Crypto Price Analysis Feb-11: Ethereum, Ripple, Cardano, Solana and Shiba Inu

This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Shiba Inu.

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Ethereum (ETH)

ETH failed to push above $3,200 this week and fell back on the $3,000 support level yesterday, where the price is now consolidating. Despite this most recent pullback, the cryptocurrency had a stellar performance this week, with a 16% price increase in the past seven days.

The big question is if ETH can hold above $3,000. If it manages to do so, then bulls might be in a position for another shot at the $3,200 resistance in the coming week. If they fail, however, the cryptocurrency could fall to the next support level at $2,800, which would make it lose a critical psychological level ($3,000).

Looking ahead, the indicators remain bullish, which gives reasons to be optimistic. Buyers need to defend the $3,000 level. Otherwise, sellers may take over the price action in the coming week.

ETHUSD_2022-02-11_11-11-14
Chart by TradingView

Ripple (XRP)

XRP had a major breakout this week, with the price moving above the key resistance at $0.70 and quickly reaching $0.90 after that. Overall, it was a fantastic week for XRP with a 34% price increase.

However, it failed to push above $0.90 and is now found in a correction with support at $0.80. This is not surprising, considering the massive rally that happened not too long ago. If $0.80 fails, then XRP may fall all the way back on the $0.70 level, which is now acting as support (was resistance before the breakout).

The indicators are still bullish for XRP, and this pullback can also be explained by the daily RSI, which briefly entered overbought conditions during the rally and now fell back below 70 points. Once this correction is over, XRP may attempt a new rally to test the critical psychological level at $1.

XRPUSDT_2022-02-11_11-16-48
Chart by TradingView

Cardano (ADA)

ADA also had a good week, but the resistance at $1.2 did not allow it to move higher, and it has been struggling since then. Nevertheless, the cryptocurrency closes the last seven days in green with a nice 9% price increase.

Considering the ongoing correction, ADA may fall back on the key support at $1.1 before any renewed rally can be expected. Even if this happens, the overall price action remains bullish, and after the pullback, ADA may rally once more and try to cross above $1.2.

The indicators remain bullish and seem likely to stay if ADA does not fall under the key support. This should prepare it for a nice rally next week if the bullish momentum resumes. On the other hand, a drop under $1.1 would likely push ADA into a bearish trend.

ADAUSDT_2022-02-11_11-18-47
Chart by TradingView

Solana (SOL)

After a rally to $120, SOL failed to move higher, and since then, the price has been falling towards the key support at $100. It is unlikely for SOL to turn back right now, and a test of the key support appears probable. Despite the current correction, SOL still managed to close the past seven days in green with a 5% price increase.

Volume has been falling as price went higher last week, which was an early signal that SOL did not have the momentum to sustain the rally. The MACD remains bullish on the daily timeframe, but the histogram is showing a loss of momentum with lower highs.

Next week will be crucial for SOL, and buyers have to do their best to defend the $100 level. Any failure there will only embolden sellers to take SOL under $100, which would be a significant defeat.

SOLUSDT_2022-02-11_11-26-59
Chart by TradingView

Shiba Inu (SHIB)

SHIB has been the best performer from our list, with a 50% price increase in the past seven days after a major breakout from the descending channel (in blue on the chart). Now, the price is consolidating above the key support at $0.000029.

If this consolidation continues and the support level holds, then SHIB may chart another leg up, which could take it all the way to $0.000040. The indicators remain bullish for now, and the only concern is the decreasing volume, which may cast some doubts on the strength of this rally.

Looking ahead, SHIB has put an end to the downtrend and started a new surge with a bang. It is unlikely for SHIB to make a lower low considering this latest development. Therefore, the most probable scenario now seems to be a consolidation or continuation of the rally.

SHIBUSDT_2022-02-11_11-37-02
Chart by TradingView

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Bitcoin Rejected at $46K, Market Cap Loses $100B in a Day (Market Watch)

After tapping a new five-week high at nearly $46,000, bitcoin was rejected and driven south vigorously. Most altcoins are deeper in red, with substantial price losses from Ripple, Solana, Polkadot, Shiba Inu, and others. THETA is among the few exceptions with a double-digit surge.

Bitcoin Stopped Ahead of $46,000

Earlier this week, bitcoin spiked to above $45,000 for the first time since early January after previously reclaiming $40,000. However, the bears didn’t allow any further increases, and they pushed it south to below $43,000.

After a few days of relatively stagnant movements, BTC tapped $45,000 once more yesterday before reminding of its volatile nature in the following hours. After the US released its highest inflation rate numbers in 40 years (again) of 7.5%, BTC dumped by nearly $2,000.

Yet, it started to gain value just as fast and spiked by almost $3,000 to just shy of $46,000. This became its new highest price tag since January 5th while also causing pain for leveraged traders.

The bears came out to play once more at this stage, and BTC dumped by another $3,000 to below $43,000 hours later. As of now, the asset has recovered some ground and stands around $43,500, and its market capitalization is well above $800 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Retrace: Market Cap Down $100B

As it typically happens when enhanced volatility reaches BTC, the altcoins experience even more substantial losses.

Ethereum exceeded $3,200 at one point yesterday before a 3% daily decline drove it south. As of now, ETH stands beneath $3,100. Similar decreases are evident from Binance Coin, Cardano, Terra, and Dogecoin.

Ripple (-6.5%), Solana (-6.3%), Polkadot (-5.5%), and Shiba Inu (-5%) are even deeper in red. THETA is among the very few exceptions, as a 15% surge has driven it to $4.2.

Ultimately, though, the cumulative market capitalization of all digital assets dropped by approximately $100 billion in a day and is down beneath $2 trillion now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Bitcoin Reclaims $44K: Shiba Inu Spikes 5% (Market Watch)

Following yesterday’s brief retracement, bitcoin went on the offensive once more and touched $44,000. Most alternative coins are slightly in the green today as well, with ETH touching $3,200 and SHIB spiking by 5%.

BTC at $44K Again

It has been roughly a week since the largest cryptocurrency began its ascent. The asset struggled at $37,500 on February 4th, but the bulls stepped up and started to push it north.

Firstly, bitcoin broke above $40,000 before adding another grand in the following hours. After stalling there for a bit, BTC began adding more value once again. This time, it tapped a multi-week high of around $44,000 before surging to $45,500 for the first time since early January.

After several days of continuous gains, it was expected to some extent that there will be a slight retracement. It transpired yesterday when BTC dropped by a few thousand dollars to $42,500.

However, bitcoin reacted well to this price slide and has added more than $1,500 since then. As a result, it now stands above $44,000, and its market capitalization has neared $850 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

SHIB and Other Alts in Green

The alternative coins mimicked BTC’s performance to a large extent lately. As such, most corrected yesterday but have turned green today.

Ethereum slid below $3,100, but a 3.5% increase since then has driven the second-largest cryptocurrency to $3,200 now. Binance Coin, Ripple, Terra, and MATIC have marked similar gains, while Cardano, Solana, Polkadot, Avalanche, and Dogecoin have portrayed more modest increases.

Shiba Inu and CryptoCom’s native token are the most significant gainers as of now. Both are up by approximately 5%, with SHIB standing at $0.000033 and CRO trading above $0.5.

More price increases come from Secret (13%), Flow (13%), Kadena (10%), Harmony (9%), Arweave (8%), and NEO (8%).

The cryptocurrency market capitalization is up by around $40 billion since yesterday and is back above $2 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Ripple Price Analysis: Here’s the Next Target for Ripple After Breaking Above $0.7

Key Support levels: $0.70

Key Resistance level: $0.96, $1

Ripple’s XRP broke the critical resistance at $0.70 with significant volume yesterday, and the price rallied all the way to $0.91 (Bitstamp exchange). The previous resistance has now turned into support, and the next key levels to watch are at $0.96 and $1.

After a sharp rally yesterday, XRP may consolidate or suffer from a temporary pullback in the next few days before testing the $1 level.

XRPUSDT_2022-02-08_14-11-41
Chart by TradingView

Technical Indicators

Trading Volume: Strong buy volume yesterday and today. This confirms the breakout and gives confidence that XRP may eventually test the key psychological level at $1.

RSI: The daily RSI is in the overbought area at over 70 points. There is still space to go higher but it’s important to remain very careful at these levels.

MACD: The daily MACD continues to move higher with expanding moving averages and higher highs on the histogram. There is no expectation for this momentum to change at this time based on the MACD therefore, the likelihood of price reaching $1 appears high.

XRPUSDT_2022-02-08_14-11-15
Chart by TradingView

Bias

The current XRP bias is bullish. The break above $0.70 has changed the bias to bullish.

Short-Term Prediction for XRP Price

The volume and momentum behind this latest price action are positive, and it seems likely for XRP to reach $1 before any significant resistance is faced. There is also the possibility of some short-term pullbacks on the way there, but the overall price action remains bullish.

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Bitcoin Touched $43K: Ripple Soars 12% to a 3-Week High (Market Watch)

Bitcoin’s recent bullish run continued with another minor leg up that drove it to a high of $43,000. Most altcoins have produced similar slight increases; some, such as Shiba Inu and XRP, have exploded with massive double-digit pumps.

Bitcoin Touched $43K

Ever since last Friday, when the cryptocurrency began its rapid ascent from $37,500, the BTC landscape has remained significantly more positive. Bitcoin surged to and beyond $40,000 in a matter of hours for the first time since mid-January.

The asset remained relatively calm, around $41,500 during the weekend before it initiated another price increase. This time, the bulls drove it to $43,000 for the first time since the market-wide correction started on January 21st.

As of now, BTC has been unable to reclaim that level decisively and has retraced by a few hundred dollars. Nevertheless, its market capitalization has surged above $800 billion. Just last week, the metric was down below $700 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

SHIB and XRP Steal the Show

Most alternative coins followed BTC on the way up with impressive gains in the past several days. Ethereum, for example, struggled to remain above $2,000 just a week or so ago. Now, though, the second-largest cryptocurrency stands well above $3,000 and even challenged $3,100 a few hours ago.




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Binance Coin, Cardano, Solana, Polkadot, and Terra have marked similar gains in the past 24 hours of between 2% and 4%. More impressive increases come from Dogecoin and Avalanche.

However, Ripple and Shiba Inu have taken the main stage from the larger-cap alts. SHIB has exploded by more than 20% in a day, as reported earlier, and stands near $0.00003.

XRP, on the other hand, is up by approximately 13%. As a result, the asset tapped a three-week high at over $0.75.

More gains come from Quant (17%), BitTorrent (16%), LEO (14%), Kadena (13%), Loopring (12%), Gala (10%), and Fantom (10%).

The crypto market cap has increased by about $60 billion since yesterday and stands at $1.950 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Ripple Price Analysis: XRP Rallies Above $0.65, But Massive Resistance Awaits

XRP managed to break above the key resistance at $0.65 on Friday, as the price has been consolidating above this level since then. The question is if $0.65 can be tested and confirmed as support so that XRP can continue even higher.

Key Support levels: $0.65, $0.58

Key Resistance level: $0.70, $0.79

Ripple’s XRP had seen a green weekend so far, managing to hold above $0.65, which has now turned into support.

There seems to be a break in momentum, indicating some indecision in the price action. The next challenge for XRP is to break the key resistance at $0.70, which would open the way for a $1 attempt once again.

XRPUSDT_2022-02-06_13-28-14
Chart by TradingView

Technical Indicators

Trading Volume: Decent amount of volume on Friday and Saturday. However, today’s volume (Sunday) is quite low.

RSI: The daily RSI has made a higher high, therefore a possible pullback is likely. This will be a retest of the key support at $0.65 before continuing.

MACD: The daily MACD remains bullish and has sufficient momentum behind it even considering today’s low volume. The histogram continues to make higher highs which is bullish.

XRPUSDT_2022-02-06_13-28-48
Chart by TradingView

Bias

The current XRP bias is bullish. However, the $0.70 resistance does not leave a lot of room for the price to move higher without a pullback or consolidation.

Better keep a close eye on Monday’s price action to assess the next move for XRP.

Short-Term Prediction for XRP Price

XRP has turned bullish over the weekend, as long as it maintains the key support. If momentum continues, a break above $0.70 becomes likely. However, the latter could be challenging as sellers will likely fight at resistance before letting XRP move higher towards $1.

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Weekend Watch: Axie Infinity (AXS) Explodes 17%, Bitcoin Maintains $41K

After surging above $41,000, bitcoin has maintained its momentum and has remained above that level. The altcoins, which marked significant gains yesterday, have stalled now. Axie Infinity is among the few exceptions after a massive double-digit surge.

Bitcoin Maintains $41K

It was just a few days ago when the largest cryptocurrency struggled to remain above $37,000 and dipped below that level on a few occasions. The bulls attempted to push it north, which resulted in trading around $38,000 on Friday.

This is where the landscape changed, though. BTC initiated an impressive leg up in the following hours and surged above $40,000 for the first time in weeks.

Moreover, bitcoin even reclaimed $41,000 and neared $42,000. As of now, the asset stands just shy of that level, and its market capitalization is close to $800 billion once more.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Stall: AXS Soars With Double Digits

The alternative coins went on a roll yesterday with massive double-digit gains from almost all. Now, though, the majority have calmed.




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Ethereum stands above $3,000 for the first time in weeks, as well, even with a minor decrease since yesterday.

More slight decreases come from Binance Coin, Cardano, Solana, Ripple, Polkadot, Terra, Dogecoin, Avalanche, and Shiba Inu.

In contrast, CRO is up by another 3%, while Litecoin has surged by 8% and stands above $125.

Axie Infinity is among the most impressive performers with a 15% surge. Consequently, AXS trades well above $60. Gala (20%) and Theta Fuel (10%) are also well in the green.

Somewhat expectedly, the crypto market cap has remained relatively calm, around $1.9 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Crypto Markets Add $170 Billion in a Day as Bitcoin Explodes Above $41K (Weekend Watch)

After more than two weeks of trading below $40,000, bitcoin finally made a decisive move to reclaim that coveted level. The entire crypto market followed suit with massive daily price increases from Ethereum, Binance Coin, Cardano, Sollana, Polkadot, and many others.

Bitcoin Surged $4K

It was on January 20th and 21st when the primary cryptocurrency slumped below $40,000 for the first time in months. In the following few weeks, the asset failed to recover most of the losses and even dumped to its lowest price point since late July beneath $33,000.

However, it started to add some value and challenged $39,000 several days ago, as reported. It was rejected at first, and the bears pushed it below $37,000 almost immediately.

This is where the situation changed, though. While trading between $37,000 and $38,000 yesterday, bitcoin went on a tear and exploded above $40,000 for the first time in over two weeks.

It only kept climbing in the following hours, and BTC is now situated at around $41,500. This means that the cryptocurrency is up by $4,000 since yesterday. As a result, its market capitalization, which had dumped beneath $700 billion just days ago, is now close to $800 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts With Massive Gains

As it typically happens when bitcoin goes through enhanced volatility, so do the altcoins. Ethereum struggled to remain above $2,000 just days ago. Now, though, the second-largest cryptocurrency trades above $3,000 after another 7% daily increase.

Binance Coin, Polkadot, Terra, Avalanche, MATIC, and Shiba Inu have also surged by double digits since yesterday. A bit more modest gains come from Cardano, Solana, Ripple, Dogecoin, and CRO.

As expected, the lower- and mid-cap alts have displayed even more significant fluctuations. Gala leads the way with a 30% surge, followed by LEO (25%), JUNO (20%), The Sandbox (18%), NEAR Protocol (16%), Mina Protocol (16%), THETA Network (15%), Loopring (14%), THORChain (14%), and many others.

Ultimately, the cumulative market cap of all crypto assets has increased by about $170 billion since yesterday’s low to above $1.9 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Crypto Price Analysis Feb-4: Ethereum, Ripple, Solana, Binance Coin, and Luna

This week, we take a closer look at Ethereum, Ripple, Solana, Binance Coin, and Luna.

img1_cryptopost

Ethereum (ETH)

ETH had a very good week, rallying over 17%. Today, the cryptocurrency broke the critical resistance at $2,800 and the price appears ready to move higher towards the next target at $3,000. This latest move higher comes after ETH retested the key support level at $2,500 yesterday.

This price action puts an end to the correction and brings certain optimism to the market. The key question is if ETH can now move beyond the $3,000 resistance. A break above this level would consolidate the most recent gains and open the door to a more significant recovery.

However, the volume on this latest push is not that impressive. As the price moves higher, the bullish momentum has to intensify, otherwise, the price could be rejected at the key resistance by the sellers. The coming week will be decisive in where ETH moves next.

ETHUSD_2022-02-04_13-09-37
Chart by TradingView

Ripple (XRP)

This past week, XRP suffered from a flat trend with price moving sideways, lacking momentum to break away from its current range. The resistance at $0.65 and the support at $0.58 have kept the cryptocurrency in check, and any attempts by the bulls or bears to break away were stopped.

The most recent try to break below the key support level failed and bulls are back in control of the price but seem unable to push XRP to the important resistance. For this reason, in the past seven days, XRP only increased in price by 1%.

At the time of this post, XRP lacks momentum and volume appears flat. This makes any significant move unlikely in the near term. If BTC and ETH have a major breakout, XRP may attempt to break from this range in the coming week. Otherwise, the flat trend is likely to continue.

XRPUSDT_2022-02-04_13-15-32
Chart by TradingView

Solana (SOL)

SOL had a good week and also broke above the $100 level, which was a key resistance in the past seven days. Now, the price is consolidating just above this level, concluding the week with an impressive 17% increase.

The biggest challenge for SOL right now is if it can move higher towards the next key resistance at $130. The current price action and indicators support a continuation towards this key level, but a break above it appears unlikely at the time of this post.

Looking ahead, SOL is well-positioned to recover its losses from the most recent correction, and the current volume favors the bullish side of the market. So long this positive momentum is maintained, the cryptocurrency appears ready to move higher.

SOLUSDT_2022-02-04_13-22-02
Chart by TradingView

Binance Coin (BNB)

After BNB fell under $400, the price finally found support at the $335 level, which has stopped the cryptocurrency from moving lower – so far. Similar to XRP, the price action in the past seven days was flat, and BNB lost 3% of its dollar value.

Currently, BNB is consolidating and may attempt a rally in the coming week towards the key resistance at $418. Reclaiming this level would be essential if BNB is to move higher in the future. A failure, on the other hand, would mean the consolidation may take much longer.

The indicators favor the bulls at this time, but this bias may be soon put to the test as the price moves towards the key resistance. Either way, considering the latest price action, it is unlikely for BNB to fall much lower, and an uptrend seems more likely in the coming week.

BNBUSDT_2022-02-04_13-30-14
Chart by TradingView

Luna

Luna’s downtrend has ended this past week, with the price finding support at around $45. Now, the cryptocurrency is hovering below the key resistance at $54 which has prevented the price from moving higher in the past few days. Overall, Luna’s weekly performance was poor, with a 6% decline.

The indicators have not turned bullish yet and Luna appears to consolidate under the key resistance. Nevertheless, the RSI is making higher lows on the daily timeframe and the MACD could do a bullish crossover if this price action is maintained in the next few days.

Looking ahead, Luna is likely to attempt a break above the $54 level and may rally if successful. However, the current volume is weak and a breakout appears unlikely at this time. Luna may need another few days of consolidation before a breakout is attempted.

LUNAUSDT_2022-02-04_13-42-58
Chart by TradingView

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Bitcoin Taps $38K: Ethereum Marks a Two-Week High Above $2.8K (Market Watch)

After dipping to a weekly low at $36,300, bitcoin started to recover some value and now sits around $38,000. The altcoins are also in a significantly more positive situation today, led by Ethereum’s impressive increase that pushed ETH to a two-week high above $2,800.

Altcoins See Green: ETH at a 2-Week High

The bears had complete control over the market yesterday, with almost all altcoins bleeding out. Ethereum, for example, dipped to $2,600 after failing to overcome $2,800 a day earlier.

Now, though, ETH is among the best performers on a daily scale. The second-largest crypto has jumped by roughly 6% since yesterday and sits above $2,800. This is the highest price tag ETH has seen since January 21st.

Solana, which dropped by 10% yesterday after a hack on a Solana-based bridge, is up by 7%. Consequently, SOL has reclaimed $100.

Binance Coin, Cardano, Ripple, Polkadot, Terra, Dogecoin, Avalanche, Shiba Inu, and MATIC are also slightly in the green.




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More significant gains come from NEO (11%), Cosmos (10%), Hedera (10%), Kusama (10%), IOTA (9%), NEXO (9%), Convex Finance (9%), and others.

The crypto market cap has increased by about $70 billion, but it’s still below $1.7 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Bitcoin Touched $38K

The primary cryptocurrency also suffered yesterday after a few days of marking gains. The asset touched its highest price tag in ten days on February 2nd at above $39,000, but the bears intercepted the move and pushed it south.

As reported yesterday, though, the landscape had changed. BTC dumped by a few thousand dollars and went to a weekly low of $36,300. However, it reacted well to this drop and started to reclaim value almost immediately.

In the following hours, bitcoin spiked to $38,000 where it’s currently situated, and its market capitalization has remained above $700 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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Cryptocurrency charts by TradingView.






Source

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Bitcoin (BTC) $ 41,944.24 4.44%
Ethereum (ETH) $ 2,247.94 4.56%
Litecoin (LTC) $ 73.39 5.41%
Bitcoin Cash (BCH) $ 234.82 7.61%