Crypto price analysis Feb-3: ETH, XRP, ADA, Matic and FTM
Crypto price analysis Feb-3: ETH, XRP, ADA, Matic and FTM
This week we take a closer look at Ethereum, Ripplecardano, Polygon and Fantom.
Ethereum (ETH)
Ethereum, the second largest cryptocurrency, continued to consolidate this week. The price recorded only an increase of 2.9 %. This is because ETH is stuck in a channel between $ 1,670 and $ 1,550.
All attempts to break these levels have been rejected in the past two weeks. While some old coins posted double -digit profits (see Fantom below), Ethereum seems to take a break. This could also be due to the fact that money rotates between different old coins.
With a view to the future, ETH will eventually break out of this range, and that will indicate the tone where the price will go next. The current tendency is neutral, and the indicators also give mixed signals.
Diagram of Tradingview
ripple (XRP)
ripple lost his interest bully momentum and could not push up last week. For this reason, the course is on a similar stand as seven days ago. Nevertheless, the XRP bulls defended support at 40 cents and could later try another rally.
The resistance is 44 cents, and with the upcoming weekend (marked by lower volume), it is unlikely that this level will be tested. At best, XRP could continue to consolidate above the important support.
With a view to the future, it is more likely that cryptocurrency will move further sideways. If the overall market stays bullish, we could finally see how XRP tries another rally towards 44 cents.
Diagram by Tradingview
cardano (ada)
Cardano managed to slowly move up and record a price increase of 5.8 % last week. Buyers demanded the 39 cent level as support, but this remains susceptible to a possible sale. If you stay here, the next important resistance levels will be found at 42 and 44 cents.
A great concern for ada holder is the fact that the daily indicators such as RSI and MACD both signal a declining divergence than the price rose. This shows that the bullish momentum becomes weaker and bears could return to bears at any time.
With a view to the future, this cryptocurrency has developed excellently since the beginning of the year, and a short -term withdrawal has not been excluded. If this is the case, the next support levels are less than 39 cents at $ 0.36 and $ 0.34
Vigoreck (Matic)
polygon had another excellent week and rose 8 %. The price reached almost $ 1.3, which is currently a critical resistance. The support is $ 1, and as long as Matic lasts above this level, the tendency will remain bullish.
However, buyers must be careful because this last advance has led to a bearish divergence among the RSI and MACD indicators. When the volume goes back, a new test of key support becomes more likely.When Matic broke over $ 1 last time, buyers failed to keep the price above this important psychological level. Otherwise there would probably be another decline.
fantom (ftm)
Fantom is the top performer this week and records an increase of 27 %. This impressive relaxation goes back to the resuscitation of defi tokens. Since the beginning of the year, FTM has managed to quickly triple and move from 20 cents to 60 cents.
The current support is 50 cents, and if the householders maintain the pressure, FTM has a good chance of continuing its current rally towards 70 cents, where the sellers could return (key resistance).
With a view to the future, the price movement indicates that Fantom has probably found a floor. With a significantly higher high, the course has finally ended the declining downward trend and forms an excellent basis for a higher rating in the coming weeks.
The article Crypto Price Analysis Feb-3: ETH, XRP, ADA, Matic and FTM first appeared on Cryptopotato.
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