Market Analysis as of 23.02.2024


he cryptocurrency market has entered a phase of consolidation following the rapid growth observed in the previous week, with its total capitalization hovering around $1.96 trillion.
In the span of seven days, Bitcoin experienced a 2% decline, Ethereum saw an increase of approximately 5%, while Litecoin and Ripple each incurred losses of around 2%.

Technical Analysis


Bitcoin struggled to surpass the resistance level within the range between 49,264 and 52,880 and retreated from it. That being said, it still has significant room to move toward support at 49,264. An alternative scenario for potential growth would involve consolidation above 52,880, followed by movement towards 57,686.



Ripple followed a similar trajectory, declining alongside the main cryptocurrency as it retreated from the resistance range between 0.5089 and 0.5865. Currently, the pair still has room to move toward support at 0.5089.



In contrast, Ethereum exhibited upward movement, surpassing the level of 2927.91 and attempting to consolidate at higher levels. Should this horizontal level maintain support, the next target for upward movement would be 3293.59. Conversely, a potential alternative scenario involves a decline toward support at 2780.86.



DLitecoin mirrored the overall market trend, declining and retracing back to the dotted support at 68.80. A rebound from this level could propel LTC/USD towards recovery, targeting the nearest resistance at 75.60, an upper dotted line. Alternatively, a return to January lows remains a possible scenario.


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