With the cryptocurrency market losing its status of $2 Trillion, top tokens have failed to hold the values above their crucial support zones. Following this, limelight categories have dropped significantly over the past few days.
However, the ongoing market turmoil can turn out to be an excellent opportunity for top altcoins to outperform major cryptocurrencies during the upcoming AltSeason rally. Scroll down to uncover the top 3 gems!
SHIB Memecoin Records A Consolidated Price Action
The memecoin market has experienced a significant drop over the past few days. With this, the second largest meme, Shiba Inu price has dropped by 6.23% within the past seven days. Moreover, it has been displaying a consolidated price action since August, indicating a weak market sentiment.
The technical indicator, RSI displays a constant flatline in its 1D time frame. Further, the average trendline has been constantly hovering below its neutral point. This suggests a weak buying and selling pressure. However, a potential bullish reversal may also arise.
Suppose, the bulls regain momentum, in that case, the Shiba Inu price will prepare to test its resistance level of $0.0000170 in the coming time. Conversely, a bearish action could pull the SHIB coin price toward its low of $0.00001175 this month.
To find out if SHIB memecoin will hit $0.00005 this bull run, read our Shiba Inu Price Prediction.
BNB Price Fails To Breach Its Key Resistance Level
With the rising volatility, the Binance price has dropped by 7.83% within the past day with a trading volume of $1.756 Billion. Furthermore, it has plunged over 8% during the past week. This highlights rising uncertainty for the altcoin in the market.
The Moving Average Convergence Divergence (MACD) has recorded a constant red histogram with its averages showing a rising negative trend. This suggests that the Binance coin price may continue losing value this week.
If the market experiences a bullish reversal, the BNB coin price will prepare to retest its important resistance zone below the $635 level. On the flip side, if the bears continue to dominate the market, the altcoin could slump toward its low of $454.5.
Avalanche Price Retests Its Crucial Support
Despite the recent market turmoil, the AVAX price has plunged 12.67% within the past week and has a Year-to-Date (YTD) return of -44.47%. Notably, with a market cap of $8.676 Billion, this project has secured the 12th position.
The Simple Moving Average (SMA) could experience a bullish convergence in the 1D time frame. Further, the RSI indicator has displayed a constant flatline. This suggests a high possibility of a bullish rebound in the coming time.
If the market continues gaining momentum, the AVAX price will prepare to test its resistance level of $31.50 with a break-out rally. However, an intensified bearish action could result in it testing its low of $17.30 this month.
Also, check out our Avalanche price prediction for long-term price targets.
The post appeared first on Coinpedia
