Price analysis 2/28: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LTC, LINK, AVAX

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Bitcoin (BTC) dropped close to $78,000 on Feb. 28, but lower levels attracted solid buying by the bulls. CryptoQuant founder and CEO Ki Young Ju said in a post on X that selling after a 30% correction could be a “noob” mistake as Bitcoin rose to a new all-time high after falling 53% in 2021.

Select whales seem to be building a position during the dip. A Bitcoin whale, known as “Spoofy,” bought 4,000 Bitcoin worth roughly $344 million when the price was between $82,000 and $85,000. Crypto analyst Saint Pump said on X that Spoofy builds his position “extremely slowly” and may buy more if the markets fall further.

The current correction has not deterred Standard Chartered’s long-term view. In a CNBC interview, Standard Chartered head of digital assets research Geoffrey Kendrick said that Bitcoin could recover to $200,000 this year and surge to $500,000 before President Trump finishes his second term.

Could Bitcoin start a recovery, pulling altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin closed below the $85,000 support on Feb. 26, and the bears successfully defended the level on Feb. 27.

Sellers tried to sink the BTC/USDT pair to $73,777, but the bulls purchased the dip to $78,258 on Feb. 28. Buyers will try to push the price back above the $85,000 to $90,000 resistance zone. If they manage to do that, it will suggest that a short-term bottom may be in place.

Conversely, if the price turns down sharply from the overhead resistance zone, it indicates selling on every minor rally. The pair could then descend to the vital support at $73,777, where buyers are expected to step in.

Ether price analysis

Ether (ETH) rebounded off the $2,111 support, indicating that the bulls are trying to keep the price inside the large range.

The bulls will attempt to stretch the recovery to the 20-day EMA ($2,611) and then to the downtrend line. Sellers are expected to aggressively defend the downtrend line. If the price turns down from the overhead resistance, the ETH/USDT pair could retest the $2,111 level. If this support cracks, the pair may sink to $2,000 and later to $1,900.

Contrary to this assumption, a break and close above the downtrend line suggests that the bears are losing their grip. The pair could rise to the 50-day SMA ($2,932).

XRP price analysis

XRP (XRP) turned down from the support line of the symmetrical triangle pattern on Feb. 26, suggesting that the bears have flipped the level into resistance.

The XRP/USDT pair dipped below the $2.06 support on Feb. 28, but the bears could not sustain the lower levels. Buyers will attempt to push the price above the 20-day EMA. If they can pull it off, it will signal that the bulls are back in the game.

Contrarily, if the price turns down from the 20-day EMA, it will suggest that the bears remain active at higher levels. That increases the possibility of a drop to the crucial support at $1.77.

BNB price analysis

BNB (BNB) rebounded off the support near $557, indicating that the bulls are trying to defend the level.

The BNB/USDT pair will attempt a relief rally, which is expected to face strong selling at the 20-day EMA ($634). If the price turns down sharply from the 20-day EMA, it increases the likelihood of a break below $557. If that happens, the pair could collapse to $500. Buyers are expected to fiercely defend the zone between $460 and $500.

On the upside, a break and close above the 20-day EMA suggests the selling pressure is reducing. The pair could then reach the 50-day SMA ($656).

Solana price analysis

Solana (SOL) slipped below the $133 support on Feb. 28, but the long tail on the candlestick shows solid buying at lower levels.

There is minor resistance at $147, but it is likely to be crossed. If the price holds above $147, the SOL/USDT pair could reach the 20-day EMA ($169). Sellers are expected to pose a strong challenge at the 20-day EMA, but if the bulls prevail, the pair could extend its recovery to the 50-day SMA ($201).

This optimistic view will be negated if the price turns down and breaks below $125. The pair could then plummet to $110.

Dogecoin price analysis

Buyers failed to push Dogecoin (DOGE) back above the support line, suggesting that the bears have flipped the level into resistance.

The selling resumed on Feb. 28, and the bears will try to sink the price to $0.15. However, the RSI has slipped into the oversold zone, suggesting that a relief rally could be around the corner. Buyers will have to push and maintain the DOGE/USDT pair above the 20-day EMA ($0.24) to start a sustained recovery.

The failure to push the price back above the 20-day EMA increases the risk of a drop to $0.13 and then to $0.10.

Cardano price analysis

Cardano (ADA) is witnessing a tough battle between the bulls and the bears at the support line of the descending channel pattern.

If the price sustains below the support line, the selling could pick up, and the ADA/USDT pair may drop to $0.50. Buyers are expected to defend the $0.50 level with all their might because a close below it could sink the pair to $0.33.

If the price turns up from the support line, the pair could reach the 20-day EMA (0.73). This is a vital overhead resistance to watch out for because a break above it suggests that the pair may remain inside the channel for some more time.

Litecoin price analysis

Litecoin (LTC) has been oscillating inside a symmetrical triangle pattern, indicating indecision between the bulls and the bears.

The 20-day EMA ($122) is flattish, and the RSI is just above the midpoint, indicating a balance between supply and demand. If the price sustains above the 20-day EMA, the bulls will try to push the LTC/USDT pair above the resistance line. If they succeed, the pair could rally to $147.

Conversely, a break below the 50-day SMA ($117) opens the gates for a drop to the support line. If this level gives way, the pair could plunge to $80.

Chainlink price analysis

The failure of the bulls to start a strong recovery from the support line triggered another round of selling by the bears in Chainlink (LINK).

If the price sustains below the support line, the selling could accelerate, and the LINK/USDT pair could drop to $12.71 and, subsequently, to $10.

If buyers want to prevent the downside, they will have to swiftly push the price back above $16. The pair could then rise to the 20-day EMA ($17.42), which is likely to act as a stiff resistance. Buyers will have to push the price above the 20-day EMA to suggest that the break below the support line may have been a bear trap.

Avalanche price analysis

Avalanche (AVAX) tried to rise above the breakdown level of $22.35 on Feb. 27, but the bears held their ground.

The bears resumed selling on Feb. 28. If the price breaks and maintains below $20, the AVAX/USDT pair could retest the solid support at $17.29. This is an important level to watch out for because a break below it may sink the pair to $15.

Time is running out for the bulls. They will have to push and maintain the price above the 20-day EMA ($24.55) to start a recovery. The pair may rise to $27.50, which is again expected to act as a resistance.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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