The previous week saw a downturn in the altcoin market, with top altcoins experiencing significant declines after failing to hold higher levels. Despite the initial bullish sentiment and buying opportunity that Ripple’s victory brought, it seems that the majority of traders have now moved into 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 fluctuations, with prices rising to unexpected highs only to plummet to disturbing lows within hours. Moreover, Bitcoin failed to sustain the optimism of bullish investors as the price fell sharply below the $30,000 psychological threshold. However, if Bitcoin continues to hover below $30.5K in the coming week, a significant shift is expected. This could prompt investors to redirect their investments to altcoins, potentially increasing their prices.
Ripple (XRP) price analysis
Bullish investors managed to push XRP past the key USD 0.85 resistance level, but failed to sustain this momentum.
This situation enticed short-term bulls to cash in their gains, while aggressive bears began to open 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 could continue to fluctuate within the $0.75 to $0.85 range for a while.
A successful break and close above $0.85 could set the stage for a possible retest at $0.93. Conversely, a drop below USD 0.74 might push the price down towards USD 0.55.
Binance Coin (BNB) Price Analysis
BNB remains within the confines of the symmetrical triangle pattern, indicating a state of uncertainty between bullish and bearish traders.
The symmetrical triangle is generally seen as a continuation pattern, but there are instances where it can act as a breakout pattern. The relatively flat 20-day EMA and the Relative Strength Index (RSI) hovering around the midpoint do not favor either the bulls or the bears.
If the buyers manage to push the price above the triangle, the BNB price could rise to the next resistance of $285. This resistance level is crucial to check as crossing it could pave the way for a possible rise to $300.
For the bears to take control, they would have to pull and maintain the price below the triangle. If the $235 support level collapses, selling pressure could increase to $220.
Litecoin (LTC) price analysis
Litecoin price fluctuated within the 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 of $89, selling pressure could build, potentially driving the LTC price down to $81. However, if the price goes above $96, a relief rally of up to $106 could occur.
