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BTC, ETH, XRP, BNB, ADA, SOL and LINK Price Analysis for February 6

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Tue, 6/02/2024 - 18:00
BTC, ETH, XRP, BNB, ADA, SOL and LINK Price Analysis for February 6
Cover image via www.tradingview.com

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The market keeps trading sideways, according to CoinStats.

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Top coins by CoinStats

BTC/USD

The rate of Bitcoin (BTC) has declined by 0.63% over the last 24 hours.

Image by TradingView

The price of BTC closed far from the $43,566 level yesterday, which means that the main coin needs more time to accumulate energy for a further move. 

Related
BTC, ETH and XRP Price Analysis for February 5

However, if the rate gets back to that mark, traders may expect a breakout, followed by a move to the $45,000 zone.

Bitcoin is trading at $42,927 at press time.

ETH/USD

Unlike Bitcoin (BTC), the rate of Ethereum (ETH) has risen by 0.81%.

Image by TradingView

On the daily chart, the price of ETH is trying to fix above the $2,328 level. If it happens and the bar closes with no long wick, the rise is likely to continue to $2,400 soon.

Ethereum is trading at $2,333 at press time.

XRP/USD

XRP has followed the drop of Bitcoin (BTC), going down by 1.11%.

Image by TradingView

The price of XRP keeps looking bearish as it is coming back to the recently tested level of $0.4959. If the daily candle closes below it, the accumulated energy might be enough for a continued decline to the $0.49-$0.48 area.

XRP is trading at $0.5031 at press time.

BNB/USD

The price of Binance Coin (BNB) is unchanged since yesterday.

Image by TradingView

The rate of BNB keeps trading sideways as neither bulls nor bears have seized the initiative yet. In this case, there are low chances to expect any sharp moves soon. All in all, consolidation in the range of $295-$305 is the more likely scenario for the next few days.

BNB is trading at $303.1 at press time.

ADA/USD

The price of Cardano (ADA) has fallen by 1.57% over the last 24 hours.

Image by TradingView

From the technical point of view, the rate of ADA is trading similarly to BNB as none of the sides has seized the initiative yet. However, if buyers cannot restore the price above the vital area of $0.50 soon, one can expect a test of the support level.

ADA is trading at $0.4959 at press time.

SOL/USD

Solana (SOL) is one of the biggest losers today, going down by 3.58%.

Image by TradingView

Today's fall of SOL has not affected its overall technical picture on the daily time frame. Traders might start thinking again about possible midterm growth only if the rate comes back above the $100 area. Until that happens, sellers will tend to be more powerful than buyers.

SOL is trading at $95.16 at press time.

LINK/USD

Chainlink (LINK) is the biggest loser today, declining by 4.69%.

Image by TradingView

Despite today's sharp fall, the price of LINK remains bullish, as the rate is above the $17.67 level. However, none of the sides is ready to grow or drop. In this regard, sideways trading between $18 and $20 is the more likely scenario until the end of the week.

LINK is trading at $18.69 at press time.

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