The cryptocurrency market has seen enough price action lately to keep things interesting. While the majors like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) often dominate the conversation, today we’ll take a closer look at five popular altcoins. These alts have been showing notable price movements, and understanding their trends could help you make informed decisions in the market. This will be brief looks, just to keep you up to date. Many of our users hold these, so it’s good to dive into the charts occasionally. Let’s get to it.
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1) BNB (Binance Coin)
BNB has been showing signs of strength, with bulls pushing the price higher. However, there’s strong resistance at the $644 level. The positive news here is that buyers are holding their ground. Even though the bulls haven’t been able to break through resistance yet, they haven’t lost significant ground to the bears either.
The 20-day Exponential Moving Average (EMA) at $616 has begun to turn upwards, signaling that buyers might have the advantage. Additionally, the Relative Strength Index (RSI) is in the positive zone, supporting the bullish outlook. If the price manages to break above $644, BNB could target $686. This could face resistance again, but a breakthrough might push BNB all the way to $745.
However, if the price drops below the 20-day EMA, we could see a pullback to $591, the 38.2% Fibonacci retracement level.
2) Cardano (ADA)
Cardano has seen bullish movement, with the price briefly surpassing the 50-day Simple Moving Average (SMA) at $0.75. However, maintaining these levels has proven to be a challenge for the bulls.
If ADA breaks below the 20-day EMA, it could signal a bearish trend. In such a case, the price might dip to the uptrend line, which is crucial for the bulls to defend. A break below this line could push the price to $0.58 and possibly lower to $0.50.
For ADA to regain momentum, the bulls must push the price above the 50-day SMA and hold it there. If successful, the price could rise to $0.84. This level will likely act as resistance, but if the bulls manage to break through, the next target is $1.02.
3) Chainlink (LINK)
Chainlink is currently facing resistance at the 50-day SMA of $16.12. If the price turns downward from this level, we could see support around the 20-day EMA, currently at $14.75. A rebound from here could lead LINK to challenge the 50-day SMA again, and potentially move to $17.70.
On the other hand, if the bears manage to break the 20-day EMA, the price could fall to $13.82 and further toward the channel’s support line. Traders will need to watch these levels closely to gauge the next move.
4) Avalanche (AVAX)
Avalanche is showing signs of a potential trend reversal after a relief rally above the 50-day SMA at $22.10. This movement suggests that the downtrend might be coming to an end. The 20-day EMA at $20.42 has turned upwards, and the RSI has entered the positive zone, indicating that buyers are gaining strength.
If AVAX continues its rise, the next target could be $27.23. If the price pulls back but finds support at the 20-day EMA, it could signal a shift in sentiment from selling on rallies to buying on dips. This could improve the chances of further upward movement.
However, if AVAX breaks below the 20-day EMA, we might see it range between $25.12 and $15.27.
5) Stellar (XLM)
Stellar recently recovered to the breakdown level of $0.31. This price level is crucial, as the bears are likely to mount strong resistance here. If the price reverses from $0.31 and breaks below $0.27, it could indicate that the bears are in control. In such a scenario, we could see a further decline to the critical support at $0.22.
On the other hand, if XLM breaks and closes above $0.31, it could suggest that the breakdown was rejected. This could lead to an upward movement toward the downtrend line, which will likely provide significant resistance. A break above this line could signal a trend change, opening the door for higher targets.
Final Words on the Popular Alts
The price action of these five alts—BNB, Cardano, Chainlink, Avalanche, and Stellar—shows that even in a tight range, there are opportunities for profit. While resistance levels are key factors to watch, support levels and moving averages provide clues about where prices of these alts could head next. Always be sure to monitor market trends and stay informed to make the best decisions for your portfolio.
If you enjoyed this blog, you may want to check our recent blog about the JELLY price manipulation on Hyperliquid.
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