Crypto Market In Red Puts Altcoins On Correction Mode

Crypto price today Feb 25th: the crypto market continues to witness the after-effects of the recent release of Personal Consumption Expenditures (PCE) index data. The higher-than-expected PCE price index data hints the US Feb could continue to tighten the interest rate hike program, which triggered the ongoing downfall in the market. Nonetheless, here are some of the handpicked coins that traders could consider during this downturn.

BinaryX(BNX)

Source- Tradingview

After its 1:100 split, the BinaryX coin price has been trading sideways for the past three days. However, in the hourly timeframe chart, this consolidation revealed the formation of a famous bullish reversal pattern called the cup and handle pattern.

By the press time, the BNX price traders at the $1.64 mark and is gradually approaching the $1.786 neckline resistance. A bullish breakout from this resistance accelerates the buying pressure and may drive the prices to the $2.3 mark.

Terra Classic(LUNC)

Source- Tradingview

Amid the ongoing uncertainty, the LUNC price continues to hover above the local support zone of $0.00016. The multiple lower price rejection candles at this support indicate the buyers continue to defend this level.

Anyhow, if the daily candle closes below $0.00016 support, the ongoing correction phase will extend to $0.000148.

On a contrary note, if the coin price breaks the overhead resistance of $0.000178, the coin holder will obtain an early sign for uptrend continuation. 

Also Read: What Do You Need To Know About Top NFT Discord Servers?

Conflux(CFX)

Source- Tradingview

The Conflux coin witnessed an explosive rally in the third week of February after the news spread about its partnership with China Telecom. The bull run recorded some 636% gains from the Feb-14st low of $0.05 to the Feb-21st high of $0.3669.

However, the coin price reverted immediately from above mentioned level and tumbled 37% down to the current price of $0.231.

If the selling pressure persists, the Fibonacci retracement level indicates a $0.192 level(0.5FIB), and $0.151(0.618FIB) could act as strong support that may assist buyers in resuming bullish recovery.

Filecoin(FIL)

Source- Tradingview

On February 19th, the Filecoin price turned down from a local resistance of $9.46 and triggered a minor correction phase. The resulting downfall has tumbled the prices by 30.8%, where it revisit the $6.5 support.

Thus, the $6.5 and $5.8 level stand as strong support, which could recuperate the bullish momentum to resume prevailing recovery. Anyhow, the Filecoin price following a bullish pattern called rounding bottom should gradually witness a bullish rally to the $11.4 mark.