Main navigation

BTC, ETH, XRP, ADA and BNB Price Analysis for February 7

Price Analysis
Mon, 02/07/2022 - 14:01
article image
Denys Serhiichuk
Is the market ready for a bullish trend reversal?
BTC, ETH, XRP, ADA and BNB Price Analysis for February 7
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.

Read U.TODAY on
Google News

The new week has started with the continued growth of the market as most of the coins are in the green zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Over the weekend, the POC line ($41,650) acted as a resistance and kept the price of Bitcoin (BTC) in a narrow sideways range for a long time.

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

Tonight, the bulls attacked the $42,450 level and set the February high at $43,000. At the same time, the growth took place on medium volumes and was not supported by large buyers.

Related
BTC, XRP, LUNA, DOT and MATIC Price Analysis for February 4

If at the beginning of this week, buyers fail to increase volumes, then the price of BTC can roll back below the Point of Control line ($41,650).

Bitcoin is trading at $42,715 at press time.

ETH/USD

Last Saturday, the price of Ethereum (ETH) fixed above the psychological level of $3,000 and consolidated in a sideways range, using this level as support.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On Sunday evening, sellers briefly pushed the price of ETH to the $2,950 mark, and buyers responded with a weak bullish impulse, which marked a local high at $3,090.

Related
BTC, ETH, BNB, ADA, AVAX and SOL Price Analysis for February 3

If the onslaught of the bulls can be supported by large volumes, then the pair may test the resistance of $3,200. Otherwise, the bears may return the price to the area of the two-hour EMA55.

Ethereum is trading at $3,062 at press time.

XRP/USD

XRP is the biggest gainer from the list as its rate has rocketed by 13% over the last 24 hours.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

XRP has broken the resistance level at $0.6959 today against the declining trading volume. Currently, one needs to pay attention to the area where the daily candle closes. If buyers can hold the initiative and the rate remains above $0.75, there is a chance to see XRP around the zone of the most liquidity at $0.80 by the end of the week.

XRP is trading at $0.77023 at press time.

ADA/USD

Cardano (ADA) has not showed as much of a price blast as XRP, going up by only 4.30%.

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

Cardano (ADA) has reached the resistance level at $1.188 on the daily chart. If, today, bulls can keep the price around this area, there is a possibility to see a breakout and further growth soon.

ADA is trading at $1.187 at press time.

BNB/USD

Binance Coin (BNB) has gained the least on the list today as the rise of the native exchange coin has accounted for 1.65%.

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

Binance Coin (BNB) has started to realize the energy accumulated since mid-January in a wide range. If the growth stops in the area of $440-$450 and a new accumulation phase starts, there is a chance to see a continued rise to the resistance level near the zone of $500.

BNB is trading at $430.9 at press time.

article image
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.