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BTC, DOGE and SHIB Price Analysis for February 2

Wed, 02/02/2022 - 15:57
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Denys Serhiichuk
Has the time arrived for the market to start mid-term growth?
BTC, DOGE and SHIB Price Analysis for February 2
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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Bulls could not hold the initiative for long, and most of the coins have returned to the red zone. Polkadot (DOT) is the only exception to the rule, going up by 1.35%.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Yesterday the bulls tried to break through the resistance of $38,900. In the evening, one of the weak bullish impulses was able to pierce this level and mark the daily high at $39,285.

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

Buyers failed to stay in the high zone, and the price returned to the area of $37,600. Today, a break to the resistance of $40,000 is possible.

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One believes that a retest of the psychological mark can cause a flurry of sales that might push the price of Bitcoin (BTC) below the two-hour moving average EMA55.

Bitcoin is trading at $37,670 at press time.

DOGE/USD

DOGE has followed the decline of Bitcoin (BTC), facing a slight a correction of 1.13%.

DOGE/USD chart by Trading View
DOGE/USD chart by Trading View

The current price drop has not affected the rate of DOGE too much in terms of further sharp moves. The price is in the middle of the channel, which means that neither bulls nor bears are dominating at the moment.

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

However, if seller' pressure continues and the rate comes back to $0.1310, there is a possibility to see a breakout of the support soon.

DOGE is trading at $0.1407 at press time.

SHIB/USD

SHIB is the main loser today as the meme coin has declined by 3.14%.

SHIB/USD chart by Trading View
SHIB/USD chart by Trading View

From the technical point of view, SHIB is trading similarly to DOGE as there is a low chance of seeing any sharp moves soon due to the weakness of buyers and sellers. All in all, one needs to pay close attention to the support level at $0.00001704 and the resistance at $0.00002537.

SHIB is trading at $0.00002099 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.