Price Analysis

Solana Prepares For Correction, Litecoin & Binance Coin Follows The Suit! What’s Next?

Written by: Sahana Vibhute

November 17, 2021

Most of the altcoins are still within the impact of the previous day plunge. The top 10 crypto assets are dropping with significant numbers. Solana, Litecoin and Binance Coin prices scrambled to the lower levels manifesting a bearish trend. Despite the global market capitalization having incurred a loss of 1.42%, yet the current dip may be a substantial correction rather than a bear market. 

Solana (SOL) Price Could Slash Beyond $200

Solana price was maintaining a particular pattern since the beginning of the last quarter of 2021. The asset maintained a particular pattern by raising and accumulating for some time. The asset amid accumulation formed multiple higher highs and lows in order to capitulate strength. However, the previous day’s plunge invalidate the pattern as the asset dropped significantly after accumulation. 

Source: Tradingview

The asset despite the plunge seems to have sustained above the support levels and may retrace with a notable spike. If in the worst case, the asset fails to sustain at current levels then the probability of a plunge below $200 is more. It may revisit the support levels at $180 then, however, they still may be pretty much distinct. 

Litecoin(LTC) Price May Encounter 20% Dip

Litecoin price since the May dip has maintained pretty sustainable and parallel price movements. However, the fresh drop declined the price through the greater region and may continue to do so before pulling the next leg up. No doubt the price could surge with notable margin, yet the $300 target appears to be a little difficult to attain. 

The asset maintained an ascending channel since the flip from the bearish divergence in the mid of July. The asset touched the lower support levels a couple of times, yet rebounded well and headed towards the upper resistance. Currently, the asset may test the support levels at $200 and attempt to flip. If it remains unsuccessful then the lower support levels around $180 which is also an uptrend line may hold it tight. 

Binance Coin (BNB) Price Attempts To Rebound!

Binance coin in an attempt to break out from the rising wedge plummeted a couple of times. Despite the pullback, yet the asset is attempting to rebound with a fresh jump. However, the bears have also jumped in and are trying to squeeze out the profits. And hence a tough fight between the bulls and the bears is witnessed at the press time. 

If the breakout is successful then the asset could initially smash the $600 range initially and propel above $650. Yet the main target still remains above $750, much higher than its ATH at around $704. However, the asset is trending within a rising wedge and reaching its peak, it may face a slight rejection. 

Collectively, the crypto space since the past couple of hours is attempting hard to rebound and recover the losses. And hence Solana, Litecoin & Binance Coin are also following the same suit. If the flip is successful then these assets could break through the bearish consolidation else a last dip could occur before a gigantic rally. 

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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