Well, shiver me timbers! Bitcoin (BTC) took a swan dive below the $100,000 mark on Feb. 2, after President Donald Trump put tariffs on goods from China, Canada, and Mexico. These tariffs could make prices go up, leading to higher interest rates and making folks nervous about taking risks. And when folks get nervous, cryptocurrency prices take a hit. 📉💰
Bitget Research’s Ryan Lee thinks Bitcoin could fall to $95,000, a crucial support level. But some analysts see this dip as a bear trap, warning against panicking after every 1% correction. Popular analyst Aksel Kibar reckons that such reactions don’t signal a market top. 🐻🚫
Analysts remain optimistic about Bitcoin in the long run, but the short-term outlook is cloudy. Bitcoin might drop to the $90,000 level, dragging other altcoins down with it. So, what’s the silver lining? Let’s take a gander at the charts of the top cryptocurrencies that might rally if Bitcoin recovers and stays above $100,000. 🌈📈
Bitcoin Price Analysis
Bitcoin’s failure to break above the $109,588 resistance level has led to profit-taking, pulling the price to the 50-day simple moving average ($99,277) on Feb. 2. The flattening 20-day exponential moving average ($101,538) and the RSI in negative territory suggest the bulls are losing steam. If Bitcoin drops below $97,000, it could head for $90,000. 💨📉
The buyers need to defend the 50-day SMA to avoid further downside. If the price bounces back above the 20-day EMA, it could rise to the $107,240 to $109,588 resistance zone. The moving averages are sloping down on the 4-hour chart, giving the bears a slight edge. The $97,240 support level will be a battleground between the bulls and the bears. 🐂🐻⚔️
A break and close above the moving averages could send Bitcoin soaring to $106,000 and eventually to $109,588. But if the price breaks below $97,000, it could plunge to $94,000 and then to $90,000. 🚀💥
MANTRA Price Analysis
MANTRA (OM) has retraced in an uptrend, but the bulls haven’t given up much ground to the bears. The 20-day EMA ($4.46) is sloping up, and the RSI is near the overbought territory, indicating that the bulls have the upper hand. If the price rises from the current level, the bulls will aim to push the OM/USDT pair above $6. If successful, the uptrend could continue to $6.63. 💪📈
If the price breaks below $5, it could signal profit-taking by the bulls, sinking the pair to the 20-day EMA ($4.46). The 4-hour chart shows the bears trying to keep the price below the 20-EMA. If they succeed, the pair could slide to the 50-SMA and then to $4.40. Sellers may struggle to push the price below $4.40, but if they do, the pair could start a deeper correction to $4. 📉📉
A break and close above $5.50 could suggest the correction is over, sending the pair to $5.95 and possibly to $6.63. The bears are expected to mount a strong defense at these levels. 🛡️🛡️
Monero Price Analysis
Monero (XMR) closed above the $235 resistance on Jan. 31, but the bulls couldn’t hold onto the gains. The bears have pulled the price below the breakout level and will try to sink the XMR/USDT pair to the 20-day EMA ($219). If the price bounces back from the current level or the 20-day EMA, it could indicate a positive sentiment. The bulls will try to resume the uptrend by pushing the pair above $245. If successful, the pair may rally to $265 and then to $290. 🐂🚀
The 20-day EMA is a crucial support level to watch. If it breaks, the pair could slump to the 50-day SMA ($206), where buyers are expected to step in. The pair has dropped to the 50-SMA, which is expected to act as a strong support. If the price bounces off the 50-SMA and rises above the 20-EMA, it could suggest reduced selling pressure. The pair may climb to $235 and subsequently to $245. 📈🚀
If the 50-SMA fails to hold, it could indicate a bearish comeback, deepening the correction to $216 and then to $208. 🐻📉
Mantle Token Price Analysis
Mantle (MNT) has been bouncing between $1.28 and $1.04 for the past few days, indicating buying on dips and selling on rallies. The price has dipped below the 20-day EMA ($1.14), opening the door for a drop to the support of the range at $1.04. A strong bounce off the $1.04 level suggests demand at lower levels. The MNT/USDT pair could then extend its stay within the range for a few more days. 🤔📊
The next trending move is expected to occur on a break above $1.28 or below $1.04. If the price turns up and breaks above $1.28, the pair could rise to $1.42 and, after that, to $1.52. Conversely, a drop below $1.04 could sink the pair to $0.92. 📉📉
The 20-EMA has started to turn down on the 4-hour chart, and the RSI is in negative territory, indicating an advantage to sellers. The pair could decline to the solid support at $1.04, where buyers are likely to mount a strong defense. If the price turns up from the current level or $1.04 and breaks above the moving averages, it could suggest that the range remains intact. The pair will then attempt a rally to the top of the range at $1.28. 📈🚀
Gate Token Price Analysis
Gate Token (GT) slipped below the 20-day EMA ($22.15) on Feb. 2, but the bulls are trying to sustain the price above the $20.80 support. If the price rises and closes above the 20-day EMA, the bulls will try to push the GT/USDT pair to the downtrend line. A break and close above the downtrend line could retest the overhead resistance at $25.96. The bears are expected to vigorously defend this level, but if the bulls prevail, the pair may ascend to $29.46. 🐂🚀
However, if the price continues lower and breaks below the $20.80 support, it could signal that the bulls are rushing to the exit. That could sink the pair to the 50-day SMA ($18.47). The 4-hour chart shows the formation of a symmetrical triangle pattern, indicating indecision between the bulls and the bears. Buyers are trying to defend the support line, but the rebound is likely to face selling at the 20-EMA. If the price turns down sharply from the 20-EMA, the pair risks dropping below the triangle. The pair may fall to $19 and subsequently to $17. 📉📉
On the flip side, a break above the 20-EMA could push the pair to the downtrend line. A break above the triangle will suggest that the buyers have overpowered the bears. That could start a move to $25.96 and later to the pattern target of $29.79. 📈🚀
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2025-02-02 22:37