Cryptocurrency Price Analysis: The cryptocurrency market picked up aggressive bullish momentum from the second week of February. The leading digital assets Bitcoin ($47876) and Ethereum ($2519) show a weekly growth of 13% and 11.5% respectively.
As Bitcoin approaches a crucial push towards the $50,000 mark at the end of the week, the crypto community is buzzing with anticipation, especially with the Bitcoin halving event just 10 weeks away. According to recent insights from crypto analytics firm Santiment, an impressive 90.5% of all Bitcoin (BTC) coins are currently profitable, reflecting the price at which they were first acquired. This level of profitability surpasses that of other major cryptocurrencies, with Ethereum (ETH) and Ripple (XRP) seeing 84.7% and 79.9% of their coins in profit, respectively.
With the majority of holders in profit, the crypto market is less likely to see panic selling and more acquisition of buyers.
Amidst the current recovery trend, potential traders can find new entry opportunities at Ethereum (ETH), Chainlink (LINK) and BEAM.
Also Read: Crypto Headlines of The Week: Bitcoin, Solana, & Shiba Inu Fuels Distractions
Will the price of Ethereum (ETH) exceed $2700 in the coming week?
During the recent boom in the cryptocurrency market, Ethereum, ranked second in market capitalization, saw a significant rise. The price rose from $2270 to $2525 over a week, representing a gain of around 11%. This upward move successfully breached the ascending triangle pattern’s neckline resistance and effectively recovered 50% of the losses from the previous correction phase.
If the current buying momentum continues, the Ethereum price is poised to rise by an additional 7.4%, potentially testing the $2700 resistance level.
This week witnessed a significant shift in the Ethereum market, with over $1 billion in ETH moving out of centralized exchanges. A significant portion of this capital was diverted to EigenLayer, which recorded a remarkable $3 billion in deposits after its deposit limits were temporarily lifted.
This trend highlights the growing preference for decentralized finance (DeFi) platforms and underscores EigenLayer’s increasing prominence within the crypto ecosystem. The move reflects a strategic shift by investors to platforms that offer greater control and innovative investment opportunities.
Also Read: Bitcoin ETF Records Huge Net Inflow of $542 Million, Experts Reveal What’s Next?
Chainlink price poised to rally higher amid whale rally and technical breakout
In February 2024, Chainlink, the twelfth largest cryptocurrency by market capitalization, showed impressive performance, rising 50.7% from $13.6 to a high of $20.5 in just three weeks. During this rally, LINK’s price formed a bullish pennant pattern, indicating a pause in the uptrend before potentially climbing higher.
On February 10, LINK broke out of this pattern, signaling a continuation of its bullish momentum with a 7.7% rise on the day, paving the way for further gains.
To add to the positive outlook, Intotheblock reported significant activity from Chainlink whales, noting that a particular whale moved 4,556,684 LINK (worth about $83.6 million) from Binance to 55 newly created wallets over the past five days. This accumulation indicates strong confidence among large investors.
Given the bullish pennant breakout and whale accumulation, the Chainlink price may aim for the immediate target of $20.5, with sights on reaching $23 next.
Related articles: Is PYTH the next link in the chain? Here’s why PYTH price could rise to $1
Is BEAM Price Ready To Reach $0.03?
For almost two months, the Beam coin price has seen a steady correction under the influence of a flag pattern in the daily chart. This downfall sent the coin price down from $0.027 to a temporary low of $0.154, registering a loss of 43%.
However, with the renewed recovery in the market, the BEAM price saw a significant inflow and breached the pattern resistance trend line of February 9.
The rally after the breakout saw prices rise 23% in the last 48 hours. If the pattern holds true, the BEAM price should chase the potential target of $0.315.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
UnCirculars – Cutting through the noise, delivering unbiased crypto news
