Top Trending Coins for Today, February 12: BTC, ETH, BNB, ADA and MATIC
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Following last week’s brief dip in some cryptocurrency markets, we noticed a slight bullish price recovery in this week’s market. The price of the markets rallied, leading to a struggle between bulls and bears at the various key resistance price levels.
Bitcoin (BTC)
The struggle at the $24,000 resistance price level has lasted for almost half a month. The bullish price has tested the resistance level continuously since January 21 but ended up being cut short at the bearish resistance. On February 9, the bears push the price significantly, but this strong move from the supply zone was stopped at the $21,704 support level. From this same support level, comes a strong bullish move that has now finally broken the difficult resistance level. The bull market still has the possibility for advancement as the momentum of the market, according to the Relative Strength Index, is measured at 65.
Current Price: $24,813
Market Capitalization: $474,202,069,401
Trading Volume: $35,212,365,316
Ethereum (ETH)
The resistance level at around the $1668 price level has been holding since January 20. Due to solid resistance and bullish activities, the market could not find a clear direction. The price has been ranging sideways around this major price level since early February. The Moving Average Convergence and Divergence (MACD), however, reveals that the bulls are bouncing back. With $1496 as support, the price charges at the key resistance. But, once again, the bulls need to deal with the same key resistance, and the candlestick representing today’s trading session reflects a very significant faceoff between the two major market forces, resulting in indecision.
Current Price: $1,695
Market Capitalization: $207,429,525,000
Trading Volume: $8,380,816,175
Binance Coin (BNB)
The general market outlook for the Binance coin for this week has been a weekly trading session with no clear direction. The price channel has been ranging sideways since the bullish price faced rejection at the $334 price level. A strong bullish move brought the market below the $300 price zone. The bulls gather around this same area to salvage the price and stage a price recovery attempt. But so far, they were just able to bring the price to the point of equilibrium, as the Relative Strength Index (RSI) line measures momentum at 53. For now, the BNB price on the market remains at $315.
Current Price: $316
Market Capitalization: $49,994,606,725
Trading Volume: $638,117,700
Cardano (ADA)
The Cardano market is finally breaking through the $0.4 price level. The bulls have struggled around this level for quite a while. The ADA bulls regrouped at around $0.353 forming the basis for the move that finally captured the $0.4 price level. However, it seems like the bears have not gone too far as the supply zone responded to the bull market on the 15th of February. The bears recovered the bullish price, and as a result, they brought the market to a higher support of $0.386. this formed the basis for the move that restored the market into the $0.40 and $0.45 zones. What the bull market needs now is solid support above the $0.4 price level to keep the bullish trend going.
Current Price: $0.401
Market Capitalization: $138,888,880,000
Trading Volume: $34,642,485
Polygon (MATIC)
In contrast to every other crypto market this week, the Polygon market has experienced a very progressive bullish market. So far in the market since the beginning of the year, the bulls have had to do minimal battle at each resistance level they encounter along their way to the upside. They faced another such resistance in the middle of last week, which led them to form strong support at the $1.2 price level. From here, the price skyrockets, breaking the $1.5 price level. At the moment, the bulls are reaching out for the $1.6 price level. The force behind Polygon’s bull market is very strong. And because of this, it is very likely the market will continue to go in a bullish direction despite the fact that price volatility is increasing.
Current Price: $1.52
Market Capitalization: $13,314,024,988
Trading Volume: $1,082,051,277
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