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Recent developments in the cryptocurrency market have caused a decline in many altcoins, including Bitcoin. Many expert analysts expect new record attempts for Bitcoin in the long term. So, what is expected for popular altcoin projects BNB, SOL, and XRP during this period? Let’s examine together.
BNB Chart Analysis
The bulls have kept BNB above the moving averages for the past few days, but they have not managed to pull the price to the general resistance of $635. The first sign of weakness will be a break and close below the uptrend line. In such a case, the rising triangle formation will be rejected, and the BNB/USDT pair could fall to $536 first, then to $495.
Contrary to this assumption, if the price rises from the moving averages and surpasses $635, the bullish scenario will be completed. The pair could then reach $692 and subsequently the pattern target of $775.
Solana Chart Analysis
The bulls managed to keep Solana above the breakout level of $162 but failed to initiate a strong recovery. Inability to move higher will encourage the bears to pull the price below $162. If they succeed, the SOL/USDT pair could fall to $140 and then to the critical support near $116.
Alternatively, if the price rises from the current level, the SOL/USDT pair could reach $189. The bears will try to stop the relief rally at $189, but this level is likely to be surpassed. The pair could then reach the tough barrier of $205.
XRP Chart Analysis
XRP has been holding onto the moving averages for the past few days, indicating that investors are not making aggressive buy or sell moves. If the price falls and stays below the moving averages, the XRP/USDT pair could slide to the support line.
If the price strongly rebounds from the support line, the bulls will make another attempt to push the pair above $0.57. If successful, the rising triangle formation will be completed. On the other hand, a break and close below the support line will invalidate the triangle and open the door to a drop to the critical support of $0.46.
