BTC, ETH, XRP, ADA and BNB Price Analysis for Feb 20


The last day of the week has turned out to be bullish for the cryptocurrency market as all coins are in the red zone.

Top Coins from CoinMarketCap

BTC/USD

Bitcoin (BTC) price has fallen by 10% in the past seven days.

BTC/USD Chart by TradingView

Bitcoin (BTC) has entered the short zone on the daily chart and has broken the support level at $39,573. At the moment, bears are controlling the situation as trading volume remains high. If the bulls fail to seize the initiative next week, there is a chance to see a further drop to the next vital level of $38,000 soon.

Bitcoin is trading at $38,299 at the time of writing.

ETH/USD

Ethereum (ETH) has followed the leading crypto and is down nearly 11% since the start of the week.

ETH/USD Chart by TradingView

Ethereum (ETH) also broke its support level at $2,815 and has continued to fall. While sales volume is declining, buyers don’t seem ready to buy back the main altcoin at current levels.

In this case, the most likely scenario is the retest of the level at USD 2,300 within the next few days.

Ethereum is trading at $2,636 at the time of writing.

XRP/USD

Despite the fall, XRP looks much stronger than other coins.

XRP/USD Chart by TradingView

XRP continues to trade in a broad channel between the support at $0.74 and the resistance at $0.91. Right now the price is close to the bottom line, which means that bears are more powerful than bulls to a certain extent. If the pressure continues and the daily candle fixes around $0.74, there is a high probability of a breakout and further price decline.

XRP is trading at $0.7907 at the time of writing.

ADA/USD

Cardano (ADA) is the biggest loser on the list today, as the decline has made up for 12% in the past week.

ADA/USD Chart by TradingView

On the weekly timeframe, the price is about to close near the support at $0.917. If the pressure continues, one can expect a sharp drop below $0.90 soon. The next level where a short-term reversal is possible is $0.81.

ADA is trading at $0.936 at the time of writing.

BNB/USD

Binance Coin (BNB) is no exception to the rule, falling nearly 5%.

BNB/USD Chart by TradingView

Binance Coin (BNB) is trading sideways despite falling this week. Currently, the price is about to approach the $336 support level. If nothing happens, the fall could lead to a pause followed by the test of the vital $300 sign.

BNB is trading at $378 at the time of writing.

Leave a Reply

Your email address will not be published.