Now that it’s Dogecoin (DOGE) season, other altcoin projects may take a break, according to crypto analyst Akash Girimath. The analyst is also assessing the chances for Binance Coin (BNB) to revisit $360. Finally, the analyst looks at Ethereum Classic (ETC). According to the analyst, ETC has 20% gain potential under certain conditions. We have compiled Akash Girimath’s analysis of DOGE, BNB and ETC for our readers.
“Altcoin is ready to make another move”
cryptocoin.com As you follow, Dogecoin reached an all-time high of $0.739 in May 2021. However, it entered a stable downtrend after that. A trendline connecting the swinging tops indicates that DOGE is in a steady downtrend. It also signals that every bullish attempt has crashed.
In late October, Dogecoin registered 163% gains in less than two weeks. So, things changed when it shattered the multi-year downtrend. After spotting a local top at $0.158, DOGE is down 55%. It also formed a higher low near $0.07713.
DOGE 1-week chartOn the other hand, if Dogecoin fails to sustain this buying pressure, it is possible for the bears to take over. A break of the $0.0675 support on the weekly timeframe would create a lower low. This invalidates the ascension thesis for DOGE. Such a move will tip the odds in favor of the bears. It will also potentially trigger a 26% sell-off, pushing the altcoin price towards the $0.0491 support level.
BNB price and its troubles
Altcoin price broke below the $255 support level on Nov. 21 to rally sell-stop liquidity. As a result of this move, BNB started a 27% rise over the next five days. This rapid increase faced the $317 hurdle and failed to overcome.
The trial on November 26 was BNB’s third attempt. Due to the failure, BNB has already lost 10% of its value. The outlook seems bearish at first glance. However, the Relative Strength Index points to an opportunity. This pullback in the popular momentum indicator hit 50, revealing that the momentum had reset.
Hence, buyers now have a chance to raise BNB and break the $319 barrier. A successful move is likely to allow BNB to rise another 6%. However, it will face another resistance level here at $336. Beyond that, the altcoin price will have to face the $358 blockchain.
BNB 1-day chartWhile things are not going well for BNB, traders need to watch out for the RSI. Failure to stay above 50 will indicate further declines are likely. In such a case, it is possible for BNB to revisit the $255 support level.
“ETC needs to hold its line”
The altcoin is up 21% between November 21 and 23, hitting a local top at $20.85. Shortly after, that high was swept away by buy-stop liquidity. This resulted in a 12% decrease. It also dropped ETC to the 62% retracement level to $18.55.
The resurgence of buying pressure at the aforementioned level caused ETC to trigger a 12% rise. Regardless, ETC continues to produce lower highs since November 23. However, the Relative Strength Index (RSI) on the four-hour chart has dropped to 50, indicating that the bullish momentum could potentially reset. If true, a bullish start is possible for the altcoin.
If the buying pressure is revived enough, ETC will break the downtrend line. Thus, it will reach $23.01. If this move occurs after the sell-stop liquidity drops below $19.34, it would mean a gain of about 20%.
ETC 1-hour chartWhile this outlook is positive, the failure to recover after sweeping the $19.34 level indicates weakness in ETC’s move. If ETC produces a lower low below $18.55, it will skew the odds supporting the bears. Also, it will potentially start a correction to retest the $17.15 low range.
