Crypto Markets: Price Analysis Of Top Coins In February 2020
The leading cryptocurrency, BTC, is looking towards updating its local high close to $13,800. Assuming that the recent structure is a bullish Flag, then the upside target may well reach the $17,000 mark.
BTC has come close to the $10,000 within the past week, reaching its highest price since Oct. 2019. The BTC price has climbed by almost 40% so far this year, reaching $9,780 on Bitstamp exchange as of February 6, 2020. And today, bitcoiners around the world are jubilant with its current rally as the price hit $10,026 at 2 am GMT.
The crypto space seems to have benefited from strong safe-haven demand triggered by coronavirus fears, and the price may well rise even further, possibly to the $10,000 – $11,000 mark, as the crisis drags on.
Predictably, this potential BTC price surge may well instigate the same price trajectory for the entire crypto market.
Here is a look at how the top 5 cryptos have performed so far in February 2020.
In the past week, BTC saw a 5 percent price increase as the cryptocurrency rebounded from support at $9,145 to meet resistance at around the $9,815 mark.
With a 21% bullish surge in the past 30 days of trading, BTC can be projected to break $10,000 very shortly.
Once the bulls break the $9,815 mark, the next level of resistance is predicted to lie at $10,000, which we are currently on. Further than this, higher resistance could lie at about $10,200.
ETH saw a price flare-up of 23 percent over the past seven days of trading, making it the highest performing top 10 cryptocurrencies in February.
The digital coin penetrated above the strong resistance at $178 and went on to break above $200, ultimately reaching its current price of about $222.
At the prevailing market conditions, there is a potential for a further upward trend. That said, the bullish situation may no longer be valid if ETH plunges and breaks $155. In this scenario, a downward trajectory may resume.
Looking ahead, if the buyers manage to break $225, resistance lies at $235, $240, and $250.
XRP had a dreadful year in 2019 and was reported to be one of the worst-performing high cap cryptocurrencies, dumping 48% over the 12 months. In fact, the digital coin started 2019 trading at $0.375 and finished at an all-time low of $0.200.
This week has seen much better performance and, although XRP has not managed to reclaim the psychological $0.30 barrier yet, it appears to be on the way to do so, with a 15 % surge since the beginning of last week to reach a 10-week high of $0.273 on Wednesday.
XRP has since managed to outperform BTC in the last seven days as it rose by a total of 18.5% as of February 7. The cryptocurrency broke above strong resistance at $0.245 to ultimately reach its present trading price of about $0.283.
A partnership with Intermex has largely driven the momentum. A leading money remittance company focused on the Latin American and the Caribbean region.
Besides, the BitMEX crypto exchange also publicized that trading of a new perpetual XRP/USD will commence on February 5. 2020, adding to the current XRP momentum.
Over the past seven days, LINK surged by an aggregate of 13 percent, creating a renewed 2-month high at the $3.24 mark.
Once the token breaks resistance at $3.40, it will likely generate a remarkable high not realized since mid-last year. In the meantime, LINK continues to soar in recent market cap rankings and now holds the 16th position with a market cap of $1.13 billion.
Moreover, Chainlink has created a new two-month high against BTC in this week’s trading as it reached resistance at 0.000341 BTC. It has since plunged marginally to end the trading week at 0.000329 BTC.
Tron surged by a remarkable 24 percent this past week after CEO Justin Sun finally met with investor and crypto enthusiast Warren Buffet for a highly anticipated charity meal.
This caused the TRX to climb above the $0.018 mark and has since succeeded in breaking resistance at the October 2019 high to finally reach the $0.023 mark.
Against Bitcoin, TRX also moved up higher than the top cryptocurrency globally, as it rose from 200 SAT to reach the resistance at 240 SAT. The coin is now trading above the 200-days EMA but has to close beyond 240 SAT to turn bullish.