In the last week, the altcoin market has been attempting to recover the resistance level it achieved in October while Bitcoin tried to climb past the $36,000 mark. However, Bitcoin’s inability to sustain an upward momentum led to a downturn in the altcoin market. Nevertheless, investors were quick to capitalize on the price declines of prominent altcoins. As a result, it’s expected that the values of top altcoins such as Binance Coin, Solana, and Arbitrum will experience an upswing in the coming week.
Bitcoin’s Continuous Rejection Pushes Altcoins
Despite the flow of investment into the altcoin market following Bitcoin’s setbacks, the altcoin season index still lags far from its peak. Consequently, Short-Term Holders (STHs) are seizing each market move as a chance to profit.
At present, the altcoin season index remains close to its lowest point, failing to trade with the Bitcoin season index’s performance. This pattern indicates a divided market response, with traders offloading their Bitcoin in response to declines to purchase altcoins at lower prices.
Binance Coin (BNB) Price Analysis
BNB rebounded from the $225 breakout point recently, showing that bulls are aggressively protecting this level. As a result, BNB’s price is now in high buying demand.
Though buyers are attempting a push beyond the $235 resistance mark, bears continue to defend the surging buying pressure. This movement hints that the BNB price might consolidate within the $225 to $235 range for a while.
With the 20-day EMA climbing and the RSI level surging exponentially, indicators point to an easier rise than a fall in price. Should the bulls send the price past $235, we could see a climb to $248 and possibly up to $261. However, if the bears manage to pull the price down and keep it below $225, the trend could tilt in their favor.
Solana (SOL) Price Analysis
Solana’s price has been pumping hard over the last few days as buyers defend dips. However, Solana faces bearish pressure in surging above $46, creating a consolidation near a bullish region.
Solana’s rebound from $38 faces turmoil to hold the peak levels, implying that each price surge is facing sell-offs. Bears might capitalize on this momentum to push the SOL price below the $38 threshold.
A successful push below $38 could trigger a slide towards the 100-day EMA at $33, signaling a potential short-term reversal of the uptrend and possibly leading to a period of consolidation.
To retain control, bulls must uphold the support at $38. A surge above $48 will send the price to test its resistance at $59 next week.
Arbitrum (ARB) Price Analysis
ARB price is struggling to pass the immediate resistance of $1.08, but the bulls are holding their ground. They are aiming to surge above 23.6% Fib, and if successful, we may see a climb towards $1.2 and potentially $1.36. The bullish trend is supported by a rising 20-day EMA and an overbought RSI.
Conversely, bears need to push the price under EMA20 to gain the upper hand, which could lead to a fall towards $0.85.
Credit: Source link