Last Monday, the cryptocurrency market saw its biggest crash ever, wiping out over $2 billion worth of investments. Following this, many altcoins fell sharply from their recent highs, leading major investors to buy them up, which could trigger a strong recovery rally. In particular, Berachain, BNB, and Pepe prices might lead the altcoin rally in the coming week.
Bitcoin’s Struggle Below $100K Might Help Altcoins
Bitcoin now controls a larger share of the crypto market than it has in almost four years, with its dominance recently peaking at 64.3% before dropping slightly to 61.6%. As Bitcoin’s price stays relatively stable despite economic instability, investors are starting to wonder if the altcoins will bounce back soon.
Also read: Bitcoin Battles the $100K Barrier: Is the Bull Run Losing Steam?
However, if the dominance of Bitcoin drops slightly in the coming week along with a consolidation below the $100K level, we might see a strong comeback in the altcoin prices.
Berachain (BERA) Price Analysis
The price of Berachain has significantly fallen from its all-time high of $15 due to increased selling at the peak levels. Currently, the BERA price is experiencing strong downward pressure beneath the EMA20 trend line, trading at $6.19—a decline of over 21% in the last 24 hours.
Despite the sharp drop in BERA’s price, there are indications of accumulation. With the altcoin attempting to establish strong support, a strong rebound could occur next week. A rise above $6.6 would provide buyers with the leverage to dominate price trends, potentially pushing the BERA price towards $10 in the coming week.
Conversely, if the price struggles to attract buyer interest at the immediate Fibonacci levels, a further decline could ensue next week, possibly driving the price below $5.
Binance Coin (BNB) Price Analysis
The price of Binance Coin (BNB) has made a solid comeback following the crash as it broke through the $600 mark. Currently, BNB is priced at $613, showing an increase of 5% in the last 24 hours.
BNB price is aiming to reach $620 and it might succeed as the RSI level suggests a strong buying demand. If the price can break above $620, it might climb towards $640-$660.
On the other hand, if it fails to exceed $620, the price could fall back to the $590-$600 support zone for a retest.
Pepe Price Analysis
Despite the overall buying trend in the crypto market, Pepe price failed to gain the required buying momentum. However, Pepe has built a strong support and is currently aiming to break above $0.00001. As of writing, the Pepe price is at $0.00009569, having surged over 2.6% in the last 24 hours.
The PEPE/USDT trading pair remains under $0.00001, showing strong selling pressure from bearish traders. However, the buyers might soon break through the resistance and push the price above the descending trend line. This might send the Pepe price toward $0.000015 level next week.
On the other hand, if the price stays below the EMA20 trend line on the 1-hour chart, sellers could attempt to push it down towards $0.000008.
With the Relative Strength Index (RSI) remaining around 45, there could be a retest of the $0.00001 level.
Credit: Source link