As Bitcoin and altcoins try to heal the wounds of the Fed’s rate hike, analysts shared their new price expectations. Accordingly, they expect a big drop for the 3 altcoin projects. These altcoins listed on Binance; Binance Coin (BNB), Ethereum Classic (ETC), and Litecoin (LTC).
“These 3 altcoins will see bottoms”
According to analysts’ forecasts, ETC, BNB, and LTC have wiped out their bullish outlook over the past week. The reason for this was the Fed’s interest rate increase and the decrease in Bitcoin price. They have now shared new price predictions and are warning investors that bottoms are coming. As Kriptokoin.com, we have compiled the levels for you to watch in the downward direction.
“It is possible for BNB price to see $243 again”
Despite trying for about a week, Binance Coin failed to rise above the $274 support level. This development exposed the weakness that showed buyers were unwilling to take enough steps to push the price to this level. Therefore, traders can expect BNB to drop further and reach below the equal lows of $257. Breaking this level with a failed recovery will send it from $256 to $245.
There is a good chance that pending buyers will step in at this level and buy discounted BNB. However, market makers may seek to hunt liquidity by sweeping below the July 17 and July 26 lows at $233 and $239, respectively. This move means that the price of Binance Coin will drop by 10% to 15% depending on where it forms the basis. However, it is possible that the bearish view will be invalidated by a spike in Bitcoin price.
“Ethereum Classic price ready for another crash”
Ethereum Classic price has been trading in the $13.33 to $45.47 range for a long time. It is also currently hovering below $29.40, the midpoint of this range. For ETC, this development comes after a 41% drop in altcoin price between August 13 and September 21. This decline pushed ETC from $45.82 to the low of $26.73. Now Ethereum Classic price is at risk of another decline.
In terms of price action, ETC looks set to drop some more before it enters the oversold territory. However, the downtrend will come after it rises to retest the $32.15 hurdle. Failure to overcome this hurdle will result in a drop to $25.54. The decline from this level will extend to the 76.4% Fibonacci retracement level at $22.81. All in all, this scenario represents a 30% drop and is likely to be the end point of the drop.
“Litecoin has hit the bottom of 5 years on this metric”
According to the latest data, Litecoin investors are largely at a loss. The altcoin has fallen since May’s all-time high of $7.39. The lack of recovery in LTC price led to a 93% drop in the average price level of investor holdings. This drop also marked the lowest average price level recorded by Litecoin since April 2017. As a result, the average price hit a 5-year low.
On the charts, LTC has been moving sideways with minimal fluctuations since the beginning of June. This lack of growth has resulted in significant losses for investors. The situation is likely to get worse as price indicators point to a price drop on the way. Candles are below the 50, 100 and 200-day Simple Moving Averages. Also, the presence of the Parabolic SAR (white dots) above the candlesticks highlights an active downtrend. As a result, the altcoin is signaling that it will fall even more for now.
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