Those who missed the attractive low prices of altcoins in 2023 are experiencing an interesting déjà vu this week. Many altcoins were at today’s prices when BTC was hovering around the $40,000 threshold. Numerous cryptocurrencies saw new lows in BTC pairs. So, will the recovery start now?
BNB Coin Analysis
The real rally for altcoins is seen after the dips in the BTC pair. However, investors are worried due to BTC’s potential for deeper dips. Investors, driven to sell by poor US data, feared larger losses. The upwardly revised interest rate detail from the Fed meeting also increased fear. When the decline had just begun, we mentioned that the BNB Coin price could drop from $700 to $635 and $585.
After the new ATH, BNB Coin seems to linger between the key resistance of $560 and $635 due to recent sales. If $560 is lost, there is a risk of intensified sales towards $536 and $495.
For those expecting continued losses in BTC price, these could be attractive entry points. However, a surprise turnaround next week might make those who didn’t evaluate current prices regretful. Of course, it’s impossible to foresee the future.
SOL Coin Analysis
Bears turned support into resistance, now aiming to trigger a drop to the strong support of $116 with closes below $128 in SOL Coin. In a possible recovery, the point that will encourage investors is the $148 level, which corresponds to the 20-day EMA. Closes above this could lead to attempts at $176 and $188 again.
XRP Coin Price Analysis
XRP Coin, which hasn’t risen, also didn’t see massive losses during the decline. This shallow volatility seems to be the bulls’ only chance. The 20-day EMA here corresponds to $0.5. Closes above this could trigger a new move to the SMA50 at $0.57. In the other scenario, we might see $0.46 and $0.41 tested again.
Dogecoin (DOGE) Price Analysis
Dogecoin bulls, who are fighting hard to maintain the $0.12 support, couldn’t start a recovery from here. Because BTC price continues to weaken. The EMA20, which has fallen to $0.14, and the RSI, which is hinting at the oversold region, indicate that bears are in control. This also shows the risk of $0.08 in closes below the support.
