The week before saw a downturn in the altcoin market, with the top altcoins experiencing significant declines after failing to maintain higher levels. Despite the initial bullish sentiment and buying opportunities that Ripple’s victory brought, it appears that the majority of traders have now turned towards bearish positions. As a result, prominent altcoins including Ripple’s XRP, Binance Coin (BNB), and Litecoin (LTC) are headed for a make-or-break moment next week.
Here’s what Altcoin traders can expect next week
Over the past week, the crypto market has seen extreme swings, with prices soaring to unexpected highs before falling to worrying lows within hours. Moreover, Bitcoin could not sustain the optimism of the bullish investors as its price fell sharply below the psychological threshold of $30,000. However, if Bitcoin continues to hover below $30.5K in the coming week, a significant shift is expected. This could prompt investors to refocus their investments on altcoins, potentially driving up their prices.
Ripple (XRP) price analysis
Bullish investors managed to push XRP past the key resistance level at USD 0.85, but failed to maintain this momentum.
This situation tempted short-term bulls to cash in their gains, while aggressive bears started opening short positions. The bears will aim to drag the price towards the 50-day EMA support level of $0.74.
If the price bounces back from this level, the XRP price may continue to fluctuate within the $0.75 to $0.85 range for a while.
A successful break and close above $0.85 could pave the way for a possible retest of $0.93. Conversely, a drop below $0.74 could push the price down to $0.55.
Binance Coin (BNB) Price Analysis.
BNB remains within the boundaries of the symmetrical triangle pattern, indicating a state of uncertainty between bullish and bearish traders.
The symmetrical triangle is generally viewed as a continuation pattern, but there are instances when it can act as a breakout pattern. The relatively flat 20-day EMA and the Relative Strength Index (RSI) hovering around the midpoint offer neither the bulls nor the bears an advantage.
If the buyers manage to push the price above the triangle, the BNB price could rise towards the next resistance at $285. This resistance level is crucial to keep an eye on as crossing it could pave the way for a potential surge towards $300.
If the bears want to take control, they must pull the price below the triangle and maintain it. If the USD 235 support level collapses, selling pressure could increase towards USD 220.
Litecoin (LTC) Price Analysis
Litecoin’s price fluctuates within moving averages, indicating market uncertainty. Despite attempts by buyers to push the price above the 100-day EMA, sellers have resisted, aiming to establish this as a resistance level.
If the LTC price falls below the crucial support at $89, selling pressure could increase, potentially pushing the LTC price down to $81. However, if the price breaks above USD 96, a relief rally up to USD 106 could occur.