Two analysts scrutinized the price movements of cryptocurrencies on the Binance exchange. As a result, they set bullish levels for 3 altcoins. According to them, DOGE, LINK and BNB will bounce upwards from their current prices in the coming days.
“These 3 altcoins on Binance will jump”
While the cryptocurrency market is locked in the interest rate decision that the FED will announce today, analysts have updated their price forecasts for 3 altcoins. Accordingly, Chainlink, Dogecoin and Binance Coin prices will rally in the coming weeks. So what price levels should investors follow? As Kriptokoin.com, we have compiled the expectations of analysts.
“Dogecoin (DOGE) is getting ready to take a leap”
The first altcoin project that the analyst looks at is Dogecoin (DOGE). DOGE price has been producing lower levels since May 2021. However, the weekly candlesticks created a downtrend line. Therefore, the meme coin cannot close above this low. But now, the big sale seems to be coming to an end. If this happens, it is extremely likely that there will be a jump in Dogecoin price. Dogecoin trend reversal will have an extra temptation to push it higher. Investors can expect a 50% increase in Dogecoin price from the current price of $0.0580.
In fact, DOGE is waiting for a single green signal to start the rally: Bitcoin price. The vast cryptocurrency market is in trouble right now. The Federal Open Market Committee (FOMC) meeting will be held on September 21. After this meeting, the FED Chairman will announce the US interest rate decision and will determine the new trend of the crypto market. DOGE rise is tied to Bitcoin price. If BTC price drops and Dogecoin price produces a daily candlestick below the $0.0491 to $0.0578 demand zone, it will invalidate the bullish argument. If this happens, the altcoin could drop as low as $0.0470.
“Investors are accumulating millions of Chainlinks (LINK) at low price”
Chainlink has experienced two unprecedented sharp selling pressures since the beginning of the year. Both of these sales took place in moments of unforeseen accident. After two crashes in June and August, price recovery has been extremely slow. However, the gradual accumulation led investors to repurchase approximately 13.5 million LINK tokens worth approximately $93.15 million. The altcoin price remained bullish in the long run as it produced new lows due to the accumulation. It could also trigger a jump as whales and big investors rely on LINK.
As seen in the chart above, after forming a local top last month, LINK has dropped 25.87% again. This brought the price from $9.3 to $6.9. This level is above the June low of $5.9. In fact, only 23% of LINK traders have made a profit since May. Therefore, the effects of the uptrend did not have an impact on 686 thousand investors. What is required for the current complex price situation is that at least 50% of traders make a profit. So the uptrend will be confirmed only when LINK reaches $20.
Binance Coin (BNB)
Binance exchange’s native altcoin asset, Binance Coin, is looking for a price catalyst. BNB price has been using the $274 level as support since August 2, with a few divergences below it. The last break of this level took place on September 18, turning it into a resistance level. Looking forward, it is possible for the Binance Coin price to drop another 8%. Announcing the Fed’s rate hike decision may cause a retest of support at $243 in BNB price. However, after testing this level, a rally is likely.
This development, BNB price is likely to bounce back to $274 and in some cases as high as $301 to gather liquidity above the equal highs. On the other hand, the bullish thesis will be invalidated if Binance Coin price fails to stay above the $243 support level. This development will cause buyers to step in and neutralize the uptrend. At this point, traders should expect to see BNB drop 11% to retest the $216 support level.
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