BTC, ETH, XRP, ADA and SHIB Price Analysis for February 6
The crypto market is experiencing significant declines, with Bitcoin (BTC) dropping 4.79% and Ethereum (ETH) falling 6.7%, indicating a bearish trend. XRP is a slight exception, showing a modest increase of 0.92%, but overall, the market sentiment remains negative as traders anticipate further corrections. Sideways trading is expected for BTC and ETH in the coming days, while ADA and SHIB also face downward pressure.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. The crypto market is facing one of the biggest dumps in recent times, according to CoinMarketCap. The rate of Bitcoin (BTC) has declined by 4.79% over the last 24 hours. 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. In this case, sideways trading in the range of $63,000-$70,000 is the most likely scenario. The rate of ETH has fallen by 6.7% since yesterday. 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. XRP is the exception to the rule, rising by 0.92% over the last day. 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. 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. SHIB has kept up with most of the other coins, going down by 4.49%. On the daily chart, the rate of SHI...
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