The altcoin market had a drop earlier this week, with top cryptocurrencies seeing significant declines after failing to hold onto higher ranges. Despite the initial euphoric feeling and shopping choices that Ripple’s triumph had introduced, it appears that practically all merchants have now shifted in favour of bearish viewpoints. As a result, notable altcoins like Litecoin (LTC), Binance Coin (BNB), and Ripple’s XRP are headed for a decisive second the following week.
Here’s What Altcoin Merchants Can Expect the Following Week
The cryptocurrency market experienced extreme oscillations the previous week, with prices hovering at startling highs only to plunge to upsetting lows in a matter of hours. Furthermore, Bitcoin’s value suddenly dropped below the psychological $30K mark, making it difficult for it to keep the confidence of enthusiastic buyers. But a significant change is likely if Bitcoin stays below the $30.5K level over the next week. This could prompt investors to switch their money over to altcoins, undoubtedly increasing the price of those coins.
Review of the Value of Ripple (XRP)
Bullish purchasers were able to push XRP past the critical resistance level of $0.85 but were unable to maintain this momentum.
As aggressive bears started opening short positions in response to this example, short-term bulls were tempted to cash in on their profits. The 50-day EMA support level at $0.74 will serve as the bears’ target price target.
The XRP price may fluctuate for some time in the $0.75 to $0.85 range if the price bounces back from this point.
A successful break and close above $0.85 may open the door for a potential retest of $0.93. On the other hand, a decline below $0.74 might bring the value down to $0.55.
Evaluation of Binance Coin (BNB) Value
BNB remains contained within the symmetrical triangle pattern, indicating a lack of consensus among bullish and bearish traders.
Although it occasionally acts as a breakout sample, the symmetrical triangle is typically thought of as a continuation sample. Both the bulls and the bears cannot benefit from the relatively flat 20-day EMA and the Relative Energy Index (RSI) that is lingering around the midway.
If the buyers are successful in pushing the price above the triangle, the BNB price may rise to the next barrier at $285. It is important to keep an eye on this resistance level since passing through it could open the door for a potential surge to $300.
The bears would need to pull and maintain the value beneath the triangle in order to seize control. The promoting stress might reach $220 if the $235 assist level collapses.
Value Assessment of Litecoin (LTC)
Because of market uncertainty, the value of Litecoin has been varying within the moving averages. Despite consumer attempts to drive the price over the 100-day EMA, sellers have resisted, hoping to establish this as a resistance level.
Promotional pressure may increase if the LTC value drops below the necessary assist of $89, likely bringing the LTC value down to $81. However, if the value exceeds $96, a reduced rally of up to $106 may occur.
