Against the backdrop of numerous positive headlines, February was the first month to see Bitcoin’s price grow since July of 2018.
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The market data is provided by the HitBTC exchange.
The crypto markets are showing signs of bottoming out. Bitcoin gained about 11 percent in February, its first month to close positively since July of 2018.
Bitcoin is not the only cryptocurrency being favored by the market participants. A number of other major coins are also looking strong and have recovered from their lows.
The news of Facebook exploring options to launch its own cryptocurrency has been received as bullish. The new Samsung smartphone, Galaxy S10 will have a crypto wallet for Bitcoin and Ethereum. All these efforts will introduce cryptocurrencies to a global audience.
We expect greater participation from the institutions after the cryptocurrency market at large confirms a bottom. Hence, the traders can start initiating positions in the coins that have bottomed out or are displaying a good risk to reward ratio.
Binance Launchpad platform has concluded a successful sale of the Fetch.AI (FET) token within 22 seconds on Feb. 25. This shows that there is market demand for what Binance Launchpad does.
A few weeks back, a similarly successful sale of Tron-based BitTorrent token (BTT) had completed in 15–18 minutes. In order to speed up the launch of its mainnet, Binance is handing out rewards for testing the company’s new decentralized trading platform Binance DEX. Binance Coin (BNB) has benefitted from these positive headlines.
Can the price move higher? Let’s find out.
The BNB/USD pair has risen by almost 174 percent from its early-December lows. After the recent pullback, the price has covered a lot of ground and now remains only about 56 percent below its lifetime highs. This clearly shows a strong demand for the digital currency.
Currently, the price is close to the critical overhead resistance of $12. A break out of this can carry the pair towards the next target of $15, and above it to $18.
On the other hand, if the bulls fail to scale and sustain above $12, a few days of consolidation or a minor dip cannot be ruled out. While short-term traders can buy on a breakout above $12, the long-term players can wait for a minor dip to enter.
Bitcoin SV (BSV) was the second-best performer of the week. It rallied sharply on Feb. 25 and 26 as the cryptocurrency got listed by payment processor CoinGate, as well as by a Turkish exchange Vebitcoin.
Increased support has been welcomed by market participants. Can the price move up, or will it give up all the recent gains?
The BSV/USD pair has a short trading history. It is currently trying to bottom out closer to the support at $65.031. Multiple attempts to sink the pair have failed, as selling dries up at lower levels. This is a positive sign that shows that buyers are keen to invest on the dips.
If the price closes (UTC time frame) above $71.412, it will be likely to rally to $123.980.
Conversely, if the pair breaks down of the immediate support at $58.072, a drop to the low at $38.528 will become probable.
The Litecoin (LTC) Foundation has partnered with premier kickboxing league Glory to make LTC the official cryptocurrency for Glory’s various events and its online merchandise platform. With this, Litecoin aims to reach out to the large fanbase of the league.
The LTC/USD pair has not given up much ground after hitting the overhead resistance of $47.2460 three weeks ago. This shows that the bulls are in no urgency to book profits after the rally from the lows.
If the price breaks out and sustains above $47.2460, it will indicate a probable bottom. The 20-day EMA has flattened out, and the RSI has also climbed close to the midpoint. This shows that the bulls are at an advantage in the near term.
Traders can buy on a weekly close (UTC time frame) above $47.2460, and keep a stop loss below $29 initially. This can be trailed higher to $40 within the next several days. The target to watch on the upside is $69, and above it $94.
However, if the digital currency fails to sustain above $47.2460, it can again turn down and correct to $40, and below it to $29.
Nasdaq is also planning to list a separate index tracking the price of Ripple. The Thai Securities and Exchange Commission has included Ripple in the list of tokens suitable for initial coin offerings.
While some believed that Ripple had to offer Coinbase a certain incentive or money to get listed, the company has denied it. Although there was a lot of talk about JPM, the recently announced stablecoin by JPMorgan Chase, a research by Binance has concluded that it will not be a threat to Ripple’s XRP token in the near term.
The XRP/USD pair continues to trade inside a descending channel. It is currently attempting to rise after taking support at $0.27795. However, it is facing selling close to the 20-week EMA.
A rise above this could push the price to the resistance line of the descending channel near $0.40. A breakout and close (UTC time frame) above the channel will indicate a change in trend.
On the other hand, if the bulls fail to break out of the 20-week EMA, the bears will again try to break down of $0.27795. A drop below the support zone of $0.24508 –$0.27795 will resume the downtrend.
Dash has been a popular mode of transaction in Venezuela and continues to gain ground. Church’s Chicken Venezuela fast food chain accepts the coin in 10 of their 13 locations. It also keeps launching promotional activities in collaboration with Dash to attract more people towards using the cryptocurrency.
Brazilian crypto exchange CoinBene has integrated Dash, giving the coin an opportunity to expand its presence in the country.
The DASH/USD pair has been trying to form a base for the past few weeks. The price is currently stuck between $56.214 on the downside, and $103.261 on the upside. The 20-week EMA is also just above the range. Hence, a breakout of the 20-week EMA is likely to attract buying that can propel the price towards $175, and above it to $224.
On the other hand, if the price fails to break out of the resistance of the range, it will consolidate for a few more weeks.
The trend will turn negative if the bears push the price below the support of $56.214. We could not find any reliable trade setups at the current levels.
Source: Cointelegraph https://cointelegraph.com/