2. March 2024

Crypto Market Analysis: BTC, ETH, BNB, XRP, and More

• The Aug. 11 Bitcoin ETF decision delay has resulted in a period of tight-range consolidation for Bitcoin (BTC).
• Eric Balchunas highlighted that 15 of the best-performing equity ETFs in 2023 have exposure to crypto and blockchain.
• Traders should be on their toes to latch on to the potential breakout when it happens.

Price Analysis: BTC, ETH, BNB, XRP, DOGE, ADA, SOL, MATIC, LTC and DOT

Bitcoin Price Analysis

The bulls pushed Bitcoin above the 50-day simple moving average (SMA) of $29,960 but could not sustain the higher levels. This suggests that the bears are selling on rallies. Both moving averages have flattened out and the relative strength index (RSI) is near the midpoint indicating that consolidation may continue for some more time. A break and close above $30,350 could propel the pair to $32,400 which is likely to be the final hurdle before reaching $40K.

Ether Price Analysis

Ether (ETH) has been trading between the 50-day SMA ($1,879) and horizontal support at $1,816 for past few days suggesting uncertainty between bulls & bears about next directional move. If price plunges below $1,816 then it could drop to $1,700 or even lower if it breaks below this level whereas an upward break above SMA can push price towards resistance at $2K followed by psychological level at $2K200.

BNB Price Analysis


The uptrend in Binance Coin (BNB) remains intact as long as it holds above its immediate support level of around $41. If bulls manage to flip this level into support then next major target lies at all time high of around 47 whereas bearish scenario will come into play if price slips below 41 which may drag it towards 38 or lower levels in worst case scenario.

XRP Price Analysis


XRP has been trading within a range between 39 cents & 44 cents with no clear signs of a decisive move yet as both moving averages remain flat & RSI near midpoint indicating balance between buyers & sellers. An upward break from this range can take XRP up till 49 cents whereas failure to hold 39 cent mark might sink it towards 34 or 31 respectively.

Dogecoin Price Analysis


Dogecoin (DOGE) is currently facing strong resistance close to 0.72 after failing near this level for five consecutive times since July 26th indicating presence of strong sellers here which need to be taken out by buyers before further upside moves can be expected otherwise a downside break from here may drive price down till 0.65 or even 0.58 respectively.

Conclusion


Price action looks set to continue through weekend as we await possible breakout from consolidation ranges soon which traders should look forward too while being prepared for either direction’s move upon confirmation breakouts happen so they don’t miss out on such opportunities when they occur!