple (XRP) price analysis
XRP recovery attempt is facing selling at the 20-day EMA ($0.52). This suggests that sentiment remains negative and traders are selling on rallies. If the price declines lower from the current level, the bears will attempt to sink and hold the price below the strong $0.50 support. If they do this, it is possible for XRP to slide towards the critical support of $0.46.
However, buyers will try to maintain this level vigorously. On the upside, a breakout and close above the 20-day EMA would be the first sign of strength. It is possible that XRP will then rise to the bearish trend line, which is expected to pose a major drawback for the bulls. A break above this resistance would pave the way for a possible rally to $0.67.
Cardano (ADA) price analysis
ADA is witnessing a strong battle between bulls and bears near the bear trend line of the descending channel formation. The bulls pushed the price above the channel on February 10. But they could not build on the break on February 11. The bears tried to take advantage of the situation. Thus, it crashed the price below the 50-day SMA ($0.53) on February 12. But the bulls held their ground. This suggests that every small dip is being bought.
Buyers will try to push ADA to $0.62 and subsequently to $0.68. Meanwhile, it’s possible the bears have other plans. They will try to push the price back below the moving averages. If they achieve this, ADA is likely to drop to the vital support at $0.46. Buyers will try to maintain this level. Because if they cannot do this, ADA is expected to drop to $0.40.
Avalanche (AVAX Coin) price analysis
AVAX Coin faced a sell-off around $42. This shows that high levels continue to attract sellers. The first support in the downward direction is in the moving averages. A bounce in the price from the 20-day EMA ($36.27) would indicate that sentiment remains positive and traders are viewing the dips as a buying opportunity. AVAX Coin will then try to break the barrier at $42 again. If this happens, it is possible for AVAX Coin price to rise to $50.
On the contrary, a break below the moving averages will indicate that the breakout is a fake move. AVAX Coin may drop to $32, which is an important level to watch out for.
Dogecoin (DOGE) price analysis
DOGE has been trading within a symmetrical triangle for the last few days. This points to indecision between bulls and bears. The 20-day EMA ($0.08) has flattened out and the RSI is near the midpoint. This shows that there is stability between supply and demand. Buyers will need to push the price above the triangle to gain the upper hand. DOGE will likely attempt to rise to the $0.10 to $0.11 resistance zone later.
If the DOGE price falls below the uptrend line and is maintained, the advantage will be in favor of the bears. In this case, a strong support at $0.07 and eventually a drop to $0.06 is possible. It is possible for buyers to defend this level aggressively.
