Bitcoin’s Price Fluctuations Impact Altcoins

While all eyes are on Bitcoin, its price recently surged to $65,000 before dropping back to $60,000, raising significant questions in the market. This decline also caused pullbacks in major altcoins. Let’s take a look at what’s happening with Solana (SOL), Binance Coin (BNB), and XRP.

BNB Price Overview

BNB has been trading in a wide range between $460 and $635 over the past few months, indicating that investors are buying during dips and selling during rallies. Both moving averages have flattened, and the RSI is near its neutral level.

This suggests that the price movement within this range might continue for a while. If the price falls below the moving averages, bears might push BNB towards the $495 to $460 support zone.

Conversely, if bulls gain control, the price could move towards $600 and then $635. The next trend reversal is expected to start with a breakout above $635 or below $460.

Solana Analysis

Solana started declining on August 27, falling below the moving averages, indicating that sellers are gaining strength.

Bulls might initially try to halt the downward movement in the $129 to $136 support zone. If the price bounces from this support, a sell-off at the moving average levels is possible.

If the price drops below $129, the next support level is expected to be around $116. Bulls are likely to defend this level strongly to prevent a deeper decline.

For bulls to regain strength, the price needs to rise above $164 and maintain this level. If defended, the price could climb to $189.

XRP Coin Analysis

Looking at XRP, the price has been finding buyers between $0.64 and $0.54 over the past few days, suggesting that bulls are buying the dips.

Bulls are trying to push the price above the moving averages. If successful, XRP could retest the crucial resistance level at $0.64. Breaking this resistance might lead to a new scenario where the price rises to $0.74.

Conversely, if the price continues to move down from the 20-day EMA ($0.58), bears might push it below $0.54, potentially leading to a decline to $0.46.