Price analysis 2/19: BTC, ETH, XRP, SOL, BNB, DOGE, ADA, LINK, XLM, LTC

On Feb. 9, Bitcoin (BTC) briefly rallied above $96,500, but the general daily price action has been more of the same sideways range trading as traders await a catalyst to start a trending move. The longer the price remains in a range, the stronger the eventual breakout or breakdown from it.

CryptoQuant CEO Ki Young Ju said in a post on X that Bitcoin would remain in a bull phase even with a 30% drop to $77,000, based on historical cyclical patterns. In a separate “Quicktake” blog post, CryptoQuant contributing analyst Timo Oinonen said that a sharp correction in Bitcoin “could be multiple months or even a year away.” 

Even as Bitcoin consolidates, some analysts are turning positive on Ether (ETH). Santiment analysts said in a post on X that only 6.38% of Ether’s available supply remains on the exchanges as investors continue moving it to cold wallets. That reduces the possibility of a significant sell-off, but the analysts added that the data should be considered a long-term metric rather than used for swing trading.

Could Bitcoin break above the critical $100,000 resistance and pull altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Sellers pulled Bitcoin below the $94,000 support on Feb. 18, but the long tail on the candlestick shows solid buying at lower levels. 

The 20-day exponential moving average ($97,539) has started to turn down, and the relative strength index (RSI) is in the negative territory, indicating a slight edge to the bears. If the price turns down from the 20-day EMA, the BTC/USDT pair could plunge to the $90,000 support. This remains the key level for the bulls to defend because a break below $90,000 will complete a double-top pattern.

If buyers want to make a comeback, they will have to push the price above the 50-day simple moving average ($98,954). If they do that, the pair could ascend to $102,500 and subsequently to $106,500.

Ether price analysis

Ether has been trading below the breakdown level of $2,850 for the past few days, but the bears have failed to sink the price below $2,500. This suggests that selling dries up at lower levels.

Buyers will try to push the price to the downtrend line, a crucial level for the bears to defend. If the price turns down from the downtrend line but finds support at the 20-day EMA ($2,789), it will signal buying on dips. That increases the possibility of a break above the downtrend line. The ETH/USDT pair may then climb to $3,400.

Contrary to this assumption, if the price turns down and breaks below $2,500, the pair could decline to $2,400 and, after that, to $2,300.

XRP price analysis

XRP (XRP) is witnessing a tough battle between the bulls and the bears near the moving averages.

If the price turns down from the moving averages, the bears will try to sink the XRP/USDT pair below the support line of the symmetrical triangle. If they succeed, the pair could collapse to the solid support at $1.77.

This negative view will be invalidated in the near term if the price rises and breaks above the moving averages. The pair could rally to the downtrend line, where the bears are expected to mount a strong defense.

Solana price analysis

Solana (SOL) plunged and closed below the $175 support on Feb. 18, indicating the start of a deeper correction.

However, the buyers are unlikely to give up easily. They will try to push the price back above $175. If they succeed, it will suggest that the breakdown below $175 may have been a bear trap. The SOL/USDT pair could rise to the 20-day EMA ($195) and later to the 50-day SMA ($211).

On the contrary, if the price turns down from $175, it will suggest that the bears have flipped the level into support. The pair may slump to $155 and subsequently to $133.

BNB price analysis

BNB (BNB) is attempting to rebound off the $635 support, signaling solid demand at lower levels.

The relief rally is expected to face selling at the 50-day SMA ($670). If buyers push and maintain the price above the 50-day SMA, it will indicate that the BNB/USDT pair could swing between $745 and $635 for a few days.

Contrarily, if the price turns down from the moving averages, it will indicate selling on minor rallies. That increases the likelihood of a break below $635. If that happens, the pair may slide to $596 and then to $557.

Dogecoin price analysis

Dogecoin (DOGE) has been gradually dropping toward the support line of the descending channel pattern, indicating that the bears are in charge.

Buyers are expected to defend the support line, but if the bears prevail, the DOGE/USDT pair could retest the Feb. 3 intraday low of $0.20. If this level also cracks, the pair could plunge to $0.15.

The first sign of strength will be a break and close above the 20-day EMA ($0.27). The pair could then rise to the 50-day SMA ($0.31), which is expected to attract strong selling by the bears.

Cardano price analysis

Cardano (ADA) turned down from the 20-day EMA ($0.79) on Feb. 18, indicating that the sentiment remains negative, and traders are selling on rallies.

The bears will try to pull the price to the support line of the descending channel pattern, which is a critical level to watch out for. A break and close below the support line could sink the ADA/USDT pair to $0.50.

On the upside, the bulls will have to push and sustain the price above the 20-day EMA to start a move to the 50-day SMA ($0.90). Such a move suggests that the pair may extend its stay inside the channel.

Related: How long will Bitcoin’s price consolidation last?

Chainlink price analysis

Chainlink (LINK) turned down sharply from $19.25 on Feb. 18, indicating that the bears are trying to flip the level into resistance.

If the price closes below $17, it will signal the start of a deeper correction. The LINK/USDT pair could drop to the Feb. 3 low of $15.40. Buyers are expected to defend this level as a break below it may sink the pair to $13.

Time is running out for the bulls. If they want to make a comeback, they will have to push and sustain the price above the 20-day EMA ($19.61). The pair may then rally to $22, suggesting that the markets rejected the breakdown below $19.25.

Stellar price analysis

Stellar (XLM) has formed a large descending triangle pattern, which will complete on a break and close below $0.31.

The downsloping 20-day EMA ($0.34) and the RSI in the negative territory indicate advantage to sellers. If the $0.31 support cracks, the selling could intensify, and the XLM/USDT pair could drop to $0.26 and thereafter to $0.20.

Instead, if the price breaks above the 20-day EMA, it will open the doors for a possible rally to the downtrend line. Buyers will have to pierce the downtrend line to indicate that the correction may be over.

Litecoin price analysis

Litecoin (LTC) broke above the symmetrical triangle pattern on Feb. 19, indicating that the indecision resolved in favor of the bulls.

The upsloping 20-day EMA ($121) and the RSI in the positive zone suggest the path of least resistance is to the upside. If buyers maintain the price above the resistance line, the LTC/USDT pair could surge to $147. The pattern target from the breakout of the triangle is $197.

Contrary to this assumption, if the price fails to sustain above the resistance line, it will signal a lack of demand at higher levels. The pair may then drop to the 20-day EMA, which is expected to act as a strong support.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.