Crypto Price Analysis Feb-17: ETH, XRP, ADA, MATIC, OKB

Crypto Price Analysis Feb-17: ETH, XRP, ADA, MATIC, OKB

This week we take a closer look at Ethereum, RippleCardano, Polygon and OKB.

Ethereum (ETH)

Ethereum had a great rally last week but failed to break key resistance at $1,660. Nevertheless, the price was able to increase by 7.4%.

The current PA shows that buyers are becoming eager and key resistance is being tested again and again. The more this happens, the more likely it becomes for ETH to break and move higher.

Looking ahead, ETH has good support at $1,550 and the bias turned bullish due to this recent rally. If buyers continue to apply pressure, a quick breakout to higher levels could occur, which would bring this cryptocurrency closer to the key psychological level of $2,000.

Chart from TradingView

Ripple (XRP)

While Ripple also tried to recover but was quickly stopped by bears at the 40 cent resistance. For this reason, the price has only increased by 1.4% over the past seven days.

The trend remains bearish for XRP, and buyers will need to push the price towards a higher high if they want to escape it. So far this seems unlikely and the bears have shown strength at key resistance.

Looking ahead, buyers have defended this cryptocurrency well at the 36 cent support and the price could continue to bounce between key levels in the coming days until a decisive move occurs.

Chart from TradingView

Cardano (ADA)

Unlike XRP, Cardano managed to paint a higher high, gaining 8.5% in the process. This is a bullish signal that gives ADA a good chance to continue rising.

With significant support at 38 and 36 cents, ADA is likely to put a lot of pressure on the current resistance at 42 cents, where the bears appear to be in control so far.

Looking ahead, ADA’s price action is trending upwards. If this continues, Cardano could quickly rise towards 50 cents.

Chart from TradingView

Polygon (MATIC)

Polygon is determined to reach $1.5, which is also a key resistance after a 16.5% rise last week. The current rally remains strong and buyers appear to be in complete control of the price movements.

This latest push higher started when MATIC managed to break above $1.3, which is the current support. However, buyers need to be cautious as this recent move has resulted in a bearish divergence on the RSI and MACD indicators.

Looking ahead, this cryptocurrency could be about to complete a fifth Elliot Wave impulse towards $1.5. Once the key resistance is reached, a correction phase could follow to interrupt this rally.

Chart from TradingView

OKB

OKB's price has been on a non-stop rally for over two months and has seen a 26% increase in the past week alone, making it the best performer on our list.

After the $45 level turned into support, the price of OKB quickly moved higher and it seems possible that at this price it could rise above $50 fairly soon, where bears could try to assert themselves. A likely candidate for this is resistance at $56.

Looking ahead, OKB has entered price discovery after hitting a new all-time high, surpassing that of May 2021 at $44.3. Because of this, this rally may continue for some time until buyers lose momentum.

Chart from TradingView

The post Crypto Price Analysis Feb-17: ETH, XRP, ADA, MATIC, OKB appeared first on CryptoPotato.

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