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The crypto market has had a rough run in February, attributed to jitters over trade tariffs. US President Donald Trump exacerbated the sour sentiment on Thursday after threatening 25% tariffs on imports from the Eurozone. Despite this, I expect Avalanche, Litecoin and Bitcoin prices to find their way up.
Bitcoin
Bitcoin’s position as the market bellwether is critical in the current FUD market, as it is setting the tempo for the rest of the market. BTC price is at the $85k psychological mark as of this writing, and will need to stay above that level to stand a good chance of mounting a reversal.
Bitcoin price trades below the Volume Weighted Moving Average (VWMA) level and the 20 Simple Moving Average (SMA) indicator crossed below the 50-SMA on the daily chart last week. This trend signals a firm bearish control, which could limit recovery by Bitcoin price.
On the upside, however, Bitcoin’s trading volume was up by 66% as of this writing, with the price up by 0.8% on the daily chart. That signals investors’ willingness to buy at a higher price, which is good for the upside.
Bitcoin Price Prediction
Pivot: The pivot mark is at $84,067 and the upside will prevail if action stays above that level. Otherwise the momentum could shift to the downside.
Resistance: Primary resistance at $85,715. Secondary resistance likely at $86,970.
Support: BTC price will likely find the first support at $83,100. The upside narrative will be invalid below that level. Second support at $82,000.
Litecoin
Litecoin adopted a contrarian trajectory early on Thursday, boosted by news of rising institutional interest. There is growing confidence that the SEC will approve spot Litecoin ETFs in the coming weeks, which could increase its exposure to institutional investors. Meanwhile, Litecoin’s open interest was up by 2.8% over the 24 hours preceding this writing, at a time when the broader market was in the red.
In the last month, Litecoin price has risen by 10% defying the FUD sentiment. For comparison, Bitcoin has declined by 16%, Ethereum is down by 27% while XRP has lost 28% of its value in that period. That has resulted in a relatively strong positive sentiment toward LTC, favouring further gains.
Litecoin Price Prediction
Pivot: The pivot mark is at $123.70 and action above that level will favour the buyers to stay in control. Breaking below that mark will shift the momentum to the downside.
Resistance: Primary resistance at $130.75, second resistance at $136.00.
Support: First support at $120.00. Breaking below that level will invalidate the upside narrative. Second support at $114.20.
Avalanche
Avalanche Foundation has partnered with Rain to launch the Avalanche card, which enables users to pay for good and services at any enterprises accepting Visa cards. Specicifically, the card enables payment using USDC, USDT, Wrapped AVAX (wAVAX), and AVAX.
The Avalanche Card is another significant step towards integrating cryptocurrencies in the mainstream financial payments market, and could increase the utility and demand for AVAX. That said, AVAX price trades marginally above the six-month support level of $20, and a break below that neckline could trigger e bearish sentiment.
Avalanche Price Prediction
Pivot: The pivot mark is at $22.10 and action above that level will favour the buyers to stay in control. Otherwise the momentum could shift to the downside.
Resistance: Primary resistance at $22.80, second resistance at $23.35.
Support: First support at $21.45. The upside narrative will be invalid below that level. Second support at $21.00.
