Solana

Bitcoin

Avalanche

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) is on the move, and the exchange-traded funds (ETFs) investors are cheering the rise by buying more. The spot Bitcoin ETFs witnessed <a href="https://cointelegraph.com/news/bitcoin-etfs-third-largest-inflow-btc-price-46-000" rel="noopener noreferrer nofollow">their third largest inflows on Feb. 8</a>, 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 <a href="https://cointelegraph.com/news/blackrock-fidelity-etfs-largest-debut-month-30-years" rel="noopener noreferrer nofollow">more than $3 billion in assets under management</a>. 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.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-02/38cfb3d2-7740-4215-9b32-9359afb6338c.png">
 <figcaption style="text-align: center;">Daily cryptocurrency market performance. Source: <a href="https://coin360.com/" target="_blank" rel="noopener noreferrer nofollow">Coin360</a>
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The bullish move is not limited to Bitcoin alone, as select <a href="https://cointelegraph.com/news/bitcoin-price-nears-45-5-k-altcoins-historic-breakout" rel="noopener noreferrer nofollow">altcoins have also started to move up</a>, 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.
<h2 id="bitcoin-price-analysis">Bitcoin price analysis</h2>
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.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-02/f813447e-b0cc-4bd5-a640-3c9c08856e3b.png">
 <figcaption style="text-align: center;">BTC/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3ABTCUSDT" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
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.
<h2 id="ether-price-analysis">Ether price analysis</h2>
Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) broke and closed above the $2,400 overhead resistance on Feb. 7, completing a bullish ascending triangle pattern.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-02/34c6556f-4563-4b41-9298-18708f6606fd.png">
 <figcaption style="text-align: center;">ETH/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AETHUSDT" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
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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.
<h2 id="bnb-price-analysis">BNB price analysis</h2>
BNB (<a href="https://cointelegraph.com/binance-coin-price-index" rel="noopener noreferrer nofollow">BNB</a>) 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.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-02/4a5e5ceb-dce1-489b-94df-21bacbc28095.png">
 <figcaption style="text-align: center;">BNB/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3ABNBUSDT" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
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.
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.
<h2 id="solana-price-analysis">Solana price analysis</h2>
Solana (<a href="https://cointelegraph.com/solana-price-index" rel="noopener noreferrer nofollow">SOL</a>) 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.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-02/59db51bc-78c8-42b4-a47a-8a8a67fe454d.png">
 <figcaption style="text-align: center;">SOL/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3ASOLUSDT" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
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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.
<h2 id="xrp-price-analysis">XRP price analysis</h2>
The bears could not sink and maintain XRP (<a href="https://cointelegraph.com/xrp-price-index" rel="noopener noreferrer nofollow">XRP</a>) below the $0.50 support, indicating that the bulls are defending the level.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-02/b031661e-85b1-4e9c-b6e1-c129dee1ec72.png">
 <figcaption style="text-align: center;">XRP/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AXRPUSDT" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
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.
<h2 id="cardano-price-analysis">Cardano price analysis</h2>
The long tail on Cardano’s (<a href="https://cointelegraph.com/ada-price-index" rel="noopener noreferrer nofollow">ADA</a>) Feb. 7 candlestick shows solid buying by the bulls near the crucial support at $0.46.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-02/dbb4e315-4784-43aa-bace-fbcb489caac1.png">
 <figcaption style="text-align: center;">ADA/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AADAUSDT" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
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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.
<h2 id="avalanche-price-analysis">Avalanche price analysis</h2>
Avalanche (<a href="https://cointelegraph.com/avalanche-price-index" rel="noopener noreferrer nofollow">AVAX</a>) 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.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-02/c8dca9ae-44b3-45f7-8eac-fb5b660d6907.png">
 <figcaption style="text-align: center;">AVAX/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AavaxUSDT" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
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: <a href="https://cointelegraph.com/news/bitcoin-etfs-btc-spot-trading" rel="noopener noreferrer nofollow">US Bitcoin ETFs make up to 15% of BTC spot trading — Coinbase</a>
<h2 id="dogecoin-price-analysis">Dogecoin price analysis</h2>
Dogecoin (<a href="https://cointelegraph.com/doge-price-index" rel="noopener noreferrer nofollow">DOGE</a>) continues to trade inside the symmetrical triangle pattern, indicating indecision between the bulls and the bears about the next directional move.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-02/b07c96b8-f9fa-468e-b564-0059f1473618.png">
 <figcaption style="text-align: center;">DOGE/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3ADOGEUSDT" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
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.
<h2 id="polkadot-price-analysis">Polkadot price analysis</h2>
The failure of the bears to sink and sustain Polkadot (<a href="https://cointelegraph.com/polkadot-price-index" rel="noopener noreferrer nofollow">DOT</a>) 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.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-02/db16ca61-b9fe-41b8-8de9-6a6a59334389.png">
 <figcaption style="text-align: center;">DOT/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AdotUSDT" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
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.
<h2 id="chainlink-price-analysis">Chainlink price analysis</h2>
Chainlink (<a href="https://cointelegraph.com/chainlink-price-index" rel="noopener noreferrer nofollow">LINK</a>) has been consolidating after breaking out of the stiff overhead resistance at $17.32 on Feb. 2.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-02/0e4110ee-d074-4c96-9d76-c08183115056.png" alt="" title="">
 <figcaption style="text-align: center;">LINK/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AlinkUSDT" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
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).
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Price analysis 2/9: BTC, ETH, BNB, SOL, XRP, ADA, AVAX, DOGE, DOT, LINK

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