Over the past week, the altcoin market has attempted to regain the resistance level it reached in October. During this period, Bitcoin tried to exceed the $ 36,000 limit, but failed to do so. Bitcoin’s failure to maintain its upward momentum led to a decline in the altcoin market. However, investors were quick to take advantage of the price declines of leading altcoins. Crypto analyst Shayan Chowdhury sets targets for 3 altcoins that he expects to rise next week.
Constant rejection of Bitcoin altcoins back pushing
Despite the influx of investment into the altcoin market following Bitcoin’s decline, the altcoin seasonal index is still far from its peak. As a result, Short-Term Holders (STHs) consider every market movement as a chance to take profits. Currently, the altcoin seasonal index is trending near its lowest point. Additionally, Bitcoin cannot trade with the performance of the seasonal index. This indicates a divided market reaction, with investors dumping their Bitcoins in response to declines to buy tokens at lower prices.
Binance Coin (BNB) is at the top of the list
BNB has recovered from the $225 breakout point in recent days, showing that the bulls are aggressively protecting this level. As a result, the altcoin is currently seeing high buying demand. Even though buyers attempted to move beyond the $235 resistance level, the bears continue to defend the increasing buying pressure. This move indicates that BNB price could consolidate in the $225 to $235 range for a while.
With the 20-day EMA climbing and the RSI level increasing exponentially, indicators point to an easier rise rather than a price decline. If the bulls break the price above $235, a rally to $248 and possibly $261 is possible. However, if the bears manage to push the BNB price down and keep it below $225, the trend turns in their favor.
Popular altcoin Solana (LEFT) is also on the list
Solana’s price has been rising sharply over the past few days as buyers defend the declines. However, Solana is facing bearish pressure as it climbs above $46. Additionally, it creates a consolidation near the bullish zone. Solana’s recovery from $38 faces turmoil to maintain tops. This shows that every price increase is met with sales. The bears could take advantage of this momentum to push the SOL price below the $38 threshold.
A successful break below $38 could trigger a decline towards the 100-day EMA from $33, indicating that the uptrend could reverse in the short term. This would likely lead to a period of consolidation. To retain control, the bulls need SOL price to protect the $38 support. A rise in the altcoin price above $48 will lead it to test the resistance at $59 next week.
The analyst takes a final look at Arbitrum (ARB)
ARB price is having difficulty clearing the nearest resistance at $1.08. But the bulls hold their ground. They aim to break above the 23.6% Fib. If they are successful, it is possible that we will see a rise towards $1.2 and potentially $1.36. The uptrend is supported by the rising 20-day EMA and the overbought RSI.
Conversely, the bears need to push the ARB price below the EMA20 to gain the upper hand. It is possible that this could lead to a decline in the altcoin price towards $0.85.
The predictions in the article belong to the analyst and are definitely not investment advice. cryptokoin.com As, we strongly recommend that you do your own research before investing.
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