Famous crypto analyst Filip L. has made predictions for BNB, Ripple, BTC and Solana. According to the analyst, Binance Coin appears to have 33% profit potential, but still remains in a downtrend. Ripple price is breaking below the monthly S1 support at $0.60 for the second week in a row. Solana’s upside potential depends on support starting next week. Bitcoin has made a big recovery this week, but the overall downtrend should worry investors. Detail Kryptokoin.com
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Weekly forecasts for BNB and Ripple
Binance Coin has made a solid bounce from the $335.3 level for the second week in a row. Expect price action to be under control for the bulls next week, with the bulls having twice the window of opportunity to go in for a long time, says the analyst. Bulls and investors will need to keep in mind that the downtrend is still present. Binance Coin (BNB) has lost 33% of its value in the last week’s trading decline. However, traders are looking to flip the coin as the BNB price action looks poised for another 30% increase or loss of another 20% of its value next week.
Binance Coin has bounced for the second week in a row from $335.3 monthly, which coincides with the S2 support level, and sees bulls attempting to close above $400. Last week’s attempt failed, according to the analyst, this week looks a little more promising and could push the scene higher towards $452. Therefore, BNB price will need to enter the weekend and keep traders trying to stay above the $400 level to produce a bullish candle and set the stage for next week. A continuation of the downtrend is more than likely as BNB price action looks set to continue either way.
Ripple price breaks below the monthly S1 support at $0.60 for the second week in a row. XRP price could drop further if XRP price closes the week below monthly S1. According to the analyst, as we enter next week, losses will increase by another 17%. Ripple price is testing the nerves of investors as it tests and breaks the monthly S1 for the second week in a row. As long as price action is able to make a weekly close above, a recovery is possible as a weekly close below will pave the way for further declines, preserving initial 17% losses. Expect it to drop below the current market volatility price and set the stage for $0.50 next week, says Filip L. XRP bulls will want to be at this level due to its historical significance in June and March. With a few headwinds overwhelming the current sentiment, the price may continue to correct higher towards the February low of $0.36. In the process, the bulls will not resist this discount and will be able to buy XRP at $0.40 or less.
Forecasts for Solana and BTC
Solana’s upside potential depends on support starting next week. Solana price is on the verge of another decline towards $61.44. SOL price could be adjusted to fall another 35% next week. If SOL price closes the week below monthly S2 at $90.23, expect more declines next week. Solana (SOL) is on the verge of opening another loss box as the price looks set to close the trading week at $90.23 per month below S2. This close will set the scene for another drop next week, with initial support almost 35% away at $61.44.
Solana price is on the verge of breaking below last week’s low and closing. However, it continues to close below the S2 support level, which was the low of the last week of August last year. SOL price therefore does not appear to be held at these levels. If the SOL closes below the aforementioned level, expect the price action to decline further next week and find the first test of support at $61.44. This level was the mid-May high and reversed in the summer 2021 rally and has not been tested for support since.
Bitcoin has seen a big recovery this week, but the overall downtrend should worry investors. The upside potential could be limited to just 11% of gains as the downtrend is still in place. However, BTC price has dropped to $32,650 and is just inches away from slipping in a perfect slowdown zone where bulls can cover large chunks of Bitcoin with historic discounts. But as it entered Friday’s close, the Nasdaq rose sharply, and with that, it looks like the Bitcoin price is set for next week to at least test the downtrend barrier.
BTC price will attempt to close above $38,073 by Sunday evening, laying the groundwork for a return to $40,000 and $40,750 could be reached somewhere next week. With this, the descending red trendline from November will come into play and all the stars will need to align for the bulls to break it. If the market sentiment and the bulls lack firm faith, a failing test could present a perfect bull trap and entry for the bears to push the price action back to $32,650.
Global market data may prompt investors to think again, as the risk that the global economy is set for stagflation rather than a situation where inflation will drive growth and investors will seek safe havens and defense stocks. As the bulls withdraw their funds, we expect a return to $32,650 and a slide towards $32,050 in the danger zone as it is trading in this weakening zone as the last line of defense and entry window for the bulls as the bears will try to breach otherwise.
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