Analyst Levels Up: 3 Altcoins Seeing Bottoms Opportunity?

Bitcoin price has been recording red daily candles since August 15. The decline, which also affected the altcoin market, pulled APE, ICP and SUI prices to historical bottoms. Is an opportunity at hand? Technical analysts answer…

These 3 altcoins hit historic lows this week

Internet Computer (ICP)

ICP price dropped below the yearly high of $8.23 on February 18. The decline opened to $3.35 on June 10. The altcoin then bounced off the $3.50 horizontal support area (green icon).

However, his rise did not last long. On the contrary, it was again rejected by the resistance line on 14 August. After 3 days, the ATL price dropped to $3.15. Despite the decline, ICP price has not yet closed below the $3.50 horizontal support area. Unless he does, the potential for an uptrend reversal still remains.

If the trend continues, the bears could press for an additional 25% decline. This could open the next support at $2.58. As price history is bottoming out, 1.61 external Fib retracement is needed to find next nearest support. Technical analyst Valdrin Tahiri predicts that the price will reach $4.50 in such a case. This position will provide 30% gain to the bottom profit target.

SUI (SUI)

SUI price has dropped below a descending resistance line since June 22. This line caused numerous rejections, most recently on August 13. It also catalyzed the continued decline. As a result, it led to a historic low for SUI at $0.45.

The next closest support is $0.41, down 15% from the current price. On the other hand, if the SUI price goes up, there is a 17% rise from the current price. According to the analyst, this coincides with the descending resistance line at $0.55.

Apecoin (APE)

APE price has been inside a descending parallel channel since June 17. These channels are considered as corrective patterns. Therefore, a final break from it will be the most likely scenario. However, APE price broke out of the $1.80 horizontal support area on August 17. Thus, it reached the ATL level of $1.34. This is a bearish sign and risks the possibility of a breakout from the channel.

A strong bounce at the support line of the channel could lead to an increase of 20% to $1.80. On the other hand, a dump from the channel takes the price up to $1.11, a 26% drop from the current price.

$212 critical for BNB

BNB price recently defended the critical $212 support. The highlight of this zone was the BNB secured loans offered by Binance, with a liquidation threshold of $212. This threshold was originally set at $220 in June of this year. However, it later dropped to $212.

Analyst MartyParty pointed out that CZ appears to be taking measures to maintain the stability of the stock market. He has been observed selling Bitcoin (BTC) for TUSD (TrueUSD) from a wallet address and then using the proceeds to buy BNB.

Among these developments, BNB is trading in the $214 region, which is quite close to the critical level. $212 will mark the days when Binance and BNB are struggling. As we have covered in the cryptokoin.com analysis, this drop is highly likely as most experts expect $25,000 levels.