There are important caveats for the six altcoins on Binance. The prospect of a sharp decline intimidates traders. Let’s see which of these six altcoins are?
Bearish signal for Altcoin Mask
The price of Altcoin Mask Network (MASK) has dropped below the ascending parallel channel, indicating that the decline may continue. The daily chart shows a double top formation forming, supporting the possibility of further declines. The daily RSI indicator also signals a bearish trend with decreasing momentum.
On the weekly chart, MASK broke below the 20-week moving average (MA), an important long-term support level. The weekly RSI indicator is bearish. It also contributes to the downward trend. Based on these technical indicators, MASK price is likely to continue lower with a potential support area near $2.7 in the near term. If the downtrend continues, an important long-term support to watch for the altcoin is the $2 level.
Warning for Altcoin MATIC
Altcoin Polygon (MATIC) price was rejected from a key horizontal resistance area at $0.80. Accordingly, this indicated a downward trend. The rejection led to the breakdown of the short-term corrective pattern. Weekly time frame analysis is pessimistic due to the recent rejection from the resistance zone that previously acted as support. Rejection was illustrated by a long upper wick, indicating increased selling pressure.
The weekly Relative Strength Index (RSI) is pointing to a bearish trend. The RSI value is currently below 50 and falling. Daily analysis also supports the bearish view. A break of the ascending parallel channel since June 10 marks the end of the upside correction and the resumption of the downtrend. The daily RSI also drops below 50 with the price breakout, providing a bearish reading. Altcoin MATIC price has already dropped 7% since the breakout. The next level of support is at $0.60, which represents a potential drop of 12%. There is no imminent sign of such a reversal, although there is a possibility of a price increase if it rebounds and hits the support line of the channel at $0.80. The overall forecast is bearish and the price is likely to continue falling in the near term.
What will Litecoin do?
Altcoin Litecoin (LTC) price broke out of a short-term bullish pattern. However, it could not sustain its increase and declined to its pre-breakage levels. The overall trend can still be considered bullish as long as the price stays above the pre-breakout levels. Weekly technical analysis points to a bearish outlook due to price action and bearish readings from the RSI. The price climbed above the $100 horizontal area. On the other hand, he confirmed it as resistance. It also led to a significant downward movement. LTC is currently trading at $90. The long-term ascending support line at $72 has been in place for over a year.
The weekly RSI also supports the bearish bias. It shows a bearish divergence during the divergence, indicating a potential drop in momentum. RSI dip below 50 indicates a bearish divergence, which contradicts a breakout from the bullish pattern. Whales are accumulating altcoin LTC as halving approaches, but with conflicting signals from the RSI and the mining hashrate in Binance’s pool, LTC price prediction remains uncertain. If the price dips below the wedge resistance line at $88, it could decline another 9% to the horizontal support area of $82. However, if the bounce continues, LTC price will move upwards by 13%. It will also reach the $102 resistance area.
Prospects for Solana and Chainlink
Crypto analyst Inmortal shares his latest insights on Solana (SOL) and Chainlink (LINK). A major breakout awaits for Solana after a temporary fakeout to the downside. It also expects it to drop below $20 briefly in August before surging above $30. At the time of this writing, the altcoin SOL was valued at $24.49.
Inmortal also points out that Chainlink is trading in a long accumulation zone. He also believes this indicates a potential major breakout. He emphasizes that the longer the accumulation period, the greater the expansion will be. As of now, altcoin LINK is priced at $7.62.
XRP is facing a crash
The price of XRP is currently hovering around $0.70, down 28% from its recent peak of $0.965. The fate of altcoin XRP has become uncertain after Judge Jed Rakoff denied the distinction made in the Ripple case. Investors will face a 25% collapse in the near term if the SEC decides to appeal Judge Torres’ decision.
The court’s decision on July 14 complicated the situation by clarifying that XRP’s security status depends on the type of transaction. If the SEC appeals Judge Torres’ decision, XRP holders will be affected and the price will drop significantly. In the worst-case scenario, the price of XRP will drop to the next stable support level at $0.520. Also, when we look at cryptokoin.com, it is possible to regress to $ 0.392. On the other hand, if the SEC does not appeal or the appeal is denied, the price of altcoin XRP will continue to move within the range. Accordingly, it will revisit the midpoint of the range at $0.761.
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