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BTC, ADA and BNB Price Analysis for February 6

Price Predictions
Sat, 02/06/2021 - 14:23
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Denys Serhiichuk
Can one expect the decline of altcoins against the sharp rise of Bitcoin (BTC)?
BTC, ADA and BNB Price Analysis for February 6
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Contents

The weekend has begun with the ongoing growth of the cryptocurrency market; however, it does not apply to all coins. Mainly, XRP, Polkadot (DOT) and Chainlink (LINK) are in the red zone.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

Top 10 coins by CoinMarketCap

The main data for Bitcoin (BTC), Cardano (ADA) and Binance Coin (BNB) today:

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin 

BTC

$748,903,420,143 $40,265.79 $75,832,390,780 6%

Cardano

ADA

$16,882,980,053 $0.5415 $6,634,413,417 5%

Binance Coin

BNB

$11,647,337,802 $74.89 $2,323,922,348 26%

BTC/USD

Bitcoin (BTC) has left the consolidation phase and fixed above the vital $40,000 mark. Such a move has affected some altcoins, which have faced a slight correction.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily chart, Bitcoin (BTC) is moving to retest the high at $42,000.

Related
BTC, ETH and XRP Price Analysis for February 5

One needs to pay close attention to the daily candle: if it closes above the $40,000 level, there is a high chance of seeing the main crypto at new peaks.

Bitcoin is trading at $40,191 at press time.

ADA/USD

Cardano (ADA) has shown less growth than Bitcoin (BTC) as the price change has accounted for 5% over the past 24 hours.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

Despite the sharp rise in price, Cardano (ADA) might restest the mirror level at $0.47 before continuing its rise. The declining buying trading volume also suggests that this is the most likely scenario.

Cardano is trading at $0.5377 at press time.

BNB/USD

Binance Coin (BNB) is the top gainer today as the rate of the native exchange token has set a new peak at $76.

BNB/USD chart by TradingView
BNB/USD chart by TradingView

From the technical point of view, Binance Coin (BNB) might face a short-term decline as, at the moment, the coin is overbought based on the value of the RSI indicator. In this regard, one may expect the altcoin to trade around the $60 level soon.

Binance Coin is trading at $74.63 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.