BTC, ETH, XRP, ADA and BNB Price Analysis for February 24


Bulls could not keep the growth, and again bears have seized the initiative, turning back the market to the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Yesterday, in the first half of the day, buyers tested the two-hour EMA55. From the level of average prices, the bears went on the offensive, and tonight the onslaught intensified. As a result, the price of Bitcoin (BTC) broke through the lilac support of $36,000 and updated the February low to the level of $34,500.

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

At first, a slight recovery is possible, and by the end of the day, bears can update the annual minimum in the support area of $32,500.

Bitcoin is trading at $35,714 at press time.

ETH/USD

Yesterday, in the first half of the day, there was still some recovery of the pair to the area of average prices. But in the afternoon, bears launched a counteroffensive and returned the pair to the area of the February low.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

Tonight, the price of Ethereum (ETH) broke through the level of $2,450 and continued to fall toward the support of $2,300.

Initially, a weak recovery is possible, after which the fall can continue to the area of the January low of $2,160.

Ethereum is trading at $2,475 at press time.

XRP/USD

Yesterday morning, buyers tried to test the two-hour EMA55, but in the afternoon, sellers seized the initiative and pushed the price of XRP below the $0.70 level. Tonight, the rapid decline stopped at the point of $0.622.

Related:  Why there's good reason behind Bitcoin [BTC] waiting on the Dollar Index
XRP/USD chart by TradingView
XRP/USD chart by TradingView

In the morning, the price bounced back to the $0.65 mark. This may complete the recovery. During the day, the price can continue to decline to the POC line ($0.60).

XRP is trading at $0.64887 at press time.

BNB/USD

Binance Coin (BNB) is not an exception to the rule, going down by 9.48% since yesterday.

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

On the daily chart, Binance Coin (BNB) has bounced off the support level at $336, which means that buyers still have a chance at short-term growth. At the moment, one needs to pay close attention to where the daily candle closes. If the pressure continues and the selling volume increases, one may expect a breakout shortly.

BNB is trading at $342 at press time.

ADA/USD

Cardano (ADA) is the biggest loser from the list, falling by 13% over the last 24 hours.

ADA/USD chart by Trading View
ADA/USD chart by Trading View

On the daily chart, Cardano (ADA) broke the support level at $0.81, trying to fix below it. The selling volume is creeping up, which means that there is a high chance to see a further drop. In this case, the fall can continue to the next level at $0.709 shortly.

ADA is trading at $0.806 at press time.


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