Price Analysis

Altcoins for the Week BinanceCoin(BNB), Chainlink(LINK) & Litecoin(LTC) May Surge High

Written by: Sahana Vibhute

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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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Aug 16, 2022

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The global markets remained stable during the weekend as Bitcoin maintained its trend close to $24,000. Over the past few days, the needs underwent tremendous selling pressure as the price surged beyond $25,000. However, since the early trading hours, the bulls appear to have gained some strength that has eased the selling pressure. 

Therefore, popular altcoins display their tendency to propel high to reach immediate resistance in the coming days.

BinanceCoin(BNB)

BinanceCoin price is following the pre-defined path that directs the asset to fly high to reach the initial target at the earliest. The bullish momentum may get hindered to some extent as the selling pressure has mounted. Therefore, after a brief consolidation, the upswing may get triggered which may rise the price beyond $400 this month.

bnb

The BNB price ever since it recovered from the May 2022 crash, has been following a parabolic recovery. However, the price underwent a slight pullback in the past 7 days which formed the handle of the ‘cup&handle’ pattern. Therefore, the price is bound to drop as the RSI is decremental and MACD has just flashed a sell signal that may drag the price below $300. 

Further, a steep upswing may not only regain the value beyond $300 but may also jump beyond $400 before the month-end. 

Chainlink(LINK) 

Chainlink price in recent times has manifested an acute strength and jumped above 50% since the beginning of the monthly trade. The recent rejection from the upper resistance at $0.43 may drop the price lower which could induce a catapult action to rise and break through the upper resistance. 

link

The LINK price faced rejection for the second time at the same resistance. The trend has reversed significantly which may mount a significant bearish pressure over the asset. Therefore, the probability of a minor drop emerges to plunge below $8 and rebound back towards the resistance close to $9.5 initially and later at $10. 

Litecoin(LTC)

Litecoin price is a little more diverse than the other popular altcoins and maintained a silent trend with fewer attempts of a steep recovery. However, despite the price dropping multiple times, yet the trend remained ascending and hence the possibility of soaring beyond $75 emerges. 

ltc

As mentioned before, the trend is incremental within an ascending triangle which is expected to remain until the end of the current trading month. Currently, the sellers have dominated and hence a significant pullback could drop the price just below $60 and rebound. 

By the end of August trade, the price could reach the apex of the triangle and look out for a better opportunity for a strong breakout during the first few days of September. 

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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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