BTC, ETH, BNB, ADA, AVAX and SOL Price Analysis for Feb 3


Denys Serhiichuk

Has the cryptocurrency market fallen enough for a bounceback?

February has started the ongoing decline in the cryptocurrency market as all the top 10 coins are in the red zone.

Top Coins from CoinMarketCap

BTC/USD

Yesterday morning, the sellers dominated the market and the bulls failed to resume attacking the USD 38,900 resistance.

In the afternoon, bearish momentum pushed the pair below the two-hour EMA55, and by the end of the day, Bitcoin (BTC) price broke through support from the $37,149 level.

BTC/USD Chart by TradingView

Selling volumes fell tonight and the price halted the decline. During the day, one can expect some recovery in average prices, but if the EMA55 moving average limits growth, the pair could return to the $36,000 support.

Bitcoin is trading at $36,720 at the time of writing.

ETH/USD

Yesterday, the price of Ethereum (ETH) was under constant pressure from sellers. In the afternoon, pressure from the bears mounted and the pair rolled back into the area of ​​average prices.

It looked like the two-hour EMA55 could stop the bears and keep the price stable. However, late into the night, sellers marked a local low around $2,600.

ETH/USD Chart by TradingView

If selling volumes rise today, a rollback to the USD 2,500 level could follow, and if trading is sluggish, at low levels, the sideways movement in the moving average area could continue into tomorrow.

Ethereum is trading at $2,625 at the time of printing.

BNB/USD

Binance Coin (BNB) is down 2.79% in the past 24 hours.

BNB/USD Chart by TradingView

Binance Coin (BNB) was unable to sustain the gains after the vital mark at USD 400, indicating weakness in bulls. Right now the price is in the middle of the channel meaning sideways trading is the most likely scenario for the coming days.

BNB is trading at $365.50 at the time of writing.

ADA/USD

Cardano (ADA) lost less than BNB with a 1.19% decline.

ADA/USD Chart by TradingView

Cardano (ADA) trades in the same way as BNB in ​​that it is also in a narrow channel. After yesterday’s sharp decline, the currency is trying to recover lost positions, and if the daily candle stays above $1.10, there are strong opportunities for short-term growth.

ADA is trading at $1,048 at the time of writing.

AVAX/USD

Avalanche (AVAX) is the biggest loser on the list today, falling 10.51%.

AVAX/USD Chart by TradingView

Despite yesterday’s decline, the price is above USD 65, demonstrating the strength of the bulls. If bulls can gather energy in the $65-$75 area, there is a possibility of seeing a break through of the resistance near $76.57 soon.

AVAX is trading at $67.44 at the time of writing.

SOL/USD

Solana (SOL) is no exception to the rule and is down 8.54% since yesterday.

SOL/USD Chart by TradingView

Currently, the bears are stronger than the bulls as the price is closer to the $87.73 support level compared to the increased sales volume. If the decline continues, there is a chance to see a drop below USD 80 next week.

SOL is trading at $98.48 at the time of writing.

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