Crypto Price Analysis: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple, Cardano, NEO – February 28
On Wednesday, most of the major cryptocurrency prices stagnated and fell slightly. However, the market has now recovered following the big market selloff that occurred earlier this month.
In our previous article, it was established that a resistance of $10,875 must be tested for BTC to hit $11,000 once again. Although it did manage to surpass $11,000 today, the gain was short lived and the coin went back down to around $10,500.
However, BTC could be set for another rebound toward $11,000. This is indicated by the MACD line crossover, but it must now test a resistance at $10,640 to reach another high. A triangle pattern is also forming, which suggests that BTC price could be set for a movement out of the recently formed bearish zone.
Once again, Ethereum price moved up slowly today and was very close to the pivotal $900 level mentioned yesterday. Though ETH was unable to break above that price, it still managed to hit a high of $888 earlier today, and another bullish trend has formed to test a major resistance of $872. Investors will want to wait for another breakout above $880, as that will increase the chances of ETH touching $900 in the short run. A support for ETH has been established at $850.
Since the coin is trading just below its 20-day exponential moving average, it could soon rally to the resistance line and hit the $880 mark. Any short-term bearish movement would likely take ETH down to about $865.
This week, Bitcoin Cash fell below the crucial $1,500 price level that it managed to break through just over one week ago. Now, BCH price is hovering around $1,200 to $1,300, and it’s unlikely to go up significantly any time soon.
However, a bullish trend is forming, which could see BCH trading higher and head toward $1,300 again. A major support is held at $1,195. The MACD indicator is showing a strong bullish signal as well, so closing above $1,300 is a possibility this week.
Another cryptocurrency that struggled this week was Litecoin, now trading in the range of $200 to $210. The recent downturn came after the coin managed to go above $230 almost two weeks ago.
At the moment, LTC is still in a bearish zone. However, on the downside, a drop below $200 is still unlikely to happen. Its upside can be seen from the earlier head-and-shoulders pattern, which has set a resistance of $210 for LTC. The next critical level would be $215.
Ripple also declined this week, now below the pivotal $0.95 level. XRP is now testing a major support level at $0.90. If that fails to hold, we could see the coin fall further and approach today’s low of $0.886 once again.
On the upside, a major bullish signal is forming as indicated by the MACD line. A weak bullish trend is also present as seen in the hourly price chart.
Following last week’s decline, Cardano dropped to around $0.31 today, which means its value has almost halved in a month’s time. The coin is currently on another bearish run, testing a major support level of $0.30.
The moving averages and MACD lines indicate that further declines could be on the horizon. If that happens, we will likely see it test another major support at $0.25.
Despite recent downward movements, NEO managed to hold above the critical $130 price level that we mentioned previously. As of now, the coin is in a bearish zone testing a support at $132.
However, a bullish reversal could come later in the day, as evident from the MACD line movement, and a major resistance level of $140 must be tested.
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