Price analysis 2/26: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LINK, SUI, AVAX

Bitcoin (BTC) price dropped into the $85,000 region on Feb. 26, flashing a clear signal that the crypto market is not out of the woods yet. The break below the $90,000 support on Feb. 25 tilted the advantage in favor of the bears. That triggered $937.9 million in outflows from the US spot Bitcoin exchange-traded funds.

Has Bitcoin topped out, or is the current fall only a pullback in a solid uptrend? That is the big question in trader’s minds. Binance CEO Richard Teng said in a post on X that the current pullback was a “tactical retreat” and “not a reversal.” He added that crypto markets bounce back sharply after such corrections.

Although analysts remain bullish for the long term, traders need to be careful in the short term. If the $85,000 support cracks, Bitcoin risks $1 billion worth of liquidations of leveraged long positions across all exchanges, per CoinGlass data.

Could Bitcoin recover from $85,000, or will the level break down? How are the altcoins positioned? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin collapsed below the $90,000 support on Feb. 25, completing a bearish double-top pattern. This setup has a target objective of $70,412.

However, the bulls are unlikely to give up easily. The oversold level on the relative strength index (RSI) signals a possible relief rally in the near term. Any bounce is likely to face solid selling at $90,000. If the price turns down sharply from $90,000, it suggests that the bears have flipped the level into support. That increases the risk of a fall to $73,777.

Time is running out for the bulls. If they want to make a comeback, they will have to swiftly push the BTC/USDT pair back above $90,000. The 20-day exponential moving average ($95,194) may again pose a challenge, but if the bulls prevail, it will signal that the correction may be over.

Ether price analysis

Ether (ETH) turned down sharply from the overhead resistance of $2,850 on Feb. 24, signaling that the bears are fiercely defending the level.

The selling picked up after the price slipped below the $2,520 support, pulling the ETH/USDT pair toward the next strong support at $2,300. Buyers are trying to start a recovery, which is expected to face selling at $2,520 and then at the 20-day EMA ($2,700).

Buyers will gain the upper hand if they push and maintain the price above the 50-day SMA ($2,974). Conversely, a break below $2,300 could clear the path for a drop to the critical support at $2,111. 

XRP price analysis

XRP (XRP) broke below the support line of the symmetrical triangle pattern on Feb. 24, suggesting that the bears have overpowered the bulls.

The bulls tried to make a comeback by pushing the price back into the triangle on Feb. 25, but the bears are defending the level. If the price turns down sharply from the support line, it will signal that the bears have flipped the level into resistance. The XRP/USDT pair could descend to $1.80.

Instead, if buyers drive the price back into the triangle, the pair could reach the 20-day EMA ($2.54). This remains the key short-term level to watch out for because a recovery above the 20-day EMA suggests that markets have rejected the break below the support line.

BNB price analysis

BNB (BNB) broke below the $635 support on Feb. 24, bringing the larger $460 to $745 range into play.

The bulls are trying to start a relief rally, which is expected to face selling at the 20-day EMA ($644). If the price turns down sharply from the 20-day EMA, the risk of a break below $586 increases. The BNB/USDT pair could then plummet to $557.

This bearish view will be negated in the short term if the price rises and breaks above the 50-day SMA ($660). The pair could rally to $686, which is expected to attract selling by the bears.

Solana price analysis

Solana (SOL) has been in a strong downtrend, but the bulls are trying to arrest the decline at $133, as seen from the long tail on the Feb. 25 candlestick.

The RSI in the oversold territory suggests that a recovery is likely in the near term. The SOL/USDT pair could rise to the 38.2% Fibonacci retracement level of $150 and the 50% retracement level of $156. If the price turns down from the overhead resistance, the risk of a break below $133 increases.

On the contrary, a break and close above $156 suggests that the selling pressure is reducing. The bulls will then try to push the pair to the 20-day EMA ($175).

Dogecoin price analysis

Dogecoin (DOGE) closed below the support line of the descending channel pattern on Feb. 24, indicating that the bears are in control.

The bulls are trying to push the price back into the channel but are expected to face significant resistance from the bears. If the price turns down from the support line or the 20-day EMA ($0.25), the DOGE/USDT pair could extend its decline to $0.15.

Buyers will have to push and maintain the price above the 20-day EMA to suggest that the bears are losing their grip. The pair may then rally to the 50-day SMA ($0.30), which is likely to attract sellers.

Cardano price analysis

Cardano (ADA) bounced off the support line of the descending channel pattern on Feb. 25, indicating that the bulls are aggressively defending the level.

The bulls will try to start a relief rally, which is expected to face selling at the 20-day EMA ($0.76). If the price turns down sharply from the 20-day EMA, the bears will again attempt to sink the ADA/USDT pair below the support line. If they manage to do that, the pair could tumble to $0.50.

Alternatively, a break and close above the 20-day EMA suggests that the pair may remain inside the channel for some more time.

Related: Here’s what happened in crypto today

Chainlink price analysis

Chainlink (LINK) dropped below the support line of the descending channel pattern on Feb. 25, but the long tail on the candlestick shows buying at lower levels.

The downsloping moving averages and the RSI in the oversold territory suggest that the bears are likely to sell on every minor rise. If the price dips and maintains below the support line, the LINK/USDT pair could drop to $12.71 and later to $10.

This negative view will be invalidated in the near term if the price turns up and breaks above the 20-day EMA. The pair could then rise to the 50-day SMA ($20.78), extending its stay inside the channel for a few more days.

Sui price analysis

Sui (SUI) slipped below the $2.86 support on Feb. 24, but the lower levels attracted buyers, as seen from the long tail on the Feb. 25 candlestick.

The recovery attempt is likely to face selling at the 20-day EMA ($3.28). If the price turns down sharply from the 20-day EMA, the possibility of a drop below $2.86 increases. The SUI/USDT pair may descend to $2.39 and subsequently to $1.77.

If buyers want to prevent the downside, they will have to quickly push the price back above the 20-day EMA. If they do that, the pair may climb to $3.74, where the bears are expected to mount a strong defense.

Avalanche price analysis

Avalanche (AVAX) plunged below the $22.35 support on Feb. 24, but the bears are struggling to build upon the advantage. 

The bulls are trying to push the price back above the breakdown level of $22.35. If they succeed, the AVAX/USDT pair may climb to the 20-day EMA ($25.13). If the price turns down from the current level or the 20-day EMA, it will signal that the bears remain in control. The pair could then sink to $17.50.

The first sign of strength will be a break and close above the 20-day EMA. That suggests the markets rejected the break below $22.35. The pair could climb to $27.50.

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 a decision.