BTC, BNB, ADA, SOL and AVAX Price Analysis for February 1


The new month has begun with a bounceback of the cryptocurrency market as all of the top 10 coins are in the green zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Yesterday, in the first half of the day, the price of Bitcoin (BTC) recovered to the two-hour EMA55, and in the evening, buyers managed to return the pair to the high zone of last week.

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BTC/USD chart by TradingView
BTC/USD chart by TradingView

Tonight, the decline stopped and the BTC price consolidated in a narrow sideways range until morning. The bulls still lack the strength to break above the resistance of $38,900.

Today, a rollback to the area of average prices is possible. If the EMA55 moving average stops the pullback, then a break to the psychological level of $40,000 may occur.

Bitcoin is trading at $38,685 at press time.

BNB/USD

Binance Coin (BNB) has followed the bounceback of the whole market, going up by 3.63%.

BNB/USD chart by TradingView
BNB/USD chart by TradingView

On the daily chart, Binance Coin (BNB) is slowly approaching the level at $405.60. If the buying trading volume increases and bulls manage to break the resistance, there are chances to see ongoing growth to the zone of the most liquidity at around $500.

BNB is trading at $384.7 at press time.

ADA/USD

Cardano (ADA) is an even bigger gainer than BNB with growth of 4%.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

Despite today’s rise, the rate of Cardano (ADA) is located in the middle of the channel between the support at $0.917 and a resistance at $1.155. Currently, neither bulls nor bears are dominating on the market, which means one needs to pay attention to the mentioned levels. If the growth continues, there is a probability to see the test of the vital area around $1.20 soon.

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ADA is trading at $1.068 at press time.

SOL/USD

Solana (SOL) is the biggest gainer from the list today as the price has rocketed by 17.44% over the last 24 hours.

SOL/USD chart by TradingView
SOL/USD chart by TradingView

Solana (SOL) broke the resistance at $104.82 and is trying to fix above it. The growth is supported by increased trading volume, which means that there are chances to see a further rise.

However, in case of the bulls’ weakness, the price may return to sideways trading.

SOL is trading at $106.64 at press time.

AVAX/USD

Avalanche (AVAX) is no exception to the rule, going up by 6.21%.

AVAX/USD chart by TradingView
AVAX/USD chart by TradingView

From the technical point of view, AVAX is about to reach the resistance level at $76.57 against the declining trading volume. If a breakout happens, there is a chance to see a bullish trend reversal shortly. Such a scenario is relevant until mid-February.

AVAX is trading at $70.74 at press time.


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