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BTC, BNB, ADA, SOL and AVAX Price Analysis for February 1

Price Analysis
Tue, 02/01/2022 - 14:32
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Denys Serhiichuk
Is the cryptocurrency market ready to keep the growth going?
BTC, BNB, ADA, SOL and AVAX Price Analysis for February 1
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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The new month has begun with a bounceback of the cryptocurrency market as all of the top 10 coins are in the green zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Yesterday, in the first half of the day, the price of Bitcoin (BTC) recovered to the two-hour EMA55, and in the evening, buyers managed to return the pair to the high zone of last week.

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

Tonight, the decline stopped and the BTC price consolidated in a narrow sideways range until morning. The bulls still lack the strength to break above the resistance of $38,900.

Related
BTC, SOL, LUNA, DOGE and AVAX Price Analysis for January 30

Today, a rollback to the area of average prices is possible. If the EMA55 moving average stops the pullback, then a break to the psychological level of $40,000 may occur.

Bitcoin is trading at $38,685 at press time.

BNB/USD

Binance Coin (BNB) has followed the bounceback of the whole market, going up by 3.63%.

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

On the daily chart, Binance Coin (BNB) is slowly approaching the level at $405.60. If the buying trading volume increases and bulls manage to break the resistance, there are chances to see ongoing growth to the zone of the most liquidity at around $500.

BNB is trading at $384.7 at press time.

ADA/USD

Cardano (ADA) is an even bigger gainer than BNB with growth of 4%.

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

Despite today's rise, the rate of Cardano (ADA) is located in the middle of the channel between the support at $0.917 and a resistance at $1.155. Currently, neither bulls nor bears are dominating on the market, which means one needs to pay attention to the mentioned levels. If the growth continues, there is a probability to see the test of the vital area around $1.20 soon.

ADA is trading at $1.068 at press time.

SOL/USD

Solana (SOL) is the biggest gainer from the list today as the price has rocketed by 17.44% over the last 24 hours.

SOL/USD chart by TradingView
SOL/USD chart by TradingView

Solana (SOL) broke the resistance at $104.82 and is trying to fix above it. The growth is supported by increased trading volume, which means that there are chances to see a further rise.

Related
ETH, XRP, BNB and ADA Price Analysis for January 29

However, in case of the bulls' weakness, the price may return to sideways trading.

SOL is trading at $106.64 at press time.

AVAX/USD

Avalanche (AVAX) is no exception to the rule, going up by 6.21%.

AVAX/USD chart by TradingView
AVAX/USD chart by TradingView

From the technical point of view, AVAX is about to reach the resistance level at $76.57 against the declining trading volume. If a breakout happens, there is a chance to see a bullish trend reversal shortly. Such a scenario is relevant until mid-February.

AVAX is trading at $70.74 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.