Digital currency February 2022: still in correction

The Cryptocurrency Report analyzes and identifies the trends of the top coins in terms of capitalization and is of interest to many investors. The analysis below can be used for both short-term and long-term reference purposes.

BNB – Looking for support

After testing the historical high in May 2021, the BNB price has been steadily falling and has broken the short-term uptrend line (from June 2021). This shows that the situation is very pessimistic.

Currently, BNB is testing support at the 50% Fibonacci retracement level. If this support holds, the BNB digital currency will have a chance to retest the short-term uptrend line. On the contrary, the 61.8% Fibonacci retracement will be the next point of return for BNB.

Also, the presence of the death cross and the fact that the Relative Strength Index remained below the 50 level indicated the complete dominance of the sellers.

Source: TradingView and Binance

DOGE – Is the adventure over?

Since May 2021, the price of the DOGE digital currency has fallen continuously. This shows investors’ pessimism about DOGE’s prospects.

Also, the maintenance of the Death Cross and Relative Strength Index is still hovering below the 50 level, proving that the situation is very pessimistic.

Currently, the $0.05 price zone is DOGE’s last stop. If this zone is breached, it means that DOGE’s “adventure” is over. So this is seen as the last chance for this digital currency.

Source: TradingView and Binance

XRP – Heading towards a key support zone

XRP’s short-term rally will reverse as the price moves to test the long-term uptrend line (as of December 2020). A corrective trend is currently emerging in this currency, even if the Relative Strength Index breaks the support at the short-term downtrend line (from August 2021).

The main price support will be the 0.5-0.6 zone USD. Here is the presence of the July 2021 old bottom and the downtrend line has been surpassed before, so the reliability is quite high.

Source: TradingView & Bitstamp

Zone 0.5-0.6 USD There is also the 78.6% Fibonacci retracement level, so this will be a key support for XRP. The author uses the Fibonacci retracement to measure the uptrend from early January 2021 to the peak in April 2021 to identify key supports if the price corrects.

Source: TradingView & Bitstamp

A fairly positive signal appears on the MACD, which is a bullish divergence. After the formation of this signal, the MACD has accelerated and crossed 0. If this state is maintained, the chances of XRP bottoming out at 0.5-0.6 are quite high.

Source: TradingView & Bitstamp

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