Global markets remained flat over the weekend as Bitcoin maintained its trend near $24,000. Over the past few days, needs has come under tremendous selling pressure as the price surged past $25,000. However, since the first hours of trading, the bulls seem to have gained strength, which has eased the selling pressure.
Hence, popular altcoins are showing their tendency to surge high to hit immediate resistance in the coming days.
BinanceCoin price follows the predefined path which directs the asset to fly high to reach the initial target at the earliest. Bullish momentum may be hampered to some degree as selling pressure builds. Therefore, after a brief consolidation, the rally may kick in, which may push the price beyond $400 this month.
The price of BNB since recovering from the May 2022 crash, has followed a parabolic recovery. However, the price suffered a slight pullback in the last 7 days, which formed the handle of the “cup and handle” pattern. Therefore, the price is bound to decline as the RSI is decrementing and MACD has just sent a sell signal which could drag the price below $300.
Moreover, a strong rise can not only regain the value above $300, but can also jump above $400 before the end of the month.
Chain link (LINK)
Chainlink price lately has been showing acute strength and has surged above 50% since the start of monthly trading. The recent rejection of the upper resistance at $0.43 could send the price lower, which could induce catapult action to rise and break through the upper resistance.
The LINK price was rejected for the second time at the same resistance. The trend has reversed significantly, which could put significant downside pressure on the asset. Therefore, the likelihood of a minor decline emerges to dip below $8 and rebound towards resistance near $9.5 initially and later at $10.
Litecoin price is a little more diverse than other popular altcoins and has maintained a quiet trend with fewer steep rally attempts. However, despite falling in price several times, the trend remained bullish and hence the possibility to surge beyond $75 is emerging.
As mentioned earlier, the trend is gradual in an ascending triangle which should hold until the end of the current trading month. Currently, the sellers have been dominating and therefore a significant pullback could cause the price to drop to just below $60 and rebound.
At the end of the August trade, the price could reach the top of the triangle and look for a better opportunity for a strong breakout in the early days of September.