The altcoin market witnessed intense growth in January following Donald Trump’s return to the White House. In January, the Official Trump meme coin gained significant spotlight as it recorded multiple ATHs in a few hours. As a result, January was a rocky month for the market. Several cryptocurrencies reached record highs only to drop significantly shortly after. Despite these ups and downs, some cryptocurrencies have bounced back and are now close to important price levels. This could mean they might reach new highs in February.
Cryptos are Historically Bullish in February
Cryptocurrency prices could do well in February based on past trends. Historically, Bitcoin and Ethereum usually increase in value during this month. Historical data suggests that Bitcoin and other cryptocurrencies usually see a price increase in February.
According to CoinGlass, Bitcoin’s price has only dropped twice since 2013 and it surged by 43.5% last February. Ethereum has also only seen one decrease in February since 2017. Last February, it recorded a gain over 46%.
Binance Coin (BNB) Price Analysis
The price of Binance Coin (BNB) has been slowly climbing and is trying to maintain a level above $680. However, sellers are still in control, blocking any significant rise past the initial 23.6% Fibonacci retracement level. Currently, BNB price is at $677, dropping over 0.7% in the last 24 hours.
The BNB/USDT trading pair is aiming for $680 and could potentially surpass the 23.6% Fibonacci level. With the Relative Strength Index (RSI) at 51, slightly above neutral, there’s a possibility of sustained interest in buying BNB.
If the price surges above $700, we might see a bullish trend in February.
Jito Price Analysis
Jito’s price moved back above a key level, indicating that buyers were stepping in at lower prices. Though Jito’s price touched $3.5, it failed to maintain buyers’ demand. As of writing, JTO price trades at $3.37, declining over 0.8% in the last 24 hours.
This bearish momentum might continue in the first week of February. There’s a bit of resistance at the 50-day average price of $3.63, but it looks like it might be surpassed soon. The JTO/USDT trading pair could potentially climb to $4.3 and then even higher to $5.6.
Ondo Price Analysis
Ondo price managed to hold its value at the 20-day average price of $1.5, but it’s proving tough for buyers to push the price up. As of writing, ONDO price trades at $1.48, declining over 6.8% in the last 24 hours.
Sellers are aiming to lower the price and keep it below the trend line at $1.3. If they succeed, the ONDO/USDT trading pair could drop to the 50-day average price of $1.1. Buyers are likely to step in at that point to hold the line, as a drop below the 50-day average could send the price down to $0.9.
However, if the price can rise and close above $1.65, this bearish outlook would be proven wrong. The pair could then potentially rise to a new ATH in the coming days.
