Over the past week, the altcoin market has been trying to regain the resistance level it reached in October, while Bitcoin has been trying to break through the $36,000 mark. However, Bitcoin’s inability to maintain bullish momentum caused a drop in the altcoin market. However, investors were quick to capitalize on the price drops of major altcoins. As a result, the values of major altcoins such as Binance Coin, Solana, and Arbitrum are expected to see a rally in the coming week.
Continued Bitcoin Rejection Pushes Altcoins
Despite the flow of investment into the altcoin market following Bitcoin’s setbacks, the altcoin seasonal index is still far from its peak. Consequently, short-term holders (STH) take advantage of every market movement as an opportunity to make profits.
Currently, the altcoin seasonal index remains near its lowest point, unable to compare with the performance of the Bitcoin seasonal index. This pattern indicates a split market response, with traders dumping their Bitcoin in response to declining altcoin buying at lower prices.
Binance Coin (BNB) Price Analysis
BNB recently recovered from the $225 breakout point, showing that the bulls are aggressively protecting this level. As a result, the BNB price now has a large buying demand.
Although buyers are attempting to break through the $235 resistance mark, bears continue to defend the increasing buying pressure. This move suggests that BNB price could consolidate within the $225 to $235 range for a while.
With the 20-day EMA rising and the RSI level rising exponentially, indicators point to an easier rise than a fall in price. If the bulls push the price above $235, we could see a rise to $248 and possibly as high as $261. However, if the bears manage to push the price down and keep it below $225, the trend could tilt in their favor.
Solana (SOL) Price Analysis
Solana price has been rising strongly over the past few days as buyers defend the declines. However, Solana is facing bearish pressure as it surpasses $46, creating a consolidation near a bullish region.
Solana’s rally from $38 faces turbulence in maintaining highs, meaning every price increase faces sell-offs. The bears could take advantage of this momentum to push the SOL price below the $38 threshold.
A successful push below $38 could trigger a drop towards the 100-day EMA at $33, signaling a possible short-term reversal of the uptrend and possibly leading to a period of consolidation.
To maintain control, the bulls must hold the support at $38. A rise above $48 will see the price test its resistance at $59 next week.
Arbitrum (ARB) Price Analysis
ARB price is struggling to overcome the immediate resistance at $1.08, but the bulls remain firm. Their goal is to break above the 23.6% Fibonacci and if they achieve this, we may see a rise towards $1.2 and potentially $1.36. The uptrend is supported by a rising 20-day EMA and an overbought RSI.
On the contrary, the bears need to push the price below the EMA20 to gain the upper hand, which could lead to a decline towards $0.85.
source: coinpedia.org