With Bitcoin trading over $20,000 again, the altcoin market took a sigh of relief. CSPR, ENS, TWT, RVN, and UNI are the top-paying cryptocurrencies today. Analysts are now waiting for a technical breakout for 3 altcoins from Binance’s volume giants.
Ethereum Classic price ready to run 13% in these conditions
Ethereum Classic price saw an explosive 243% increase in buying pressure in about a month. This massive rally was a byproduct of Ethereum’s merger. After such an exponential move, ETC began to feel the selling pressure from its investors. This paved the way for the $26.50 bottom which will eventually result in a 41% correction.
Since this local bottom, it has cleared hurdles extending from a support area from $27.48 to $28.19. ETC is currently hovering above this resistance zone. Investors need to watch out for the midpoint at $29.61, which will be a major source of upside for buyers. If the price breaks this hurdle, it will ignite an attempt at a 13% rally to $33.52. Thus, it will generate a gain of 17% from its current price.
With ETC backed by bullish momentum, traders need to watch out for the next resistances. A sudden sell-off in Bitcoin price would represent a similar outlook for ETC. If ETC price produces a lower low below $26.50, we could prepare to see lower lows, according to analyst Akash Girimath. This will also invalidate an uptrend thesis. Such a development suggests that ETC will retest the 62% Fibonacci retracement level at $25.70.
Litecoin (LTC) prepares for something more independent of the altcoin market
Similar to ETC, Litecoin price may also surprise its investors as it prepares for a rally for the coming days. Its price remained in the trading range near the mid-$50 level throughout September. On October 4, the bulls managed to break the previous week’s high. The price is now hovering above $54.
Litecoin price is currently around $54.50. The bulls set the previous week’s high at $55. They are now testing support from the 8 and 21-day simple moving averages. We can interpret the breaking of the weekly high as the “calm before the storm”. If successful, the bulls will challenge the $60 and $66 price levels.
On the technical side, the RSI is more supportive of the bullish case on shorter timeframes. Volume data remains relatively sparse. This suggests that sellers may not be interested in lowering the LTC price right now. Therefore, according to analyst Tony Montpeirous, investors should keep an eye on Litecoin price in the coming days. As a result, a break from the weekly low at $50.81 will invalidate the uptrend. If this happens, LTC price is down 16% to gain momentum from the 2020 support zone at $45.
Binance Coin paves the way forward
Binance Coin price has gradually increased by 7% this month. Most notably, BUSD, the Binance-based stablecoin, has crossed the $20 billion market cap. This means more than 400% growth in market capitalization since the beginning of this year. According to Binance, the stablecoin has become a reliable favorite among investors.
The rise puts BUSD in third place below its USDC and USDT powerhouse rivals. This is a promising gesture for the future of Binance Coin, as BUSD requires a BNB gas fee on every transaction. In theory, more demand for BUSD means a demand for BNB as well.
According to Santiment’s 2-year circulation indicator, Binance Coin has witnessed a significant influx of cryptocurrencies kept locked in its cold wallets. Currently, there are 21 million BNB in circulation. A supply last witnessed in 2020 when BNB traded at $14 just before the infamous 5x rally in 2021. Combining these factors, Binance positions itself for greater dominance. If the crypto market witnesses another bull run, Binance Coin will be a key player in terms of growth and support with the help of the ever-growing BUSD token. cryptocoin.comAs you follow, BNB is currently trading at $291.05.
