Crypto analyst Filip L says that with unbearable selling pressure, BNB will lose serious value next week. The analyst also expects a 40% drop in the price of an altcoin as the bulls fail to hold the supports. There is also bad news from the analyst for investors of the popular meme coin Dogecoin. Finally, the analyst talks about a price correction for the leading altcoin.
First consolidation, then decline for this altcoin!
Binance Coin (BNB) price marked a consolidation phase this week. So, it is poised to enter the next week for bearish. Buyers and sellers are being pushed towards each other as pressure builds up on both sides. With lower highs and higher lows, a breakout moment is poised to emerge. In this case, it is possible to break the support at the 55-day SMA near $318.
BNB will see this scenario unfold. Because the trend is starting to change. Also, two red candles in the past few weeks have always been followed by sharp selling. This means that after the 55-day SMA is broken, another bearish leg is trading at around $300 with BNB at the 200-day SMA. If it breaks the same 200-day SMA, a quick sell-off towards $257 as a key level is possible.
The 55-day SMA is likely to still support the price action. It’s possible that this too quickly catalyzes a higher jump. In order to do this, it needs to at least break last week’s high. This means that the altcoin price will test its early April peak around $353 and go higher.
It is possible for the Ripple price to drop by 40%!
XRP price is starting to show cracks as the descent has yet to show signs of ending. XRP is printing a green candle this week. However, from a trade management perspective, it doesn’t make sense as it broke the 55-day Simple Moving Average (SMA) to the downside. The bulls entering from below are fully exposed. They are also set up for a bull trap as they do not have a tangible key level or any technical element to hide their stops from being hit.
As such, XRP is seeing quite a few bulls sitting ducks with largely exposed positions that will be stopped once the bears push the price action back below the 55-day SMA. A quick drop towards $0.40 is possible. This means that $0.36 is within reach. Even if it drops to $0.36, panic mode is likely to emerge with heavy selling. This will be the possible Armageddon scenario, with a blade falling towards $0.29.
XRP needs to rise above $0.50 again to confirm a viable and reversible recovery after minor correction. This will signal the markets that the bulls have taken the wheel again and a rejection against $0.50 has been avoided. It will come under pressure for a break higher at $0.55 next week. Also, it is likely to briefly see $0.60 while peaking.
Dogecoin is a hangover mI?
cryptocoin.comAs you follow, the DOGE price rose above $0.1 at the beginning of April. However, it has since continued its decline and has not been able to climb back up since. While we see that for a short time April will be the best performing month, April will be a major month to start a serious decline. Since last week, DOGE has had to abandon the always-important support of the 200-day SMA. There is even a risk of getting a rejection on the upside right now.
DOGE bears 10% of losses with a dip below the monthly pivot. So it is at risk of falling quite significantly next week. In the next week, it is possible for DOGE to suffer 25% loss as the price prepares to drop like a stone. DOGE drops to around $0.56, revisiting last year’s October low. Thus, all profits in its annual performance for 2023 will be gone.
It is possible for the bulls to save the day or week by erasing this rejection currently occurring on the upside. A retracement above the 200-day SMA at $0.84 should be enough to fix the record and put the bulls in pole position for next week. Once DOGE hits $0.10 again, all bearish risk is likely to disappear.
Is a smoothing on the horizon for the leading altcoin?
Ethereum price is causing traders to scratch their heads about what to do next. Because price action is at a crossroads in the middle ground significantly higher or lower. Sunday night’s closing has never been more important in determining what May will bring for Ethereum. If ETH closes below $1,930, the bulls will start to flee. So expect turmoil and about four red candles for May.
The bulls have lost their control over the price movements. Also, they failed to reclaim the ground above $1,930. So, probably ETH will depreciate about 25% during the month. More profit taking will begin and we will first see ETH try to find support around $1,690. When that fails, a broad drop to $1,404 is likely, though not yet a year low.
However, all is not lost if the bulls pull the price up and hold the weekly close above $1,928. From this point, it is possible for the altcoin price to start forming a rally that will become quite significant after breaking the first double top around $2,120. From here, ETH is likely to bounce 10% to $2,280. This means a profitable jump of 20%.
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