PEPE investors, who got rich within days, are starting to empty their wallets. While the price of the meme token has dropped more than 65% in two weeks, these 5 altcoins are burning green signals according to technical analysis.
AVAX and LINK signal green while PEPE continues to drop
In early May, Pepe’s (PEPE) market cap rose to $1.8 billion. Two weeks later, it was down 65% to about $665 million. Michael van de Poppe, one of the popular analysts, lists several altcoins that are showing green signals meanwhile.
Chainlink (LINK), for example, is trading at critical resistance and support levels. After the recent rejection of the average levels, the price is heading towards lower support. The bulls have been on the move since the beginning of the month, while the levels remain in a stagnant trend. This is interpreted as a bullish signal.
The analyst points to two key support areas that will hold the price firmly in case of a prolonged downtrend. However, it is also possible for the bulls to set the stage for the uptrend. In such a case, regions above $6.8 will be the first target of the breakout.
According to Poppe’s analysis of LINK, “It doesn’t show much at this point. It is a slight intraday bounce but it needs to continue by breaking $6.85. If that happens, we could start to see a rally higher again. Until then, focus on $6 and $5.5 for potential support areas.”
Avalanche (AVAX)
Avalanche price is approaching critical support levels below $14, which is also the neckline of the double top pattern. However, the price has triggered a rebound but is yet to be confirmed. It then went above the loss-making zone and is expected to make significant profits in the coming days.
The price is now attempting a bullish recovery, similar to its previous attempt, after withstanding major bearish pressure. AVAX has risen massively before. Therefore, it is expected that a similar action will be repeated this time. If the same trend occurs, AVAX price will retrace the initial loss levels above $17. The extreme bullish predictions are that it will go to $20 later.
According to Poppe’s analysis of AVAX, “AVAX is trending bullish at higher timeframe support. Nothing has been verified as everything is tied to BTC. However, retracing $14.80 will trigger a strong confirmation of the bullish divergence for Avalanche.”
Ripple (XRP) winks at the bulls
Just like PEPE, XRP has gained weight among crypto players in recent days. Its price has seen an 8% increase over the past week. Reports indicate that Ripple is arguably the most actively traded altcoin in South Korea meanwhile, surpassing Bitcoin and Ethereum.
Technically, amid this bullish outlook, XRP price rose 5% to reach the $0.49 resistance level. This bullish thesis is supported by the fact that it has strong downside support due to buying pressure at $0.45, $0.44 and $0.43.
Also, the RSI was in positive territory at 53 and headed north. This shows that even as more buyers flock to the scene, there is more room for upward movement. Additionally, the Awesome Oscillators (AO) are flashing green. Thus, as bullish control intensified, it was pulling towards positive territory.
Conversely, taking early profits inspired by greed among investors can interfere with the bullish trend. Thus, it could cause ripple price to drop below the three EMAs to find support around the $0.40 support level before a possible trend reversal.
Binance Coin price is on the way to recovery
On the other hand, the price of Binance Coin (BNB), one of the top 10 players, is also on the rise. They struggled hard over the weekend and failed several times. Price action rejected Monday morning briefly reached below the $304 zone.
If BNB succumbs to the next bear move, the $310 support is in jeopardy. However, if the bulls take over from this level, there is a breakout to $320, according to technical analyst FilipL. Additionally, in the event of an extreme decline, a break of $304 will inevitably lead to a rapid drop to $300.
Ethereum price plays to $1,900
According to technical analysts, Ethereum (ETH) is on the verge of a potential reversal. Analysis shows a compelling case for Ethereum’s potential reversal towards the $1,900 mark.
However, it should be noted that the positive price momentum is relatively bearish. However, the latest data from CryptoQuant reveals a decline in staking entries as well. Staking entries fell from 93,952 ETH on Sunday to 71,648 ETH on Monday. Although still high compared to recent drops, the drop in staking inflows signals a potential shift in investor behavior.
On the other hand, it continues to increase in TVL. This shows continued interest in Ethereum staking, potentially stemming from the possibility of generating passive income through staking rewards, although the pace of growth has slowed. cryptocoin.comAs you follow, ETH price is trading in the $ 1,855 region.
