Bitcoin

Ethereum

Cardano

Solana

<p>Today’s market session has started with bulls on the front foot as the global market cap recorded a 3% increase in the last 24 hours while the trading volume jumped by 19% to stand at $1.7T and $55B respectively.</p><h2 id="header-0">Bitcoin Price Review</h2><p>Looking at 3-hour BTC/USD charts, we see a bullish start for BTC today as it trades 4.1% above its previous 24-hour price at $44.8K. The Alligator indicator, with its three, smoothed moving averages, suggests a possible end to a ranging market as the lines begin to diverge, indicating an emerging trend. The green line (the lips) crossing above the red (the teeth) and blue (the jaw) lines can be a bullish signal.</p><p>The Coppock Curve, a momentum indicator, has curved upwards and crossed into positive territory, which is traditionally interpreted as a buy signal. This momentum is supported by the significant green candles, showing strong buying pressure likely pushing the Bitcoin price to a bullish short term.</p><p>Key levels to watch for BTC are the resistance level at around $44.5K and the support levels marked by the Alligator’s lines, particularly the jaw line (blue), currently near $43,672.</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/fcd4abd4bf134e70be6aabc10104c236.png" />BTC 3-hour chart | Source: <a href="https://www.tradingview.com/chart/mBPnB4WJ/?symbol&#61;CRYPTO%3ABTCUSD" rel="noopener noreferrer nofollow">TradingView</a></p><h2 id="header-1">Ethereum Price Review</h2><p>Analysing 3-hour ETH/USD charts, we see a bullish start for the ETH today as it trades 2.5% above its previous 1-day price at $2.4K. Ethereum’s 3-hour chart displays the use of Fibonacci retracement levels, which indicate potential levels of support and resistance. After a recent peak, the price appears to be consolidating above the 0.5 Fibonacci level at around $2,300, indicating that the price may find support there.</p><p>The RVGI (Relative Vigor Index) is showing a crossover, with the green line crossing below the red, suggesting that the bullish momentum may end.  Immediate resistance is likely near the $2,400 level, while support may be found at the 0.5 and 0.618 Fibonacci levels.</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/b4c1ab24a7234b55bdee515398211cb9.png" />ETH 3-hour chart | Source: <a href="https://www.tradingview.com/chart/mBPnB4WJ/?symbol&#61;CRYPTO%3ABTCUSD" rel="noopener noreferrer nofollow">TradingView</a></p><h2 id="header-2">BNB Price Review</h2><p>An in-depth analysis of 3-hour BNB/USD charts reveals a bullish start for Binance Coin (BNB) today as it trades 4% above its previous 1-day price at $316.28. BNB price action is plotted with the SuperTrend indicator, which is currently green and below the price, signalling a bullish trend. The price has recently broken above the resistance level, which now may act as support for around $304.</p><p>The Chaikin Oscillator, which measures the momentum of the Accumulation Distribution Line using the MACD formula, is above zero and rising, indicating buying pressure and positive momentum on the BNB price.</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/a1d250f7c16d4d2794ddeb539893bd11.png" />BNB 3-hour chart | Source: <a href="https://www.tradingview.com/chart/mBPnB4WJ/?symbol&#61;CRYPTO%3ABTCUSD" rel="noopener noreferrer nofollow">TradingView</a></p><h2 id="header-3">Solana Price Review</h2><p>For the Solana price, the Bollinger Bands are applied to the 3-hour chart as it trades 7% above its previous 1-day price at $101.87. The recent price movement is towards the upper band, suggesting that SOL is in a higher volatility period with bullish momentum. The price is also above the 20-period Simple Moving Average (SMA), which is a positive sign.</p><p>The RSI (Relative Strength Index) is moderately high at around 64.36, showing strong buying activity but not yet in the overbought territory, which could allow for further upward movement for the Solana price.</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/d963cef4cdb947e8bb24e08d3fb5c299.png" />SOL 3-hour chart | Source: <a href="https://www.tradingview.com/chart/mBPnB4WJ/?symbol&#61;CRYPTO%3ABTCUSD" rel="noopener noreferrer nofollow">TradingView</a></p><h2 id="header-4">Cardano Price Review</h2><p>ADA is our last gainer today having gained 10.6% over the past 24 hours to trade at $0.53. Cardano’s 3-hour chart features the MACD (Moving Average Convergence Divergence) indicator, which is above the signal line and the zero line, indicating bullish momentum. The histogram is also positive, supporting the bullish view.</p><p>The Awesome Oscillator (AO) is green and above zero, which typically suggests a bullish buying opportunity, although the momentum is not particularly strong. ADA’s immediate resistance level could be at the recent high of $0.517. Support might be found at the $0.49 level where the price has consolidated before making a move upward.</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/bc65486cd5c543ce900ddcbdb9951019.png" />ADA 3-hour chart | Source: <a href="https://www.tradingview.com/chart/mBPnB4WJ/?symbol&#61;CRYPTO%3ABTCUSD" rel="noopener noreferrer nofollow">TradingView</a></p>

Daily Market Review: BTC, ETH, BNB, SOL, ADA

Table of Contents

BlockchainReporter

Other articles published on Feb 8, 2024

Bitcoin Miner Hut 8 CEO Departs Amid Pump and Dump Allegations

Ethereum Ecosystem Shaken by the Emergence of ERC-404 Token Standard

BNB (BNB) Price Prediction 2024: Will BNB Reach $1,000 Mark?

Unveiling Forex: A Beginner’s Guide to Earning Through Currency Market Analysis

USDC’s Bold Growth Blueprint for 2024: Advancing the Stablecoin Landscape

Stablecoin Bill Coming to the US Soon: Maxine Waters

Join our free newsletter for daily crypto updates!