Crypto Market Analytics February 24th | Dex-Trade
A surge of optimism at the beginning of the outgoing trading week was associated with BTC firmly anchoring above $24,000. But already on Wednesday, some uncertainty began to be felt, as investors feared harsh language in the decisions of the US Central Bank on monetary policy and new employment data, suggesting that inflation will again become a major problem. Thus, on Thursday, the price of bitcoin fell to $23,650, then repeatedly tried to recover above $24,000, but at the beginning of Friday, the bulls are still treading water in the range of $23,842 - $24,080, holding back the efforts of altcoin buyers from the TOP-10 list on CoinMarketCap.
But it’s worth noting that analysts remain cautiously optimistic about BTC’s outlook, seeing growth of around 40% year-to-date as the overall economic backdrop improves. For example, Julius de Kempenaer, Senior Technical Analyst at research platform Stockcharts.com, said he was encouraged by the flagship's ability to hold support first at $18,000 and then higher and higher to $24,000. He believes that all conditions are now met to break resistance at the $25,000 position and heading towards $30,000. But, as the BTC bulls are still building up momentum, this week we will take a closer look at altcoins and see what to expect from promising and already time-tested coins.
BCH Bulls Targeting $140 Again
During the week, Bitcoin Cash was able to pick up speed, rising above the resistance levels of $135 and $140, and even managed to trade above the $150 level on Tuesday and Wednesday, but then the bears took over the initiative. The high was formed around $154, but high selling intensity for several hours resulted in a clear move below the $145 and $142 support levels and then falling below the Fibonacci 23.6% retracement level of the up move from the $119 swing low to the $155 high. The bears even managed to push the price back below the $140 support and BCH is now trading just above $137 and slightly below the 55 simple moving average (4 hours).
Right now, immediate resistance is around $139. A key bearish trend line is also forming on the 4-hour chart of the BCH/USDT pair with major resistance around $140. Any further gains could set the momentum towards the $150 level, but it would take a strong bull run to consolidate above it. Otherwise, the price may continue to fall below $136 and the 50% Fibonacci retracement level of the up move from the swing low at $119 to the high at $155. However, for now, the main support remains at $134.
LINK Getting Ready to Throw?
The price of LINK seems sluggish right now as the bulls are currently building up strength to rise above temporary resistance and avoid a bounce as they have done so many times before. Therefore, one of the well-known market analysts, Altcoin Sherpa, advises his 192 thousand followers to wait until the price rises above the resistance level around $9.5. He believes that Chainlink has previously been inferior to many similar altcoins in growth dynamics, however, it has established itself as a fairly stable asset in unstable market conditions. Thus, the coin has been successfully maintaining its stability so far and is probably ready for the global bull market to “catch” it.
The price is currently trading between critical levels that could determine the upcoming trend of the token. However, renowned analyst Michael van de Poppe believes that LINK's price should reach $10 once it overcomes the accumulation period. On the 4-hour chart, the asset is trading above the 50-day simple moving average and the EMA-200, which hints at the bullish sentiment of the coin market participants. This trend is also emphasized by the RSI, however, it should be taken into account that a long-term oversold condition will indicate a bullish pause.
Will ADA Get Close to $2 Soon?
At the moment, the ADA chart includes an ascending channel pattern. The upper and lower trendlines, connecting the highest highs and lows respectively, appear to be on an upward slope. This pattern is usually characteristic of a bullish trend. Currently, ADA is trading around $0.40, and if this pattern continues to materialize, the price of the coin could quickly reach the resistance levels of $0.4226 and $0.4586. But if the trend reverses, the price of ADA could return to $0.3871 and $0.3469 in just a few hours.
The ADA bullish trend has been going on for at least a month. If this trend continues, the price of the asset will continue to move in parallel with the global bull runs in the crypto market and may also overcome the $0.5689 level. However, the investment crisis and selling pressure may reverse ADA to $0.2521, which will be an indicator of a local bearish victory.
