Is the bitcoin industry prepared to continue its upward trend?

Mr. Plan ₿
2 min readFeb 2, 2022
Source photo Unsplash

The new month has started with a cryptocurrency market rebound, with all of the top ten cryptocurrencies trading in the green.

BTC/USD

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

Tonight, the slide came to an end, and the BTC price remained in a narrow sideways range until the morning. The bulls are still unable to breach over the $38,900 resistance level.

A return to the area of average pricing is now feasible. If the EMA55 moving average prevents the pullback, a break to the psychological threshold of $40,000 is possible.

At the time of writing, Bitcoin was trading at $38,685.

BNB/USD

Binance Coin (BNB) has risen 3.63 percent in response to the market’s recovery.

Binance Coin (BNB) is steadily reaching the $405.60 mark on the daily chart. If the purchasing trade volume grows and the bulls manage to overcome the barrier, there is a potential that the price will continue to rise to the zone of maximum liquidity, which is approximately $500.

At the time of writing, BNB was trading at $384.7.

ADA/USD

Cardano (ADA) has outperformed BNB, increasing by 4 percent.

Despite today’s increase, the Cardano (ADA) price is still in the middle of the channel, between $0.917 support and $1.155 resistance. Currently, neither bulls nor bears are ruling the market, which implies that the highlighted levels must be monitored. If the current trend continues, there is a chance that the critical region around $1.20 may be tested shortly.

At the time of writing, ADA was trading at $1.068.

SOL/USD

Solana (SOL) is the list’s largest gainer today, with a 17.44 percent increase in the previous 24 hours.

Solana (SOL) has broken through the resistance level of $104.82 and is attempting to establish a new high above it. Increased trade volume is supporting the expansion, implying that there is potential for additional growth.

However, if the bulls falter, the market may revert to sideways trading.

At the time of writing, SOL was trading at $106.64.

AVAX/USD

Avalanche (AVAX) is no exception, increasing by 6.21 percent.

In terms of technical analysis, AVAX is approaching the resistance level of $76.57 against a dropping trading volume. If a breakout occurs, there is a good possibility that the bullish trend will reverse soon. Such a situation is valid till the middle of February.

At the time of writing, AVAX was trading at $70.74.

--

--

Mr. Plan ₿

Passionate about personal development and crypto/stocks investments, I share valuable insights for your success . For collaborations vremaroiua.medium@gmail.com