Top Altcoins To Watch Next Week
"Top Altcoins To Watch Next Week: Binance Coin (BNB), Solana (SOL), and Arbitrum (ARB) Prices Hit Resistance"
Over the past week, as Bitcoin attempted to break above the $36,000 barrier, the altcoin market has been trying to reclaim the resistance level it reached in October. However, the altcoin market saw a decline as a result of Bitcoin's incapacity to maintain its upward velocity. But investors pounced quickly on the drops in value of well-known altcoins. Therefore, it's anticipated that in the upcoming week, the values of popular altcoins like Binance Coin, Solana, and Arbitrum will rise.
Altcoins Are Propelled by Bitcoin's Constant Rejection
Even if the altcoin market saw a surge in investment after Bitcoin experienced losses, the altcoin season index is still far behind its top. As a result, Short-Term Holders (STHs) are grabbing the opportunity to benefit from every shift in the market.
Currently, the altcoin season index is still near its lowest point and is not performing in line with the Bitcoin season index. This trend shows a split reaction from the market, with traders selling off their Bitcoin in reaction to drops in the price of altcoins.
Analysis of Binance Coin (BNB) Price
BNB recently recovered from the $225 breakout point, indicating that bulls are tenaciously guarding this level. BNB's price is currently in great demand due to this.
Bears are defending the increasing purchasing pressure even though buyers are trying to push past the $235 barrier level. This pattern suggests that the price of BNB may temporarily settle in the $225–$235 region.
The RSI level is rising exponentially and the 20-day EMA is rising, suggesting an easier rise in price rather than a decline. In the event that the bulls push the price above $235, it may rise to $248 and perhaps $261. On the other hand, the trend may turn in favor of the bears if they are able to keep the price below $225.
Solana (SOL) Cost Evaluation
The past several days have seen a sharp increase in solana's price as investors fight declines. But if Solana breaks over $46, bearish pressure will build, causing a consolidation close to a positive area.
The fact that Solana's recovery from $38 is struggling to hold the top levels suggests that every price spike is seeing sell-offs. This momentum could be used by bears to drive the price of SOL below the $38 mark.
A strong move below $38 would set off a decline towards the 100-day moving average, which is located at $33. This would indicate a possible short-term reversal of the upward trend and might perhaps usher in a consolidation phase.
Bulls need to maintain dominance by holding the $38 support level. The price will test its resistance at $59 next week if it surges above $48.
Arbitrum (ARB) Price Analysis
Bulls are defending their position as the price of ARB is finding it difficult to overcome the immediate resistance level of $1.08. They want to break above the 23.6% Fib, and if they do, the price might rise to $1.2 or perhaps $1.36. An overbought RSI and a rising 20-day EMA reinforce the bullish trend.
On the other hand, in order for bears to take control, the price needs to drop below EMA20, which might cause it to drop below $0.85.
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