Crypto Price Prediction For February 9 As Market Rebounds From Uncertainty: ETH, BONK, RUNE
Release: 2024/02/09 21:39 Reading: 450
Crypto Price Prediction: After nearly two weeks of stagnant behavior, the cryptocurrency market resumes a recovery trend, led by the Bitcoin price rally. BTC rose for four consecutive days recording 8.6% as the price surged from $43000 to the current trading price of $43900.
The release of build-up bullish momentum coincides with the increasing inflow of Spot ETFs, indicating the rising demand for the underlying asset BTC. On February 8th, spot Bitcoin ETFs saw their third-largest inflow, amounting to $403 million. Since the launch, the cumulative inflow into spot Bitcoin ETFs has surpassed $2.1 billion.
? #Crypto markets are recovering well after the post-#ETF drop 4 weeks ago. #Bitcoin, in particular, has completed its comeback, reaching $46.3K for the first time since January 11th. $BTC social volume is rising, while the crowd shows less interest in $ETH, $DOGE, and $XMR. pic.twitter.com/rcaxdBwCfX
— Santiment (@santimentfeed) February 9, 2024
Recent data from Santiment reveals a strong recovery in the crypto markets, particularly with Bitcoin, which climbed to $46,300, its highest since the Bitcoin ETFs launch on January 11. This recovery is accompanied by a spike in Bitcoin’s social volume, contrasting with lesser attention towards ETH, DOGE, and XMR
Ethereum (ETH) Price on Recovery Trend Eyes $2700
Amid the recent consolidation in the crypto market, the Ethereum price resonated between a rising trendline and horizontal resistance of $2400. This consolidation in the 4-hour time frame chart represented a bullish contention pattern called an ascending translate pattern.
The broader market witnessed renewed buying interest, the ETH price breached the $2400 neckline resistance bolstering buyers with suitable support for a higher rally. In the last five days, the coin price surged 5% to currently trade at $2515. The buyers reclaiming 50% of the last correction reflects the higher conviction from buyers which could lead to a rally back to $2700.
Additionally, Christine Kim, a leading developer for Ethereum’s Dencun upgrade, announced on the X platform (previously known as Twitter) that the Dencun mainnet activation is slated for March 13th.
ThorChain(RUNE) Price Hints Continuation of Recovery Trend
Over the past two months, the Thorchain (RUNE) price witnessed a steady correction which plunged its value from $7.3 to $3.75. While this aggressive downfall plunged the coin to a 61.8% Fibonacci retracement level, it developed a bullish continuation pattern called a flag.
Amid the recent market rebound, the RUNE price surged 43% within three weeks to currently trade at $5.36. Amid this bounce back the price gave a bullish breakout from the flag pattern signaling the resumption of the recovery trend. Today, the RUNE price surged 11.76% and triggered a short liquidation of $388.6K.
With Sustained buying, the altcoin should rise 35.65 to hit back $7.3 mark.
Has BONK Price Correction Bottomed At $0.0000095?
BONK, the Solana-based meme cryptocurrency is managing to hold its position above the $0.0000095 support. In the last six weeks, the coin price has showcased three reversals from this support region indicating the active accumulation from buyers.
Moreover, the BONK price uses the aforementioned level as base support to develop a double bottom pattern. This bullish reversal pattern hints at bottom formation for BONK and the opportunity for buyers to accumulate this token at a discount.
Current trading at $0.0000167, the coin price should rise 53% only to hit the key resistance of $0.0000178. The anticipated rally could face potential resistance at $0.0000126, followed by $0.00001568.
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