The crypto market recently survived July’s CPI data, leaving Bitcoin to consolidate near the $29.5K mark. The SEC’s recent delay on spot BTC ETF applications has left investors with no choice but to invest in altcoins. Over the last week, meme coins dominated the market with Shiba Inu (SHIB) leading the momentum. However, altcoins like Ripple’s XRP, Litecoin (LTC), and Binance Coin (BNB) are set to capture attention next week.
Altcoin Season Is Coming, Predicts Expert
In the last three weeks, the daily altcoin market cap has been hovering around $230 billion. For the h&s pattern to complete, it needs to surpass the $300 billion mark, said a prominent analyst Olszewicz.
Olszewicz noted a potential triple bottom or inverted head-and-shoulders in the altcoin market cap but remains skeptical about the pattern amidst this consolidation. He’s waiting for a move above $300 billion. The current chart suggests two outcomes: either the market cap decreases, negating the inverse head-and-shoulders pattern or it exceeds $300 billion, indicating the start of an altcoin surge.
Ripple (XRP) Price Analysis
XRP retreated from the 50-day EMA at $0.65, suggesting that bears are attempting to make this a resistance point. Currently, XRP price is consolidating between EMA lines, signifying that buyers are preparing for a storm next week.
The critical support to monitor is the $0.6 level. If this support breaks, selling pressure might intensify, pushing the XRP price towards the $0.56 mark.
Alternatively, if the price surges from the 50-day EMA, it might stabilize and hover between these averages for a while. A successful rise and settling above $0.67 would hint at a bullish trend, potentially leading to a recovery rally to $0.73.
Litecoin (LTC) Price Analysis
Litecoin (LTC) is facing challenges to initiate a rebound from its bearish zone. However, buyers are successfully defending the immediate $82.5 support level, signifying a robust recovery rally next week. Nevertheless, the declining EMA trend lines and the RSI level trading near the midline suggest a bearish pressure on the price chart.
If the LTC price falls and consistently remains below $81, it would indicate a renewal of the bearish trend. Following that, the supports to watch are at $79, then $75.
On the flip side, bulls might be preparing for a breakout above $85. If the market’s bulls drive the price past this level, it could indicate the commencement of a more potent recovery, potentially reaching $95—a point where intense selling pressure from bears might emerge again.
Binance Coin (BNB) Price Analysis
BNB price has triggered a robust recovery rally in the last few hours, aiming to gain its old momentum. Bulls bought heavily near the low of $238.
If the BNB price declines to the triangle’s support line, a surge in selling activity might occur. It’s crucial to monitor this level as a descent below this point could initiate the next downward phase towards $228, where the bulls are anticipated to capitalize on the dip.
If the breaks above the triangle pattern next week, the price might trigger solid purchases. This momentum might push BNB toward $260.