Select major altcoins are showing weakness, signaling a drop to their strong support levels.
Bitcoin (BTC) bulls pushed the price above $68,300 but are struggling to maintain the higher levels. BTC is likely to record its fifth consecutive red monthly candle in the absence of a major rally in the next few days. That is the longest losing streak since 2018/19 when BTC fell for six successive months. A minor positive for the bulls is that the losing streak in 2018/19 was followed by a 131.6% rally over the following five months, per CoinGlass data.
Another indicator signaling a possible rally to the upside is the Bollinger Bands. According to crypto analyst Dorkchicken, the monthly Bollinger Bands are at their “tightest” level on record. All previous such instances have resulted in a bullish breakout, except the breakdown to $16,000 from $20,000 in 2022.
Although signs point to a possible up move, traders should keep a close watch on BTC exchange-traded funds (ETFs) flows to gauge institutional activity. US spot BTC ETFs have recorded $403.9 million in net outflows this week, according to SoSoValue data. Unless Friday witnesses sharp inflows, reversing losses of the past three days, the ETFs are on track for a five-week outflow streak. A sustained recovery may be difficult without institutional participation.
Could buyers push BTC and select major altcoins above their overhead resistance levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
BTC bulls have maintained the price above the immediate support at $65,118, indicating demand at lower levels.
Buyers will have to push the Bitcoin price above the 20-day exponential moving average ($71,247) to gain the upper hand. If they manage to do that, the BTC/USDT pair may climb to the breakdown level of $74,508. Sellers are expected to aggressively defend the $74,508 level, as a break above it suggests the pair may have formed a short-term bottom. The pair may then ascend to the 50-day simple moving average ($82,258).
Sellers will have to yank the price below the $65,118 level to signal strength. The pair may then retest the Feb. 6 low of $60,000, which is likely to attract solid buying by the bulls.
Ether (ETH) has been consolidating between the $1,750 and the $2,111 level, indicating uncertainty about the next directional move.
There is minor support at $1,897, but if the level cracks, the ETH/USDT pair may drop to the $1,750 support. Buyers are expected to fiercely defend the $1,750 level, as a close below it may sink the pair to $1,537.
The bulls will be back in the driver’s seat on a close above the $2,111 resistance. If they can pull it off, the Ether price may rally to the 50-day SMA ($2,665). Sellers may again attempt to halt the recovery at the 50-day SMA, but if the buyers prevail, the pair may surge to $3,045.
The failure of the bulls to push XRP (XRP) above the 20-day EMA ($1.50) suggests a lack of demand at higher levels.
The XRP/USDT pair may slide to the support line, which is a crucial level to watch out for. If the XRP price turns up sharply from the support line and breaks above the 20-day EMA, it suggests that the pair may remain inside the descending channel for some more time. Buyers will have to pierce the downtrend line to signal a short-term trend change.
Contrarily, a break and close below the support line indicates that the bears are in command. The pair may then tumble to $1.11 and subsequently to $1.
BNB (BNB) has been gradually sliding toward the $587 to $570 support zone, indicating that the bears are in control.
If the BNB price turns down and skids below the support zone, the BNB/USDT pair may start the next leg of the downtrend to the psychological level at $500.
This bearish view will be negated in the near term if the bulls push the price above the $669 resistance. If that happens, the pair may surge to the breakdown level of $730 and then to the 50-day SMA ($797). Such a move suggests that the pair may have bottomed out in the short term.
Solana (SOL) bulls are attempting to maintain the price above the immediate support at $76, but the bounce lacks strength.
That heightens the risk of a break below the $76 level. If that happens, the SOL/USDT pair may plummet to the Feb. 6 low of $67. Buyers are expected to mount a strong defense at the $67 level, as a close below it may sink the pair to $50.
The first sign of strength will be a break and close above the breakdown level of $95. That indicates the bears are losing their grip. The Solana price may then rally to the 50-day SMA ($114).
Buyers are attempting to push Dogecoin (DOGE) above the 20-day EMA ($0.10), but the bears have held their ground.
A minor positive in favor of the bulls is that they have not given up much ground to the bears. That increases the possibility of a break above the 20-day EMA. If that happens, the DOGE/USDT pair may rally to the breakdown level of $0.12.
Contrary to this assumption, if the Dogecoin price turns down and breaks below $0.09, it suggests that the bulls have given up. That might sink the pair to the critical $0.08 support.
Bitcoin Cash (BCH) has slipped below the 20-day EMA ($548), indicating that the bears are attempting to take charge.
If the Bitcoin Cash price sustains below the 20-day EMA, the BCH/USDT pair may plummet to the next major support at $500. Buyers are expected to vigorously defend the $500 level, as a close below it may open the doors for a fall to the vital support at $443.
The bulls will have to push and maintain the price above the 50-day SMA ($575) to signal strength. The pair may then jump to $600 and later to $631. Buyers are expected to encounter aggressive selling in the $631 to $670 zone.
Buyers will have to drive the Hyperliquid price above $32.50 to seize control. The HYPE/USDT pair may then pick up momentum and surge to the $35.50 to $38.42 resistance zone.
On the contrary, if the price turns down from the 20-day EMA ($30.01) and breaks below the 50-day SMA, it suggests that the bulls are losing their grip. The pair may then slump toward the $20.82 support, where buyers are expected to step in.
Buyers are struggling to push Cardano (ADA) above the 20-day EMA ($0.28), but a minor positive is that they have not ceded much ground to the bears.
The bulls will again attempt to drive the Cardano price above the 20-day EMA. If they succeed, the ADA/USDT pair may march toward the stiff overhead resistance at the downtrend line. Buyers will have to achieve a close above the downtrend line to signal a potential short-term trend change.
Sellers are likely to have other plans. They will strive to tug the price below the support line, indicating the resumption of the downtrend. The next stop on the downside is likely to be $0.15.
Monero (XMR) has been consolidating in a downtrend, indicating that the bears have kept up the pressure.
Sellers will attempt to strengthen their position by pulling the Monero price below the $309 level. If they manage to do that, the XMR/USDT pair might drop to the $276 level. Buyers are expected to defend the $276 level with all their might, as a close below it may sink the pair to $247.
On the upside, the bulls will have to drive and maintain the price above the 20-day EMA ($360) to signal strength. The pair may then climb to the 61.8% Fibonacci retracement level of $414.
