The cryptocurrency market is putting the brakes on after a growth of about 15%. Investors face the risk of selloff for 3 altcoins from the Binance listing as sell signals emerge.
These 3 altcoins from Binance listing are approaching breaking point
In particular, AVAX has approached a critical point after rising 11% in the last week of October. The breakout was on the upside as the bulls crossed the moving averages. Now, the recent rise is accompanied by a surge of volume. But it’s almost at the same levels compared to the volume pattern of the previous downtrend.
AVAX price is currently trading above $17. If the market is truly bullish, AVAX will need to break through the $18 barrier. In doing so, the bulls can continue to rise towards $20 for an additional increase.
On the contrary, failing to break new resistance levels will lead to a liquidation event targeting $14.70. This setup by analyst Tony Montpeirous represents a 15% drop from current market cap.
Binance bulls struggle to hold EGLD price
Elrond gained roughly 30% between September 27 and October 27. However, the bulls failed to sustain the bullish momentum. The price then re-entered the 38 to 59 range on August 17. Since that point, the Elrond price has failed to recover many times. The latest retest is a testament to the importance of the $59 hurdle. Adding to this bearish outlook, the EGLD produced a series of higher highs from Oct 4th to Oct 27th, while the RSI set lower highs.
This technical pattern is called a downtrend. It also indicates that the altcoin is rising higher as the momentum is falling. Analyst Akash Girimath expects further declines in Elrond price due to this signal. Support levels that can handle the incoming selling pressure include $51.17. A break of this resistance suggests EGLD will retest $48.50. Therefore, traders can expect a 14% drop to $48.50 in the coming days.
Elrond price, on the other hand, will head towards $59 if the sideline buyers step up. Doing so will instill confidence in investors. It could also trigger a buying pressure, according to the analyst. Such a development would invalidate the bearish thesis for Elrond price and potentially push the altcoin to $69.40.
Leading altcoin will give one more opportunity before it reaches $2,000
Ethereum price showed incredible resilience around the $1,280 support level. This led to tight consolidation and sideways movement. However, ETH price rose 25% in less than five days to $1,594. This resulted in millions of dollars in liquidation on centralized exchanges.
Now, a pullback to $1,494 opens the way for the $1,400 support. However, new buyers from here play the leading role in the $1,784 scenario. Based on market conditions and bullish momentum, Ethereum price needs to reverse this hurdle. Moreover, it will target the psychological $2,000 resistance after this level. Altogether, this move will represent a 44% gain for investors and is likely limited to the upside for ETH.
On the Ethereum chart, the $1,400 support level is crucial and needs to be defended at all costs. In particular, a daily candle close below the $1,343 support level will invalidate the bullish thesis for ETH. Such a development will likely result in a further increase in selling pressure. It will knock Ethereum price down to revisit the $1,280 support. cryptocoin.comAs you follow, ETH is currently trading at $1,542.21.
