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At the time this article was written, the king of cryptocurrencies was running towards $27,400, which is surprising considering we are in the week of the Fed. Considering the increase in open interest and the Binance hearing that will take place in the evening, the sudden drop may not be as surprising as the previous rise. On the other hand, this weekend was remarkable for three cryptocurrencies. So what do the current predictions indicate for these altcoins?
AAVE Coin Review
The price of AAVE fell below a declining resistance line since the end of June 2022. It confirmed in July and its strength was confirmed as it was tested multiple times. Afterwards, with the negativity in the overall market sentiment, the price retreated to a $50 horizontal area.
The resistance line and the $50 area formed a descending triangle, which is considered a bearish formation. At the time of writing, the price can be seen making a choice between the $70 resistance and the $50 support.
BAKE Coin Chart Review
Since June 6, the price has been holding the $0.085 horizontal support. It has not yet seen an upward breakout from this range, but if it succeeds, it can reach $0.155 with a 25% increase from the current price. On the other hand, testing the $0.085 support in the opposite scenario is possible.
BNB Coin Price Prediction
The BNB price formed a double bottom formation between August 21 and September 10. The double bottom is considered a bullish formation. Additionally, this formation was combined with a bullish divergence in the RSI. When a momentum increase accompanies a price drop, a bullish divergence occurs. This is a bullish signal that often leads to significant increases and is compatible with a double bottom formation.
An upward breakout could lead to a 17% increase towards $255. The reaction at this resistance level will depend on the overall market situation, but considering the Binance hearing in the evening, we should not overlook the target in the bearish scenario. If the upward movement fails, the $190 level could be the first support.
