Crypto analyst Akash Girimath says that Binance Coin (BNB) could revisit $210. According to analyst Gregor Horvat, Litecoin (LTC) continues its bearish trend in the current cycle. Analyst Filip L predicts that the chairman altcoin Ethereum (ETH) will drop further as the bearish triangle remains in play. We have compiled BNB, LTC and ETH analyzes of analysts for our readers.
“Binance Coin (BNB) in distress”
Binance Coin price has printed three lower highs and lowest lows since Aug. But on September 28, BNB triggered a bullish break above the trendline connecting these swing points. As a result, Binance Coin is up 6%. However, he could not retest the $301 drawback. Eventually this failure turned into a reversal. It is possible for the ongoing downtrend to be swept below the equal lows of $257 and potentially further drop due to current market conditions.
However, the striker will be the next level of reinforcement at $243. Breaking this is expected to catalyze an 11% drop to $216. A retest of this low could be a good place to hoard Binance Coins at a discounted price. Therefore, traders looking to buy Binance Coin need to be patient. Also, market participants hoping to short BNB may start hunting for entries.
The fall narrative detailed above makes sense. However, BNB needs to smash the $257 support level and turn it into a resistance barrier to confirm this. At the same time, a spike in selling pressure followed by a quick bounce at this barrier would likely trigger the $301 drawback to be swept away. However, a daily candlestick above this level invalidates the bearish thesis. This will start an uptrend. With this development, it is possible for BNB to increase by 12%. As such, it is likely to tag the $337 resistance level.
“Litecoin continues its downtrend”
The altcoin had a complicated WXY corrective rally. It is subsequently falling sharply from its highs on the 4-hour chart. While the price is below the $67.57 invalidation level, it is also breaking the channel reinforcement limit, which indicates real further weakness to June lows. Just be aware of the short-term pullbacks that are going on right now. Strong resistance is around $55-58.
Koindeks.com As you can follow, the market has been on the decline for the last few months. However, the potential is approaching a foothold as the price returns to the 40 zone, the final stages of the current cycle. However, the recent low rebound looks corrective on the intraday chart. Therefore, it has not confirmed a valuable drop now.
Plus, we need to cover $92.88 for the downtrend to be invalidated. Also, attention should be paid to the formation of a loop. It’s now approaching the bottom end, so it’s possible we could see a comeback in 2023.
“Ethereum sees what the bulls don’t know”
Ethereum essentially slumped over 3% in the week after the bulls were definitively rejected from the red descending trendline that continued bearish pressure on price action. He did this on October 6th. Altcoin price action fell below this on September 15. If these previous events are a reference, it means that ETH will still drop another 10% in addition to the losses already incurred. Turned into numbers, that means $1,200 is under pressure. Also, it is expected to continue on the downside.
ETH price is therefore still not seeing a big change in sensitivity. Therefore, it remains in a downtrend. We expect more squeeze at $1,243.89, the February 1, 2021 low. When this is broken, $1,200 will attempt to capture the drop. However, it is likely to fail and lead to a lower breakout. With this move, in addition to the spiritual value of being a round number, 1,100 dollars comes to the fore with the monthly S1 reinforcement level as an additional reinforcement.
The only bullish item traders need to bounce off of is the upper accurate break of the red descending trendline. Caution levels around $1,338 are likely to be extended to $1,400 quickly with a breakout move. This provides entry points for the bulls to take a break. However, the 55-day Easy Moving Average and the monthly pivot at the top are only a few inches apart. Therefore, further upside movement is likely to remain limited.