Cryptocurrency Price Prediction For February 5: ETH, ADA, LUNC
Release: 2024/02/05 19:44 Reading: 814
Cryptocurrency Price Prediction: Over the past week, the cryptocurrency market has experienced significant volatility, moving in a sideways pattern. This phase of consolidation has been prevalent across most major cryptocurrencies, casting a shadow of uncertainty over market participants.
Yet, @rektcapital, a crypto trader/analyst sheds light on this pattern as a precursor to a more significant event. According to recent insights, Bitcoin is about to conclude its last week in the “Pre-Halving Downside” phase, characterized by its orange phase. This marks the beginning of an exciting transition into the “Pre-Halving Rally” phase, highlighted in light blue.
Tomorrow, Bitcoin will begin its last week in the "Pre-Halving Downside" phase (orange) before transitioning in to the "Pre-Halving Rally" phase (light blue)$BTC #Crypto #Bitcoin pic.twitter.com/JX2PIfpxp0
— Rekt Capital (@rektcapital) February 4, 2024
For bullish traders, this period represents a strategic opportunity to accumulate their favorite at lower prices, in anticipation of a market rebound
Key Levels to Focus on the Ethereum (ETH) Price Chart
Amid ongoing fluctuations within the cryptocurrency market, the Ethereum price has demonstrated notable stability, maintaining a position above $2250. This resilience is attributed to the formation of new higher lows, which have effectively supported the asset’s value on an elevated platform.
As of the latest updates, Ether is trading at $2326, marking a 1.6% increase within the day. Should the broader market regain its momentum, ETH is poised to challenge significant resistance levels at $2390 and $2441.
Overcoming these barriers could provide a crucial foundation for buyers, potentially catalyzing an 11% surge toward the $2700 mark.
In the past three weeks, nearly 510,000 $ETH have been withdrawn from known #crypto exchange wallets, totaling a value of approximately $1.22 billion!
This significant outflow indicates a strong #Ethereum holder sentiment and potentially less selling pressure in the market. pic.twitter.com/6QOFSed1QN
— Ali (@ali_charts) February 4, 2024
As per a recent analysis highlighted by @alichart, the Ethereum market has experienced a remarkable trend in the past three weeks, with nearly 510,000 $ETH, equivalent to approximately $1.22 billion, being withdrawn from known cryptocurrency exchange wallets.
This significant movement of funds signals a strong holder sentiment within the Ethereum community, suggesting that many investors are opting to hold onto their assets, potentially leading to reduced selling pressure in the market
Why Cardano (ADA) Price Poised for Massive Rally?
Over the past two months, the Cardano (ADA) price has been experiencing a corrective phase, with its price declining from $0.677 to $0.504. This 25% reduction in price has not deterred investors; instead, it has presented an opportunity for buyers to revitalize the previously waning bullish momentum, as indicated by the formation of a pennant pattern.
This pattern suggests a forthcoming breakout, given the converging trendlines that hint at ADA’s price gearing up for a significant move. With a 2% increase on the day, the coin price is challenging the pattern’s upper trendline, potentially initiating a new breakout rally.
A daily candle close above this critical resistance could amplify the bullish momentum, paving the way for Cardano to achieve targets of $0.54, $0.62, and eventually, $0.672.
Renewed Recovery Sets Terra Classic (LUNC) Price 20% Surge Ahead
In the midst of the prevailing consolidation within the cryptocurrency market, Terra Classic (LUNC) price has notably formed a bullish reversal pattern known as a Double Bottom at $0.00009 support. This pattern led to a significant breakout above the $0.0001 neckline resistance on February 3rd, signaling a strong upward momentum.
Following a recent retest candle to showcase price sustainability above the psychological level, the LUNC price is 7% today, offering a suitable follow-up to the bullish rally.
If the buying pressure continues, there’s a potential for LUNC to escalate by another 20%, aiming for a significant resistance level at $0.0001371. Nevertheless, for a more solid affirmation of a trend reversal, the price must breach the 50% retracement level of the current correction, situated at $0.0001875.
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