With Bitcoin rising above $22,000, new price predictions started to come. In this context, 2 analysts predicted buying pressure for 2 altcoins listed on the Binance exchange. 2 altcoins that have the potential to rise with large purchases: Binance Coin and Dogecoin. Now let’s move on to the forecasts of analysts.
“It is possible for these 2 altcoin projects on Binance to rise”
According to the analyst, Binance Coin price is showing a clear bullish development, signaling an impending rally. Therefore, traders can wait for a pullback to move on to the next uptrend. However, Dogecoin is also seeing an increase in buying pressure. This increase came around the same time that Elon Musk was prosecuted for running a pyramid scheme in support of DOGE.
“Binance Coin faces high demand”
Binance Coin price dropped about 6% on Sept. 6 to break below the $274.09 support level. This move marked the end of the selling pressure. As a result, it triggered a buying pressure and the BNB price rose 15%. Binance Coin price is up 15% from the $257.74 low, setting a bullish target of $298.48. This bullish move also changed the market structure, producing a higher high from the August 30 high of $291.94. As a result, this development confirmed the formation of the $282.73 to $257.74 demand zone.
Binance Coin price pullback is likely. But sellers will most likely be sucked up due to the aforementioned demand zone. Therefore, a minor pullback to $280 is likely to be followed by a 10% increase. On the other hand, it is possible for Binance Coin to produce a daily candlestick price close to $257.74. This will invalidate the demand zone and hence produce a lower bottom. This development will cause the altcoin price to drop from $257.74 to $245.01. If the dealers take control, it’s between 239.40 and 233.71 cards.
Dogecoin tossing with Elon Musk lawsuit
Elon Musk is on trial for executing a pyramid scheme to support Dogecoin growth, as we have reported on cryptokoin.com. The famous name is facing a $258 billion lawsuit. The latest development in the case was the addition of new defendants and plaintiffs. Accordingly, seven new investors and six new defendants, including the tunnel construction company Boring Co., participated in the case. The lawsuit states that Tesla and SpaceX deliberately increased the price of Dogecoin.
Dogecoin price has increased by 36,000% in the last two years before its untimely collapse. In the process, the defendants “made tens of billions of dollars in profit” while other Dogecoin investors suffered. According to the lawsuit, Dogecoin lacked intrinsic value and its value “depended solely on marketing.” Despite the news of the lawsuit, Musk once again confirmed his support for the altcoin project on Twitter.
“DOGE price has a bullish signal”
Denys Serhiichuk, a crypto analyst, has identified bullish potential in DOGE. The analyst says that DOGE will likely face resistance at $0.06531. Currently, DOGE price surpassed the $0.06389 resistance. Accordingly, the altcoin is now approaching its next resistance. If the buying pressure on DOGE continues, a breakout will push the Dogecoin price higher. However, the next level of resistance after $0.06531 is at $0.068. Analysts state that DOGE’s continuation of its current uptrend depends on the continuation of buying pressure.
15623
