As Bitcoin (BTC) potentially prepares to crash all the way down to $70,000, the altcoins are at or near the bottom. Is this the time to buy $ETH and $SOL? What about $BNB?
Bulls simply must step in and save the day for $ETH
Source: TradingView
The $ETH price is at the bottom, of that there can be no doubt. Could it still plunge down through the last major support and the ascending bull market trendline? Yes, anything is possible. However, if Ethereum is to continue as the leading layer 1 blockchain, and crypto is to remain a viable asset class, this last line in the sand really needs to hold.
These are strong words, but falling through this last ditch defence and confirming below would probably put the kibosh on this current bull market.
There are support levels at $1,900 and at $1,700, but this is just for what it’s worth. The bulls simply must come in and save the day at the current price level.
A bounce for $SOL from major support?
Source: TradingView
For the price of $SOL, things could be considered to be even worse. $SOL has crashed through its bull market trendline by a country mile, and is now at a band of support that simply must hold. Within this band of support lies the 0.618 Fibonacci, drawn for the entire bull market. Therefore, a bounce from here would make a lot of sense.
At the bottom of the chart is the Stochastic RSI, showing that the indicator lines have bottomed, ready to cross back up again and bring much needed upside price momentum back into the market.
$BNB holding up really well
Source: TradingView
Finally, if one looks at the weekly chart for $BNB, we see a cryptocurrency that is actually holding up really well. Only having dropped 36% in total from the high, this looks great in comparison with its layer 1 competitors. In fact, the current price level is only 27% down from the high.
The ascending trendline below is still nicely intact, and major support looks to have been found at $503. At the bottom of the chart, the Stochastic RSI indicator lines do look as though they might get rejected from the 20.00 level, but the weekend will either confirm or deny this.
It is often said that those cryptocurrencies that hold up the best during correctional phases are often those that bounce the highest once the trend turns around.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
