Major cryptocurrencies like Bitcoin and Ethereum have been sideways for the past two weeks. Therefore, the crypto market is in deep uncertainty. As a result, broader market sentiment shows no clear indication of either side’s dominance and reduces faith in new transactions. However, crypto analyst Brian Bollinger has selected the top three altcoins that retain their long-term bullish potential.
Top coin: Binance Coin (BNB)
On May 24, BNB broke down from a support trendline that had been bullish for the past five months. With the growing indecision in the market, the altcoin price is still fluctuating below the breached trendline, which is testing as a potential resistance. If prices sustain below inverted support, sellers will pull the altcoin’s market cap down by about 15%, reaching the long-term support trendline of a symmetrical triangle pattern.
Source: TradingviewThis chart pattern manages the ongoing sideways trend in BNB. Also, there is a strong pullback opportunity upon retesting this support trendline. However, crypto holders will receive strong confirmation for a sustained bull run once the price pierces the triangle pattern to the upside.
Analyst’s second pick is Ripple (XRP)
cryptocoin.com As you follow, XRP spent about two months in a correction phase where two downward trendlines were swinging. The daily chart reflected these trend lines as the formation of a parallel channel formation. On May 26, the altcoin price gave a decisive break from the resistance trendline of the formation with significant volume, indicating an attempt by buyers to regain trend control. Today, the 0.88% price bounce indicates that the bullish breakout is being followed suitably.
Source: TradingviewIf the buying continues, the altcoin price is likely to increase by 24% to reach the peak of $ 0.583.
Latest altcoin Cardano (ADA)
ADA showed a break from the long-approaching support trendline of an ascending channel pattern on May 25. It is possible that this breakout triggered a major correction in the cryptocurrency. Thus, it could drop the altcoin price below the $0.3 support. However, the vendors could not sustain the breakdown. This caused the ADA price to rise above the trendline. This fake bug/bear trap adds more faith to cryptocurrency holders with the pressure of demand pressure in its support.
Source: TradingviewTherefore, it is possible for the $0.36 altcoin price to rise further. Thus, ADA is likely to surpass the near $0.38 resistance. This breakout is likely to trigger a new bull cycle within the pattern. Thus, the altcoin price is likely to move towards the $0.5 mark.
