Price analysis 2/1: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, AVAX

Cryptocurrency traders are awaiting the outcome of today’s FOMC meeting, and recent weakness could reverse if Chairman Powell’s comments signal an improvement in the US economy.

Bitcoin (BTC) rose about 40% in January, marking the highest closing price for the first month of the year since 2013. This sharp rise caused a change in sentiment and futures markets, Backward for November and December started Trade in healthy contango According to Glassnode, in January.

Breaking out of the bear market lows and gains driven by leaders rather than laggards suggests a bottoming process may have begun.rise of Bitcoin’s advantage starts from about 38% Over 42% in November and 42% in January, indicating that smart investors may have started accumulating Bitcoin at lower levels.

Daily cryptocurrency market performance. sauce: coin 360

After a strong rally in January, the next big question is how Bitcoin will fare in February. According to data from Coinglass, since 2013, Bitcoin ended February in the red If history repeats itself, February will likely close in positive territory, but the pace of gains may slow.

Will Bitcoin and altcoins stay range-bound and book profits, or will traders book profits and drive prices lower? To find out, let’s take a look at the charts of the top 10 cryptocurrencies.

BTC/USDT

Bitcoin fell below the breakout level of $22,800 on January 30th, but bulls bought on the bottom, pushing the price above $23,000 on January 31st.

BTC/USDT daily chart. Source: TradingView

An upward moving average and the relative strength index (RSI) near the overbought zone suggest that the bulls are in control. Even if the price falls below $22,800, the BTC/USDT pair is likely to find support at the 20-day exponential moving average ($21,936).

A significant rebound from the current levels or the 20-day EMA could send the price back towards the resistance level just above $24,000.

A break and close below the 20-day EMA could be the first sign that the bulls may rush to the exit. There is a small support at $21,480, but if it succumbs, it could retest the psychologically important level of $20,000.

ETH/USDT

ether (Ethereum) has risen from the 20-day EMA ($1,546) on January 31st, but the rebound lacks strength. This suggests a lack of aggressive buying by bulls.

ETH/USDT daily chart. Source: TradingView

The bears will try to shift the advantage in their favor by pushing the price below the 20-day EMA and the strong support at $1,500. If it is successful, the ETH/USDT pair could move back to the key support at $1,352. A strong rebound from this level could indicate range-bound action between $1,352 and $1,680 for some time.

If the bulls want to maintain their advantage, they will need to aggressively defend the 20-day EMA and push the price above $1,680. The pair could then rise to $1,800 and eventually $2,000.

BNB/USDT

BNB (BNB) formed an intraday candlestick pattern on January 31st, indicating indecision between bulls and bears.

BNB/USDT daily chart. Source: TradingView

The short-term advantage could tilt in favor of the bears if the price breaks below the 20-day EMA ($300). Thereafter, the BNB/USDT pair could plummet to $280 and then fall to the 50-day SMA ($273). Buyers are expected to vigorously defend this zone.

On the upside, the bulls will need to overcome a tough barrier at $318 to gain the upper hand. There is no significant resistance between $318 and $360, so this distance could be covered in the short term.

XRP/USDT

XRP (XRP) plunged below the 20-day EMA ($0.40) on January 30, but the bears were unable to sustain that lower level. This suggests that bulls are buying on the dip.

XRP/USDT daily chart. Source: TradingView

The 20-day EMA has flattened and the RSI is just above the midpoint, indicating a range-bound move in the near term. If the price falls below the 20-day EMA, the XRP/USDT pair could fall to the 50-day SMA ($0.37), which could act as strong support.After that, the pair may try to rise to the $0.42 to $0.44 overhead zone.

If buyers want to gain an advantage, they need to push the price above the overhead resistance. The pair may then pick up the pace and rise to $0.51 and then $0.55.

ADA/USDT

Cardano (ADA) has risen from the January 31st 20-day EMA ($0.36), but the bulls were unable to break above the $0.40 barrier. This suggests that the bulls may be tired.

ADA/USDT daily chart. Source: TradingView

The bears will try to strengthen their position by pushing the price below the 20-day EMA support. If successful, the ADA/USDT pair could enter a short-term correction. There is minor support at $0.32, but if it fails, the next support will be at $0.30.

The 20-day EMA has not been broken since January 4, so the bulls will make every effort to defend it. If the price moves up from the 20-day EMA and crosses above $0.40, it would indicate that the rally is likely to continue for some time. After that, it could rise to $0.44.

Doge/USDT

Dogecoin (doge) It broke through the resistance level at $0.09 and soared to nearly $0.10 on January 31st. This is a positive sign, but the bears are in no mood to capitulate. The seller lowered the price to $0.09 on February 1st.

DOGE/USDT daily chart. Source: TradingView

The 20-day EMA ($0.09) is an important level to watch. If the price rebounds strongly from this level, sentiment remains positive, suggesting that traders are buying on the bullshit. This could increase the chances of a rally to $0.11, which could pose another strong challenge for the bears.

If, contrary to this assumption, the price continues to decline and dips below the 20-day EMA, the pair could fall to the 50-day SMA ($0.08) and then $0.07.

Matic/USDT

Polygon (Matic) A shallow rebound from the $1.05 breakout level on January 30th indicates demand weakness at lower levels. The bears will try to push the price below the 20-day EMA ($1.03).

MATIC/USDT daily chart. Source: TradingView

If buyers want to sustain the uptrend, they need to protect the 20-day EMA. If the price turns higher and rises above $1.13, there will be increased buying activity and the MATIC/USDT pair could attempt a rally to $1.30.

Conversely, if the price drops sharply below the 20-day EMA, it could trap multiple aggressive bulls that could have gone well above $1.05. This could lead to a prolonged liquidation and the pair could fall to the 50-day SMA ($0.90).

Related: Bitcoin advocate Nadja Roberts explains why BTC is a tool of empowerment

LTC/USDT

Litecoin (LTC) has rebounded from the 20-day EMA ($88) on January 30, indicating that the uptrend remains intact and lower levels are attracting buyers.

LTC/USDT daily chart. Source: TradingView

The 20-day EMA is sloping upwards and the RSI is in the positive zone, indicating an advantage for buyers. The LTC/USDT pair could initially reach $100, where the bears could again offer strong resistance. If the bulls do not concede significantly from this level, the pair could continue its march north towards $107.

The first sign of weakness would be a breakout and exit below the 20-day EMA. This could indicate profit-taking by short-term traders. After that, the pair could fall to $81.

dot/USDT

The bull pressed the polka dot (Dot) It broke above the resistance line several times in the past few days, but was unable to sustain higher levels. This shows that bears fiercely guard this level.

DOT/USDT daily chart. Source: TradingView

Sellers will try to increase their advantage by pushing the price below the 20-day EMA ($6.04), while bulls will try to protect the support. If the bears prevail, the DOT/USDT pair could initiate a deeper correction to $5.50 and then the 50-day SMA ($5.24).

If the bulls are successful in defending the 20-day EMA, it could increase the chances of a rally above the overhead resistance at $6.84. Thereafter, the pair could accelerate towards $8 and make a temporary stop at $7.42.

AVAX/USDT

Avalanche (Abax) fell from the horizontal resistance level at $22 on January 28th and fell to the level where it broke through the resistance level on February 1st.

AVAX/USDT daily chart. Source: TradingView

The 20-day EMA ($17.87) is just below the resistance line, so it could act as strong support. If the price rebounds from this support zone, it indicates that sentiment is positive and traders are buying on the dip. After that, the bulls will try to push the AVAX/USDT pair above $22 and start a rally towards $30.

The Bears likely have other plans. They will try to push the price below the 20-day EMA. If this happens, the pair could fall towards the 50-day SMA ($14.41).

This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.

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