Technical analysis

Two Altcoins Ready to Explode While SEC Sues Binance & Coinbase

The uncertainty over the crypto space continues to hover as the top tokens manifest a consolidated trend. Bitcoin continues to trade around $26,500, failing to trigger a decent upswing which is much required to attract the bulls. In the meantime, some of the altcoins are flashing bullish signals as they are preparing for a huge breakout soon. 

Binance Coin (BNB) 

The crypto space plummeted hard after the SEC sued the Binance exchange and its CEO, Chanpang Zhao, for violating the rules. The native token BNB also underwent extreme bearish actions as it lost the crucial resistance at $275 and dropped to reach $255. Since then, the price has been trying hard to regain its value above $270, but the bears are restricting the price to $266. However, in the long term, the phase quite resembles the accumulation that may end up pulling a massive leg up to reclaim $300 quickly. 

The BNB price plunged from the symmetrical triangle within which it had maintained a consolidated trend since the beginning of the year. The price failed to hold the two major support levels at $301.5 and $274.2 and appears to be heading towards the next lower target at $241.5. However, the RSI is attempting a rebound and the ADX is bullish, which suggests the price may soon trigger a rebound and maintain a healthy upswing to reach beyond $300 soon. 

Ethereum (ETH) 

Presently, Ethereum is appearing to be one of the strongest cryptos within the space as the prices maintain a bullish trajectory. The recent bearish move that dragged the BTC price below $25,500, does not appear to have impacted the ETH price to a large extent as the prices continue to maintain above $1800. Therfore, a notable upswing could be horizon as the price aims to reach $2000 before the end of H1 2023. 

As mentioned in the above chart, the ETH price has been trading along the ascending trend line within an ascending triangle. The rally is trading sideways after reaching the upper resistance of the triangle to reach the apex that may trigger a giant price action. However, the ADX which had dropped heavily is undergoing a bullish reversal that may further enable the price to trigger a fine upswing very soon. Therefore, the ETH price is believed to hover sideways for a while and reach the edge of the consolidation which may further lift the price beyond $2000 very soon.


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