ADA, AVAX, SOL, DOT, BNB and XRP: These Levels Are Expected!

Major cryptocurrencies are losing many more ground amid concerns that the Fed will raise rates higher in November. According to crypto analyst Brian Bollinger, uncertainty increases the loss of value in Tier-1 Blockchain tokens such as AVAX. Crypto analyst John Isige says the decline in Binance Coin (BNB) is unstoppable after bearing the brunt of a $100 million hack. For Ripple (XRP), the analyst warns, “Lock in profits before it’s too late”. Analysts, we have compiled their assumptions and analyzes for our readers.

SOL, ADA, AVAX and DOT analysis

Left (LEFT)

Solana has been swinging in a narrow range in the mid-$35 to $30 range for about a month. Also, the price has been retested many times. Both manias show that market participants are not committed to choosing a particular side. Solana is changing hands at $32.57, down 1% intraday. Interested traders should avoid entering this no-trade zone. An exit from either level will rally in direction on the respective side.

Cardano(ADA)

ADA is currently responding to a descending triangle pattern on its daily time chart. If a daily candle closes below the $0.416 neckline support, this bearish pattern should increase the selling momentum. Amid the ongoing sell-off in the crypto market, ADA has dropped to the neckline anchor where it is currently trading at $0.416. Cardano posted an intraday loss of 1.65% and tried to recover from the bottom. Doing so will keep prices under the influence of a downtrend for a few more sessions.

Avalanche (AVAX)

AVAX is actively responding to a descending trendline. Additionally, the $16.5 horizontal reinforcement reveals the formation of a descending triangle pattern. AVAX is currently trading at $16.63 with an intraday loss of 1.54%. However, it is possible that this bearish pattern could drive prices down 11.8% to reach the base reinforcement of $11.5 in June. On the contrary, a bullish breakout from overheads will undermine the bearish thesis. Thus, it will push prices above $18.

Polkadot (DOT)

DOT witnessed a textbook range-bound move amid the $6.58 and $6 barriers. A 2.31% red bearish candle has bounced back from the $6.85 resistance today. DOT is currently trading at $6.33. It is possible that this development could push the price down 3.4% to reach the $6 support. However, an exit from range hurdles is likely to initiate a directional rally for DOT.

“BNB will continue to decline”

An ascending wedge pattern has formed on the 12-hour chart as Binance Coin rallied to $299. BNB needed a little push above $300 to activate the next recovery step at $400. However, the negative market forces did not stop beating the token enough to trigger a break below the rising wedge.

BNB four-hour chart

Rising wedges indicate a downtrend. Also, they are mostly continuation formations. In other words, the previous trend of the asset tends to continue to break. Traders always wait for the price to drop below the ascending trendline before activating sell orders.

BNB is already halfway through its 6.90% breakout goal. Here, the widest points of the wedge, which is accurately estimated below the breaking point, represent the gap in its middle. The $268 zone will come in handy and prevent investors from taking further losses. However, if the pressure comes, market participants will have to get used to the BNB price. It is expected to eventually revisit the September demand area at $258.

“It is possible for XRP to give up its profits”

Koindeks.com As you follow, Ripple (XRP) has outperformed its peers in the last few weeks despite the prevailing bear market conditions. XRP’s massive move from $0.3127 to $0.5477 is due to an investor sentiment that has been buoyed by Ripple’s recent small gains against the SEC. The judge recently rejected the regulator’s move to not disclose the content of the now-known William Hinman’s (former SEC official) speech. Legal experts say that with the judge’s refusal, Ripple is close to winning the case. This is a situation that can push the XRP price to higher levels.

XRP four hour chart

In this middle, XRP price is on the verge of confirming a bearish trend correction from an ascending wedge pattern, as seen in the four-hour chart below. Rising wedges come into play when an asset’s price makes a correct big swing north, but slows down to allow for consolidation. It is worth noting that XRP is trading marginally above the basis of the model. However, short sellers will have to wait for the price to close or open four hours below the ascending trendline before activating their orders.

The MACD (Moving Average Convergence Divergence) confirms the incoming bearish trend in XRP price. The index slides to the mean line (0.00) without error. In this environment, it is possible for sales orders to increase and therefore create general pressure. If the wedge is confirmed, XRP price will drop 8.24% to $0.4757 before another rise.

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