BTC, ETH, XRP, ADA and SHIB Price Analysis for February 6

The crypto market is facing one of the biggest dumps in recent times, according to CoinMarketCap.

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has declined by 4.79% over the last 24 hours.

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On the daily chart, the price of BTC has made a false breakout of yesterday’s bar’s low at $62,200. Even if the bar closes far from that mark, the main crypto has not accumulated enough energy for a continued upward move. 

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In this case, sideways trading in the range of $63,000-$70,000 is the most likely scenario.

Bitcoin is trading at $66,305 at press time.

ETH/USD

The rate of ETH has fallen by 6.7% since yesterday.

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From the technical point of view, Ethereum (ETH) is trading similarly to BTC. The rate of the main altcoin is below the psychological mark of $2,000. Until its breakout happens, traders may expect a further decline to the $1,700-$1,800 range.

Ethereum is trading at $1,923 at press time.

XRP/USD

XRP is the exception to the rule, rising by 0.92% over the last day.

Image by TradingView

On the daily time frame, the rate of XRP has bounced off the nearest support at $1.2543. However, buyers might need more time to accumulate energy for further growth. In this regard, sideways trading in the zone of $1.35-$1.50 is the most likely scenario over the next few days.

XRP is trading at $1.3792 at press time.

ADA/USD

The price of Cardano (ADA) has fallen by 3.7%.

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Despite today’s growth, the rate of ADA remains under bears’ pressure. Bulls may start thinking about a possible bounceback only if the rate fixes above the nearest level at $0.2756. Until it happens, traders may expect an ongoing correction.

ADA is trading at $0.2634 at press time.

SHIB/USD

SHIB has kept up with most of the other coins, going down by 4.49%.

Image by TradingView

On the daily chart, the rate of SHIB has made a false breakout of the $0.00000543 level. If the candle closes far from that mark, the bounce back may continue to the $0.00000650 area.

SHIB is trading at $0.00000604 at press time.

Source: https://u.today/btc-eth-xrp-ada-and-shib-price-analysis-for-february-6