Last week, the cryptocurrency market experienced a period of volatility due to the latest inflation reports, causing prices of major altcoins like BNB, Litecoin, and XRP to correct downward. Despite this, savvy investors viewed this as an opportunity to accumulate more assets, potentially leading to a significant price recovery for these altcoins in the coming week.
Although the overall market is currently in correction mode, recent developments surrounding ETFs have sparked renewed interest in a potential rebound for altcoins. This week, XRP has garnered significant attention after the U.S. Securities and Exchange Commission (SEC) acknowledged ETF filings by Grayscale and 21Shares for XRP. Moreover, there is growing anticipation surrounding potential ETFs for SOL and DOGE following the SEC’s positive response to cryptocurrency-backed ETF filings. These factors have provided investors with multiple reasons to anticipate a rebound in leading altcoin prices this week.
Binance Coin (BNB) has recently witnessed a decline in buying interest after failing to sustain momentum above $700. Sellers are now targeting a retest of $650, with the current price of BNB at $656, reflecting a 0.2% decline in the last 24 hours. The BNB/USDT trading pair is eyeing a rise to $689, but it may encounter strong resistance that could push its price down to $648. With the Relative Strength Index (RSI) at 48, just below neutral, BNB could potentially experience a rebound. If BNB manages to break above $689, it could climb towards $725. Conversely, a drop below $648 could lead to a further decline to $623.
Litecoin (LTC) is currently undergoing a robust recovery as it aims to surpass the high of $137. Although bears are defending resistance levels, LTC’s price may continue to advance. As of now, LTC is trading at $133, surging over 3% in the last 24 hours and 25% in the last seven days. If the Litecoin price falls below the 20-day EMA, sellers could drive the LTC/USDT pair down to the key support level at $114. However, if Litecoin breaks and closes above the resistance zone and surpasses $150, it could signal the end of bearish pressure, potentially propelling the price towards the coveted milestone of $200.
XRP’s recent trading activity, which previously fluctuated between $2.27 and $2.55, has broken upward and is now consolidating below $2.8. The buyers are aiming to strengthen their position by maintaining the price above the $2.8 consolidation, potentially paving the way for the XRP/USDT pair to reach the next resistance level at $3.4. However, a sharp failure to sustain the current momentum would indicate the continued influence of sellers at higher prices, potentially leading XRP to retest support at $2.5.
Overall, with positive developments surrounding ETFs and growing investor interest, there is optimism for a rebound in leading altcoin prices this week. Investors will be closely monitoring the market dynamics to capitalize on potential opportunities for growth in the cryptocurrency market.