Altcoins to stay away from during the week of July 24 included PEPE, GMX and ORDI. In this article, you can find the names that are giving green signals for the week ahead.
Next week these altcoins require close monitoring
The cryptocurrency market has made strong gains over the past week. As the momentum cools, Bitcoin price breaches the psychological $30,000 threshold, undermining the optimism of its investors. However, if Bitcoin continues to stay below $30.5k next week, it could revisit local bottoms. This will automatically refer investors to altcoins. Some of them are as follows…
Ripple (XRP)
Bull traders were able to push XRP above the key $0.85 resistance level but were unable to sustain the momentum. This encourages short-term bulls to cash in on their profits. Also, aggressive bears started opening short positions. The bears will now aim to push the price towards the 50-day EMA support level of $0.74.
If the price bounces back from this level, XRP price could continue to fluctuate in the $0.75 to $0.85 range for a while. A successful break and close above $0.85 will open the way for a potential retest of $0.93. Conversely, a drop below $0.74 increases the risk of a drop to $0.55 according to technical analyst Shayan Chowdhury.
BNB Coin (BNB)
BNB stays within the bounds of the symmetrical triangle pattern. This indicates a situation of uncertainty among investors with bullish and bearish tendencies. The symmetrical triangle is often seen as a continuation pattern. But there are also instances where it can act as a breakout pattern. The relatively flat 20-day EMA and the RSI hovering around the midpoint offer no advantage for the bulls or bears.
If the buyers manage to push the price above the triangle, the BNB bulls will head towards the next resistance at $285. This resistance level is crucial to watch as it could pave the way for a potential increase to $300. The bears need to pull the price below the triangle and hold it to take control. If the $235 support level collapses, selling pressure will lead to $220.
Litecoin (LTC)
Litecoin’s price is fluctuating within moving averages that indicate market uncertainty. Despite attempts by buyers to push the price above the 100-day EMA, sellers resisted, aiming to set it as a resistance level.
If LTC price drops below the critical support of $89, the bears will have an opportunity to make a move. This leads the price potentially towards $81. However, if the price breaks above $96, there is a relief rally to $106.
Meanwhile, Litecoin will complete its third halving cycle on August 2. As Cryptokoin.com reported, Santiment reported that the whales were prepared for this date.
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