Over the past week, the altcoin market has attempted to recover the October resistance level as Bitcoin attempted to climb past the $36,000 mark. However, Bitcoin’s inability to maintain upward momentum led to a downturn in the altcoin market. Nevertheless, investors were able to quickly take advantage of the price drops of prominent altcoins. As a result, the values of top altcoins such as Binance Coin, Solana, and Arbitrum are expected to experience a surge in the coming week.
Bitcoin’s continued rejection is pushing Altcoins
Despite the flood of investments into the altcoin market following Bitcoin’s setbacks, the altcoin seasonal index still remains far from its peak. Consequently, Short-Term Holders (STHs) take every market move as an opportunity to make a profit.
Currently, the altcoin seasonal index remains close to its lows and fails to trade with the performance of the Bitcoin seasonal index. This pattern indicates a divided market response, with traders losing their Bitcoin in response to the refusal to buy altcoins at lower prices.
Binance Coin (BNB) Price Analysis.
BNB recently recovered from the $225 breakout point, showing that bulls are aggressively protecting this level. As a result, the price of BNB is now in high demand.
Although buyers are trying to push past the USD 235 resistance line, bears continue to defend the rising buying pressure. This move indicates that BNB price could consolidate within the $225 to $235 range for a while.
With the 20-day EMA rising and the RSI level rising exponentially, indicators are pointing to an easier rise than a price fall. Should the bulls send the price past $235, we could see a rise towards $248 and possibly as high as $261. However, if the bears manage to push the price down and keep it below $225, the trend could turn in their favor.
Solana (SOL) Price Analysis
Solana’s price has risen sharply in recent days as buyers defend dips. However, Solana faces bearish pressure to rise above $46, creating a consolidation near a bullish region.
Solana’s recovery from $38 faces turmoil to hold peak levels, implying that any price increase will be accompanied by a sell-off. Bears could take advantage of this momentum to push SOL price below the $38 threshold.
A successful decline below $38 could trigger a decline towards the 100-day EMA at $33, signaling a potential near-term reversal of the uptrend and potentially leading to a period of consolidation.
To maintain control, the bulls must maintain the support at $38. A rise above $48 will see the price test its resistance at $59 next week.
Arbitrum (ARB) Price Analysis
ARB price is struggling to break the immediate resistance at USD 1.08, but the bulls are holding firm. They are aiming to rise above 23.6% Fib, and if they can, we may see a rise to $1.2 and possibly $1.36. The bullish trend is supported by a rising 20-day EMA and an overbought RSI.
Conversely, bears need to push the price below the EMA20 to gain the upper hand, which could lead to a decline towards $0.85.
