- Despite recent price consolidation, the overall sentiment in the crypto market remains bullish.
- Ethereum is poised for a rebound after completing a retest move following its recent breakout.
- BNB may be let off the hook by the SEC, leading to further price gains.
- Cardano is attempting to break past $0.3846, a key resistance level.
- Avalanche is presenting a potential shorting opportunity after breaking down from $21.
Over the last week, Bitcoin has only managed to register less than 2% gains. This is largely due to its price consolidation under $38,000.
In even more bullish developments, according to a recent tweet from Will Clemente, more than 70% of Bitcoin’s circulating supply hasn’t moved in more than a year.
This shows a strong degree of conviction among Bitcoin holders.
However, this article isn’t about Bitcoin. We have established that while the crypto market may be showing a few signs of weakness, the overall sentiment is bullish so far.
Let’s go over five of the major altcoins to look out for this week.
Ethereum Price Analysis
Instead of a price rejection around $1,900 like the bears expected, Ethereum ended up breaking out past the upper trendline of a descending triangle it was trading in.
However, Ethereum soon hit the $2,150 zone and was soon caught up to by the bears. Because of this, Ethereum has reversed for a retest of $1,900.
Why should you look out for Ethereum this week?
Ethereum has just completed the retest move that typically comes after breakouts. This means that the next thing on the menu for Ethereum has to be the rebound move.
From a long-term perspective, if Ethereum doesn’t go under $1,520, we are bound to see $3,000 sooner or later.
BNB Crypto Price Analysis
Remember how the SEC sued Binance and Coinbase almost simultaneously a few months ago?
According to recent news, the SEC may be considering letting Binance off the hook, as long as the crypto exchange admits fault and agrees to pay billions of dollars in fines.
As a result, BNB has rallied by more than 5% over the last day.
Before this price rally over the last day, even, the BNB bulls have proven themselves to be as tough as can be.
More than a year now, and the BNB bulls have adamantly kept the cryptocurrency up above the $200 support.
Even more so, the bulls have kept the price of BNB up above its 20 and 50-day moving averages since late October.
From all of this, you can bet that a $350 BNB is incoming anytime from now.
Cardano has been strongly bullish since mid-November, after hitting a yearly low of about $0.2379.
As shown above, the cryptocurrency rallied by 62%, into a retest of the $0.3846 resistance.
Why is this resistance important?
For one, Cardano has had a problem with breaking and closing above $0.3846 since October 2022.
The cryptocurrency is about to enter another breakout from this zone again, and who knows, this breakout might be the one.
Price targets include $0.4636 at least.
Avalanche (AVAX) used to be in a descending wedge a while ago, up until a break out around $11.5 that took it straight up by 117% to $24.7.
AVAX, in the charts, has declined for a retest of the $21 psychological resistance and has even closed below.
This presents two scenarios, one of them more likely than the other.
Avalanche’s breakdown from the $21 zone may turn out to be a false breakdown. However, if it were a true breakdown, it would present a significant shorting opportunity as shown below.
Likely price targets include mid-July’s 16%, early October’s $12, and of course, late October’s $8.7 as a worst-case scenario.
5. Aptos (APT)
After hitting a yearly low of around $4.76, Aptos launched into full-on bullish mode.
However, the bears proved to be more than a match for the bulls, and have been able to hold the fort around $8.2.
Aside this, though, Aptos appears to be bullish enough, based on several factors.
One example is how the cryptocurrency has managed to stay above its 20 and 50-day moving averages.
As long as APT stays above the $6.46 resistance, we are bound to see another retest and possible break above $8.2, where APT will be free to explore highs of around $9.4 for a start.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.