AltcoinsPrice Analysis

XRP, BNB, SOL, UNI, LINK, Fall Steeply- This Is When They Could Rebound!

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Highlights

    The crypto market witnessed a steep plunge in the recent past that resulted in a double-digit loss for most of the assets

    Despite a slight recovery, the assets like XRP, SOL, UNI, etc continue to decline along with BTC and ETH

    Most of the tokens are expected to bounce back if certain levels are maintained or attained

The past trading day was initiated with positive news of El-Salvador’s adopting Bitcoin as their legal tender. However, very soon the crypto space trembled and experienced a ‘May-like’ crash but with less intensity. BTC price dropped more than $7000 and all the altcoins followed accordingly. BNB, SOL, UNI, LINK, etc and many more drop with heavy margins. 

XRP Price Losing The Grip

Ripple’s XRP price sustained above $1.1 despite a couple of dumps in recent times. The price, moreover, was trying to rebound and on the verge to hit $1.5. But the recent market crash led the price to squeeze huge gains. It dropped with huge numbers and could also fall below $1 too. However, currently at the threshold, the bulls and the bears are having very tough competition. And eventually, a bounce can be on the cards if the bulls become a little stronger and hold $1.1.

Binance Coin(BNB) Price Aims $400

Binance coin price had consolidated well after surpassing $400 initially and later $450. The slow & steady rise led the price to jump above $500. Yet the drain dipped nearly $100 dragging the coin below $400. Interestingly, as the price bottomed to $400, many bulls jumped in to buy at the dip, yet failed to uplift the price. And despite immense buying pressure, BNB price still hovers below $400. The current levels at $396 are pretty strong and hence a substantial bounce could make its way soon. 

Solana (SOL) Price Shedding Profusely

Solana price amazed the entire crypto space with a gigantic rally. The rally almost breached $200 but failed to surpass. Amid the recent market crash, the asset shed out nearly 23% of its gains. But the SOL community appears to be much strong as the buying pressure mounted immediately that prevented the bears to be proactive. The price needs to surge and sustain above $164 in order to regain lost positions.

Uniswap (UNI) Price To Visit New Lows

Uniswap price was undergoing a downtrend for the past couple of days and the recent dip fueled the plunge close to $20. Currently, the UNI price shows no signs of a rebound as it is constantly visiting lower lows. If the asset needs to rebound, then a lower high at $24 needs to be achieved. 

Chainlink (LINK) Price Struggling Hard

Chainlink price after going very long was expected to hit $40 in the next couple of days. However, the crash appears suddenly from nowhere and drags the price very close to $20. Considering the indicators, the RSI downtrend is broken and hence a substantial recovery may be on the way. Yet no uptrend can be valid until the LINK price surpasses $30.

Collectively, the entire crypto space is drowning with huge numbers as the bearish trend still prevails. The downtrend needs to be challenged by the bulls, else the bears tend to drag the price to new lows. 

Also Read : Bloodbath in Crypto Market: Here’s the Next Target Level for Bitcoin (BTC), Ethereum (ETH), And Cardano (ADA) 

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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