Bitcoin (BTC) dropped close to $78,000 on February 28, but lower levels attracted solid buying from the bulls. CryptoQuant founder and CEO Ki Young Ju stated in a post on X that selling after a 30% correction could be a “noob” mistake, as Bitcoin rose to a new all-time high after falling 53% in 2021.
Select whales appear to be building a position during the dip. A Bitcoin whale known as “Spoofy” purchased 4,000 Bitcoin, worth approximately $344 million, when the price was between $82,000 and $85,000. Crypto analyst Saint Pump mentioned on X that Spoofy builds his position “extremely slowly” and may buy more if the markets decline further.
The current correction has not deterred Standard Chartered’s long-term outlook. In a CNBC interview, Geoffrey Kendrick, head of digital assets research at Standard Chartered, stated that Bitcoin could recover to $200,000 this year and surge to $500,000 before President Trump completes his second term.
Could Bitcoin initiate a recovery, pulling altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin closed below the $85,000 support on February 26, and the bears successfully defended this level on February 27.
Sellers attempted to push the BTC/USDT pair down to $73,777, but the bulls bought the dip, raising the price to $78,258 on February 28. Buyers will now try to push the price back above the $85,000 to $90,000 resistance zone. If they succeed, it would suggest that a short-term bottom may be in place.
Conversely, if the price sharply declines from the overhead resistance zone, it indicates selling on every minor rally. The pair could then fall to the critical support level at $73,777, where buyers are expected to intervene.
Ether price analysis
Ether (ETH) rebounded from the $2,111 support, indicating that the bulls are attempting to keep the price within the large range.
The bulls will try to extend the recovery to the 20-day EMA ($2,611) and then to the downtrend line. Sellers are anticipated to aggressively defend the downtrend line. If the price declines from the overhead resistance, the ETH/USDT pair may retest the $2,111 level. If this support level fails, the pair could drop to $2,000 and then to $1,900.
In contrast, a break and close above the downtrend line suggests that the bears are losing their grip. The pair could then rise to the 50-day SMA ($2,932).
XRP price analysis
XRP (XRP) turned down from the support line of the symmetrical triangle pattern on February 26, indicating that the bears have converted this level into resistance.
The XRP/USDT pair fell below the $2.06 support on February 28, but the bears could not maintain the lower levels. Buyers will attempt to push the price above the 20-day EMA. If they are successful, it will signal that the bulls are re-entering the market.
Conversely, if the price declines from the 20-day EMA, it would suggest that the bears remain active at higher levels, increasing the likelihood of a drop to the crucial support at $1.77.
BNB price analysis
BNB (BNB) rebounded from the support near $557, indicating that the bulls are attempting to defend this level.
The BNB/USDT pair will attempt a relief rally, which is expected to face strong selling at the 20-day EMA ($634). If the price sharply declines from the 20-day EMA, it raises the likelihood of a break below $557. Should that occur, the pair could collapse to $500. Buyers are anticipated to vigorously defend the zone between $460 and $500.
On the upside, a break and close above the 20-day EMA suggests that selling pressure is diminishing. The pair could then reach the 50-day SMA ($656).
Solana price analysis
Solana (SOL) slipped below the $133 support on February 28; however, the long tail on the candlestick indicates solid buying at lower levels.
There is minor resistance at $147, but it is likely to be surpassed. If the price holds above $147, the SOL/USDT pair could reach the 20-day EMA ($169). Sellers are expected to present a strong challenge at the 20-day EMA, but if the bulls prevail, the pair could extend its recovery to the 50-day SMA ($201).
This optimistic outlook will be negated if the price declines and breaks below $125. The pair could then plummet to $110.
Dogecoin price analysis
Buyers failed to push Dogecoin (DOGE) back above the support line, suggesting that the bears have converted this level into resistance.
Selling resumed on February 28, and the bears will attempt to drive the price down to $0.15. However, the RSI has slipped into the oversold zone, suggesting that a relief rally could be imminent. Buyers must push and maintain the DOGE/USDT pair above the 20-day EMA ($0.24) to initiate a sustained recovery.
Failure to push the price back above the 20-day EMA increases the risk of a drop to $0.13 and then to $0.10.
Cardano price analysis
Cardano (ADA) is experiencing a tough battle between the bulls and bears at the support line of the descending channel pattern.
If the price remains below the support line, selling could intensify, and the ADA/USDT pair may drop to $0.50. Buyers are expected to defend the $0.50 level vigorously, as a close below it could sink the pair to $0.33.
If the price rebounds from the support line, the pair could reach the 20-day EMA ($0.73). This is a critical overhead resistance to monitor, as a breakout above it suggests that the pair may stay within the channel for a longer period.
Litecoin price analysis
Litecoin (LTC) has been fluctuating within a symmetrical triangle pattern, indicating indecision between the bulls and the bears.
The 20-day EMA ($122) is relatively flat, and the RSI is just above the midpoint, indicating a balance between supply and demand. If the price sustains above the 20-day EMA, the bulls will attempt to push the LTC/USDT pair above the resistance line. If successful, the pair could rally to $147.
Conversely, a break below the 50-day SMA ($117) opens the door for a drop to the support line. If this level fails, the pair could plunge to $80.
Chainlink price analysis
The inability of the bulls to initiate a strong recovery from the support line triggered another wave of selling by the bears in Chainlink (LINK).
If the price remains below the support line, selling could accelerate, and the LINK/USDT pair could fall to $12.71 and subsequently to $10.
If buyers wish to prevent further downside, they must quickly push the price back above $16. The pair could then rise to the 20-day EMA ($17.42), which is likely to act as significant resistance. Buyers will need to push the price above the 20-day EMA to indicate that the break below the support line may have been a bear trap.
Avalanche price analysis
Avalanche (AVAX) attempted to rise above the breakdown level of $22.35 on February 27, but the bears held firm.
The bears resumed selling on February 28. If the price breaks and maintains below $20, the AVAX/USDT pair could retest the solid support at $17.29. This is an important level to monitor, as a break below it may sink the pair to $15.
Time is running out for the bulls. They need to push and maintain the price above the 20-day EMA ($24.55) to initiate a recovery. The pair may rise to $27.50, which is again expected to act as resistance.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making decisions.