Many of the major cryptocurrencies are losing more ground, fearing a higher rate hike by the Fed in November. According to crypto analyst Brian Bollinger, uncertainty is driving the depreciation of Tier-1 blockchain tokens like AVAX. Crypto analyst John Isige says the decline in Binance Coin (BNB) is unstoppable after bearing the weight of a $100 million hack. For Ripple (XRP), the analyst warns, “Lock the gains before it’s too late”. Analysts, we have compiled their forecasts and analyzes for our readers.
SOL, ADA, AVAX and DOT analysis
Left (LEFT)
Solana has been swinging in a narrow range between $35 and $30 for about a month. Also, the price has been retested many times. Both barriers show that market participants are not committed to choosing a particular side. Solana is changing hands at $32.57, down 1% intraday. Interested traders should avoid entering this no-trade zone. An exit from either level will make a directional rally on the respective side.
Cardano(ADA)
ADA is currently responding to a descending triangle pattern on its daily time chart. If a daily candle closes below the $0.416 neckline support, this bearish pattern should increase the selling momentum. Amid continued selling in the crypto market, ADA has dropped to the neckline support, where it is currently trading at $0.416. Cardano posted an intraday loss of 1.65% and tried to recover from the bottom. Doing so will keep prices in a bearish effect for a few more sessions.
Avalanche (AVAX)
AVAX is actively responding to a descending trendline. Also, the horizontal support at $16.5 reveals the formation of a descending triangle pattern. AVAX is currently trading at $16.63 with an intraday loss of 1.54%. However, it is possible that this bearish pattern could push prices down 11.8% to reach the $11.5 bottom support in June. Conversely, a bullish breakout from overheads will undermine the bearish thesis. Thus, it will push prices above $18.
Polkadot (DOT)
The DOT witnessed a textbook range-bound move between the $6.58 and $6 barriers. A 2.31% red bearish candle has bounced back from the $6.85 resistance today. The DOT is currently trading at $6.33. It is possible that this development could push the price down 3.4% to reach the $6 support. However, an exit from range hurdles is likely to initiate a directional rally for DOT.
“BNB will continue to decline”
An ascending wedge pattern has formed on the 12-hour chart as Binance Coin rallied to $299. BNB needed a little push above $300 to activate the next recovery phase at $400. However, the negative market forces did not stop beating the token enough to trigger a break below the rising wedge.
Rising wedges indicate a downtrend. Also, they are usually continuation patterns. In other words, the previous trend of the asset tends to continue to break. Traders always wait for the price to drop below the ascending trendline before activating sell orders.
BNB is already halfway through its 6.90% breakout target. Here it represents the distance between the widest points of the wedge estimated downstream from the breaking point. The $268 zone will come in handy and prevent investors from taking further losses. However, if the pressure comes, market participants will have to get used to the BNB price. It is likely to eventually revisit the September demand area at $258.
“It is possible for XRP to give up its gains”
cryptocoin.comAs you follow, Ripple (XRP) has outperformed its peers in the last few weeks despite the prevailing bear market conditions. XRP’s massive move from $0.3127 to $0.5477 is due to an improved investor sentiment amid Ripple’s recent small gains against the SEC. The judge recently rejected the regulator’s move not to disclose the content of the now-popular William Hinman’s (former SEC official) speech. Legal experts say that with the judge’s refusal, Ripple is close to winning the case. This is a situation that can push the XRP price to higher levels.
Meanwhile, XRP price is on the verge of confirming a bearish trend correction from an ascending wedge pattern, as seen in the four-hour chart below. Rising wedges come into play when an asset’s price makes a large swing northward but slows down to allow for consolidation. It is worth noting that XRP is trading marginally above the support of the model. However, short sellers will have to wait for the price to close or open four hours below the ascending trendline before activating their orders.
The MACD (Moving Average Convergence Divergence) confirms the incoming bearish trend in XRP price. The index is sliding towards the average line (0.00). In this environment, it is possible for sell orders to increase, thus creating general pressure. If the wedge is confirmed, XRP price will drop 8.24% to $0.4757 before another rally.
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